The renovation of InterContinental Dhaka, formerly known as Sheraton and Ruposhi Bangla hotel, is expected to be completed by this month and handed over to the InterContinental Hotels Group (IHG) in the middle of next month.
After handing over the hotel to IHG, they would complete their testing and commissioning as per their procedure before resumption of the hotel operation.
Bangladesh Services Limited (BSL), the owning company of the hotel, said this in response to a DSE (Dhaka Stock Exchange) query regarding the status of operation of the company.
The hotel was closed in September, 2014 for repair works, following the deal signed between the state-owned BSL and leading international hotel chain IHG.
"As the renovation is yet to be completed, hotel operation has not yet started," the BSL said.
It also said the renovation is still in progress and it is expected to be handed over to IHG in mid-September 2018 for their testing and commissioning after which they will commence the operation.
After signing the deal with the IHG in September, 2014, the hotel was also operated as Ruposhi Bangla Hotel before closing for an extensive renovation.
InterContinental ran the state-owned hotel before Sheraton took over its management in 1983. It was operated as Sheraton before taking Ruposhi Bangla title.
The state-owned BSL, presently a 'Z' category company, was listed in 1984. The company is in 'Z' category for not recommending dividend. The company's last dividend was recommended in 2014.
The BSL reported a loss of Tk 5.04 per shares for the year ended on June 30, 2017.
Later, the company reported a loss of Tk 0.60 per share for January-March 2018 as against the loss of Tk 0.47 for January-March 2017.
The government holds 99.68 per cent shares, while foreigners and general public hold 0.19 per cent and 0.13 per cent respectively.
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