DSE to elect two shareholder directors on December 15

The Dhaka Stock Exchange (DSE) will hold an election for the posts of two shareholder-directors on December 15, as the three-year tenure of the existing board members will expire this year in line with the demutualisation scheme.

This year, Md. Shakil Rizvi, managing director of Shakil Rizvi Stock Limited, and Mohammad Shahjahan, managing director of Jahan Securities Limited, will retire from the DSE board.

The three-member DSE Election Commission, headed by retired Justice Md. Abdus Samad, declared the election schedule recently.

As per the schedule, the voter list will be published on the DSE website on November 12, while nomination papers can be collected between November 13 and November 19 at a cost of Tk 25,000 and must be submitted by November 19.

Candidates will be allowed to withdraw their candidature until December 2, and the DSE Election Commission will publish the final list of candidates on December 3.

The DSE election will be held from 10:30am to 3:30pm without any break at the DSE Lounge in Nikunja in the capital.

The newly-elected directors will join the 13-member board at the bourse's 64th annual general meeting (AGM) scheduled to be held on December 18.

As per the demutualisation scheme, out of the 13-member board of the bourse, seven are independent directors, four are shareholder directors, one represents the strategic investor category, and one is the bourse's managing director.

Meanwhile, the board of directors of the DSE has recommended a 1.70 per cent cash dividend for FY25 - the lowest dividend declaration in almost a decade.

The premier bourse's profit plunged 49 per cent year-on-year to Tk 330 million in the year due to a bearish market trend and lower turnover.

Despite operating losses over the past few years, its non-operating income - mostly from fixed deposit receipts (FDRs) - helped the bourse remain in the green.

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