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Certificate onStatus Report on Utilization of Proceeds
From lnitial Public Offering (lPO) of
The Peninsula Chittagong LimitedFor the Month of June zOLg
f
Rahman Mostafa Alam & Co.Chartered Accountants
A^MAMffi,
INPACTSolution....Begins I NTERNATI ONAL
V AFFILLATE
Certificate onStatus Report on Utilization of Proceeds from !nitial Public Offering (tPO) of
The Peninsula Chittagong LimitedFor the Month of June 2019
We have been engaged by The Peninsula Chittagong Limited (the "Company") to certify whether theCompany has complied with the conditions of lnitial Public Offering (lPO) in relation to the utilization ofproceeds from Public Offering as required by Bangladesh Securities and Exchange Commission(BSEC) vide its consent letter (ref: SEC/Cl/lPO-20512012-140 dated February 19,2014) issued forIPO under section 2CC of the Securities and Exchange Ordinance 1969.
The Gompany's Responsibilities
The Company management is responsible for utilizing the proceeds from IPO and preparation ofStatus Report on utilization of Proceeds from Public Offering in accordance with the conditions of IPOconsent letter issued by BSEC.
Our Responsibilities
Our responsibility is to examine all the relevant documents in connection with the utilization ofproceeds from IPO with reference to the Terms of Reference formulated by BSEC and certify whetherthe proceeds have been utilized and the Status Report have been prepared in accordance with theconditions of IPO consent letter.
We report that:
We have examined relevant documents, obtained information and explanations which to the best ofour knowledge and belief were necessary for the purpose of verification and certification of the StatusReport. As per Terms of Reference of audit of Status Report, we certify that:
a) The company has utilized an amount of Taka 932,362,279 till 30 June 201 9 for the purposeas specified in the prospectus and as per the decision of shareholders in the ExtraordinaryGeneral Meeting (EGM) held on 30 October 2018 out of total IPO proceeds of Taka1,650,000,000. Balance IPO proceeds amounting to Taka 717,637,721 remain unutilized onthe reporting date.
b) IPO proceeds are being utilized in line with the conditions of the BSEC's consent /approvalletter for the lnitial Public Offering and revised implementation schedule as approved by theshareholders in the EGM held on 30 October 2018.
c) Th#company has utilized ihe proceeds from lntial Public Offering within the time scheduleand purposes as specified in the prospectus and in line with the revised implementationschedule as approved by shareholders in the EGM held on 30 October 20'18. We also reportthat:
?age 1 of 2 frt*{.-cb.
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Rahman Mostafa AIam & Co.Chartered Accountants
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i. Unutilized IPO proceeds under proposed utilization of the Extension of the PeninsulaChittagong Limited and IPO expenses amounting to Taka 70,000 000 and Taka18,672,246 respectively have been utilized for the purposes of short-term bank loanrepayment by virtue of a decision taken in the EGM of shareholders held on 02 April2015
The estimate for Construction of Peninsula Airport Garden has been revised at an
estimated cost of Taka '1.160 526 766 showing a surplus of Taka 250 000,000 in theoriginal estimate, The shareholders in the EGM held on 04 December 2016 approvedpayment of bank loan to the tune of Taka 250,000,000 out of IPO Proceeds.
Out of Taka 1,410,526,766 earmarked for the construction of Peninsula Airport Garden,
an amount of Taka 250 000 000 was utilized to repay the loan as approved rn the EGMheld on 04 December 2016 and Taka 6 555 000 was utilized for the purpose ofacquisition of Iand during December 2016 Out of the remaining balance of Taka717,637,721 an amount of Taka 700,000,000 has been kept in Nine (09) FDR accountsand Taka 17 ,637 ,721 bank balance is lying with Eastern Bank Limited A/c No.
00'1 '1360813331.
lmplementation time for construction of Peninsula Airport Garden has been extended up
to 31 12.2021 instead of 30.06 2016 by obtaining approval from general shareholders in
their meetings held on 02 Aprrl 2015 A4 December20l6 and 30 October2018
lnterest on FDR up to 30 June 2019 stood at I'aka 476 305,338 and un-utilized IPOproceeds along with interest income stood at Taka 1 193,943,059.
ln addition to the IPO fund Tk 1,160,526,766 to be utilized for Construction of PeninsulaAirport Garden, an amount of Tk 919,473,234 has been approved by generalshareholders in their EGM held on 30 October 2018 to spend for the same. Thisadditional amount will be funded by bank loan and other sources.
Utilization of IPO proceeds was accurate and made for the purpose of the company asmentioned in the prospectus and revised implementation schedule as approved by theshareholders in the EGMs held on 02 April 2015,04 December2016 & 30 October2018.
Assets have been procured/imported/constructed maintaining proper/required procedure aswell as at a reasonable price
Verification .of all necessary documents/papers/vouchers has been made in supporl ofutilieation of IPO proceeds making reconciliation with bank statements
ii
iii.
iv.
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e)
Chattogram, 10 July 2019
Page 2 of 2
K"l,*Mtt Atu,q-Q,.leQman Mostafa {9r & co.uhartered Accountants
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Annexure - "A"
Certificate onStatus Report on Utilization of Proceeds from Public Offering (lPO) of
The Peninsula Chittagong LimitedForthe Month ofJune 2019
Bank Balance as on 30 June 2019 was made up as follows:FDR No-O12324300012995 in The Premier Bank Ltd.FDR No-0'12324300012996 in The Premier Bank Ltd.FDR No-012323100000102 in The Premier Bank Ltd.FDR No-0123231 000001 03 in The Premier Bank Ltd.FDR No-O12323'100000104 in The Premier Bank Ltd.FDR No-012323100000105 in The Premier Bank Ltd.FDR No-012323100000106 in The Premier Bank Ltd.FDR No-O12323'100000107 in The Premier Bank Ltd.FDR No-012324300013656 in The Premier Bank Ltd.Balance at Eastern Bank Limited, A/C No-001 1360813331
Total balance in Bank Accounts for IPO proceeds
Reconciliation between unutilized balance and bank balance:Balance at Eastern Bank Limited, tuC No-001 1360813331Add:Exchange loss on IPO subscription in Foreign CurrenciesBank charges and others etc.Amount refundable to IPO applicantsInterest credited (net of tax)
Balance as per Bank statement (Eastern Bank Limited, A/C No-813331)
Director
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Chattogram, 10 July 2019
Amount
Taka
100,000,00050,000,000
280,000,00020,000,00050,000,00050,000,00050,000,00050,000,00050,000,00017,637,721
717,637,721
AmountTaka
17,637,721
(41,928)(81,149)
6,373.5422,919,833I,170,298
26,909,019
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