DSE submits revised proposal to BSEC

Dhaka Stock Exchange (DSE) formally submitted the revised proposal of Chinese consortium, a proposed strategic partner of the premier bourse, to Bangladesh Securities and Exchange Commission (BSEC) Monday.

The proposal was submitted after taking shareholders' approval to the share sale agreement at an extra-ordinary general meeting (EGM) held at a city hotel.

"A DSE delegation submitted the revised proposal to the BSEC after holding the EGM," said Mohammad Saifur Rahman, an executive director of the securities regulator.

The shareholders of the premier bourse approved the proposal of the exchange's share sale agreement with the Chinese consortium on Monday, while accepting the financial and technical offer by the consortium comprising Shenzhen Stock Exchange and Shanghai Stock Exchange, a DSE statement said.

By purchasing 25 per cent shares of the DSE, the Chinese consortium will be the strategic partner of the premier bourse as part of completing the demutualisation process.

The DSE held the EGM to take shareholders' approval to share sale agreement following the conditions recently imposed by the regulator.

The DSE chairman Professor Dr. Abul Hashem chaired the Monday's EGM.

Mr. Hashem told the EGM that the proposal of purchasing the DSE's shares by the world's two renowned stock exchanges was the outcome of relentless effort of DSE board and management.

After getting the regulatory approval, the DSE will be able to execute the share sale agreement with the Chinese consortium.

Along with a technical offer worth $ 37 million for free, the Chinese consortium offered Tk 22 for each of 25 per cent or above 450.94 million shares of the DSE.

On receipt of the Chinese consortium's proposal, the securities regulator recently asked the premier bourse to submit revised proposal fulfilling five conditions.

One of the BSEC conditions is to take shareholders' approval on share purchase agreement and technical offer of Chinese consortium.

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