City insurance to buy office space for Tk 70 million
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City Insurance PLC, a company listed in the insurance sector on the stock market, has decided to purchase office space for Tk 70 million.
The company will buy office space on the ninth floor of a building in Arambagh, Motijheel, in the capital, along with a parking space in the basement. However, the purchase requires approval from the Insurance Development and Regulatory Authority (IDRA) and other relevant regulatory bodies.
The information was disclosed on Tuesday (October 27) on the websites of the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE).
According to company information, the board of directors made the decision to purchase the commercial space at a meeting held on October 26. Under the decision, City General Insurance will purchase a total of 5,926 square feet of space at Gausia Kashem Center, located at 10/2 Arambagh, Motijheel.
The property includes 5,782 square feet of office space on the ninth floor and 144 square feet of parking space in the basement. The total purchase price has been set at Tk 70 million, based on an estimated price of Tk 11,812.36 per square foot.
However, applicable value-added tax (VAT), taxes, stamp duty, registration fees and other incidental expenses will be added to the purchase price. As a result, the company’s total expenditure on acquiring the commercial space will exceed Tk 70 million.
The company said approval from IDRA and other relevant regulatory bodies, where applicable, will be required to implement the purchase decision. The remaining procedures for acquiring the property will be completed after the necessary approvals are obtained.
