DSE, Chinese consortium partnership comes into effect

FE Online Report | Published: September 04, 2018 21:24:36 | Updated: September 13, 2018 12:01:46


Dhaka Stock Exchange (DSE) on Tuesday transferred its 25 per cent stake to Chinese consortium on completion of relevant formalities under the exchange’s demutualisation move.

The premier bourse received a fund worth Tk 9.62 billion on Monday in exchange of one-fourth stake.

It also transferred 25 per cent shares into BO (beneficiary owner’s) account of Chinese consortium comprising Shenzhen Stock Exchange and Shanghai Stock Exchange.

The fund now will be distributed equally to the TREC holders as each of them sold 25 per cent of their share holdings.

After sealing relevant formalities, DSE and Chinese consortium held a joint press briefing at a city hotel with a view to work for the former’s further development.

“The DSE becomes an international stock exchange with its journey of 54 years following execution of the deal,” DSE Chairman Professor Dr. Abul Hashem told the press briefing.

He said the deal of including Chinese consortium as strategic partner of the DSE was executed in a very transparent way.

“Our joint effort to further strengthen DSE will continue,” the DSE chairman said.

Mr Xie Wenhai, deputy director general at IT Management Committee of Shenzhen Stock Exchange, has been nominated to serve as a member of the board of directors of DSE.

“We will work hard to develop the technical system of the DSE. We will also develop the cross border capital market relationship between Bangladesh and China,” Xie Wenhai said at the press briefing.

 

mufazzal.fe@gmail.com

Share if you like