FE Report (October 04, 2010)
Dhaka Sheraton, the country's first luxury hotel, is losing its name, as BSL's agreement with the international mother company is set to end, sources said.
At the same time, the planned offloading of more shares of Sheraton to the capital market will also be delayed, said an official of the ICB Capital Management Limited.
Bangladesh Services Limited (BSL), the state-owned enterprise, is conducting the hotel in the name of Dhaka Sheraton under a 5-year management contract with Sheraton Overseas Management Corporation (SOMC).
"The tenure of the BSL's agreement with SOMC has already ended. That's why BSL is trying to hire another international company to carry out its business under a new name," the ICB official also said.
"BSL thinks that it will get more premium from the capital market by hiring another international company," he added.
When contacted, an official of Dhaka Sheraton refused to make any comment about changing their name.
"We are working to bring dynamism to the hotel's service according to a plan," he said.
By this time, BSL has sat several times with ICB Capital Management to offload the shares of Dhaka Sheraton Hotel.
On March 25, Civil Aviation and Tourism Minister G M Quader said the government would offload the shares of Dhaka Sheraton and Biman Bangladesh Airlines by December 2010 to increase the supply of shares in the capital market.
"We are thinking to offload 49 per cent shares of the Sheraton," he added.
On the other hand, BSL has been de-listed from the mainstream of the capital market, as the company failed to convert its paper shares into electronic shares by September 30, the deadline set by the Securities and Exchange Commission.
BSL came into operation in 1973. Bangladesh government owns 99.68 per cent of its stake.
Dhaka Sheraton, the country's first luxury hotel, is losing its name, as BSL's agreement with the international mother company is set to end, sources said.
At the same time, the planned offloading of more shares of Sheraton to the capital market will also be delayed, said an official of the ICB Capital Management Limited.
Bangladesh Services Limited (BSL), the state-owned enterprise, is conducting the hotel in the name of Dhaka Sheraton under a 5-year management contract with Sheraton Overseas Management Corporation (SOMC).
"The tenure of the BSL's agreement with SOMC has already ended. That's why BSL is trying to hire another international company to carry out its business under a new name," the ICB official also said.
"BSL thinks that it will get more premium from the capital market by hiring another international company," he added.
When contacted, an official of Dhaka Sheraton refused to make any comment about changing their name.
"We are working to bring dynamism to the hotel's service according to a plan," he said.
By this time, BSL has sat several times with ICB Capital Management to offload the shares of Dhaka Sheraton Hotel.
On March 25, Civil Aviation and Tourism Minister G M Quader said the government would offload the shares of Dhaka Sheraton and Biman Bangladesh Airlines by December 2010 to increase the supply of shares in the capital market.
"We are thinking to offload 49 per cent shares of the Sheraton," he added.
On the other hand, BSL has been de-listed from the mainstream of the capital market, as the company failed to convert its paper shares into electronic shares by September 30, the deadline set by the Securities and Exchange Commission.
BSL came into operation in 1973. Bangladesh government owns 99.68 per cent of its stake.
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