Fund, share transfer on Tuesday | The Daily Star
12:00 AM, September 02, 2018 / LAST MODIFIED: 12:15 AM, September 02, 2018

SALE OF DSE STAKE

Fund, share transfer on Tuesday

The Chinese consortium, which has bought 25 percent stakes in Dhaka Stock Exchange, will formally become a strategic partner of the DSE on Tuesday.

On the day, the consortium—comprising Shenzhen Stock Exchange and Shanghai Stock Exchange—will complete its payment of around Tk 947 crore for the share purchase through a bank account of DSE. The Dhaka bourse will also send the shares to the beneficiary owner's account of the Chinese stock exchanges on the same day.

“A board meeting will also be held where the transfer of the money and shares will be confirmed,” said KAM Majedur Rahman, managing director of DSE.

The consortium will be the DSE strategic partner after the confirmation, he said. “All the preparations are complete. We are hopeful to enter a new era on Tuesday.” The Dhaka bourse has been trying to get a strategic partner in line with the Demutualisation Act 2013 for the least five years.

The Chinese consortium proposed Tk 22 (which became Tk 21 as per condition) for each share and will provide technical support worth $37 million.

On May 3, the Bangladesh Securities and Exchange Commission approved the consortium as a strategic partner, and the DSE completed signing of the share purchase agreement on May 14.

As per the Act, the DSE will sell its 25 percent shares to the consortium and existing shareholders—known as trading right entitlement certificate-holders or TREC-holders—will retain 40 percent shares. Other shares will be sold to the general shareholders through initial public offering soon.

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