InterContinental Dhaka Seeks Tk900cr Govt-Backed Loan to Avert Bankruptcy

State-owned InterContinental Dhaka has requested Tk900 crore in financial aid from the government to recover from mounting losses post-renovation. The proposal includes Tk400 crore via share issuance in the government’s name and a Tk500 crore long-term loan.

Al-Arafah Islami Bank signed an agreement with InterContinental Dhaka to offer exclusive benefits to its La-Riba platinum credit Mastercard holders. The deal, finalized at the bank’s head office in Dhaka on Monday, includes a "Buy-One-Get-One" offer for cardholders.

Sea Pearl Beach Resort reported an 84% revenue drop in the July-September 2023 quarter, falling to Tk9.56 crore from Tk59.47 crore in the same period of 2022. The company posted a net loss of Tk12.74 crore, a sharp decline from the Tk19.58 crore profit recorded last year. Factors contributing to the decline include political instability, the July-August mass uprising, and off-peak tourism.

Bangladesh Services Limited, owner of InterContinental Dhaka, has faced nine consecutive years of losses, with Tk78 crore lost in FY24 and accumulated losses reaching Tk700 crore. The company, listed since 1984, has not paid dividends since FY14.

Sea Pearl Beach Resort reported a Tk12.73 crore loss in Q1 of FY 2024-25, with revenue down 84% to Tk9.56 crore compared to the same period last year. The company's loss per share reached Tk1.05 by the end of September. Its share price fell 4.35% to Tk35.20 on the Dhaka Stock Exchange on 10 November.

AB Bank has signed a Memorandum of Understanding (MoU) with Heritage Resort, offering special discounts for AB Bank cardholders. Customers can enjoy up to 30% off on room rentals during weekends and up to 40% off on weekdays.