Chinese consortium's proposal to buy stake in Bangladesh's biggest stock exchange approved

Updated 2018-05-04 10:13:04 Xinhua

A Chinese consortium's bid to acquire 25 percent stake in Bangladesh's biggest stock exchange and become its strategic partner has been approved by the country's securities regulator.

BSEC (Bangladesh Securities and Exchange Commissions) in a meeting on Thursday approved the proposal of the Dhaka Stock Exchange (DSE) to sell its 25 percent stake to the Chinese consortium, comprising the Shenzhen Stock Exchange and the Shanghai Stock Exchange.

The BSEC approved the Dhaka Stock Exchange's strategic partnership, fixing each of 450,944,125 shares at a price of 21 taka (0.25 U.S. dollars), including a premium of 11 taka for a 10-taka share, the regulator said on its website Thursday.

According to the securities regulator, an agreement in this connection must be signed in line with Bangladesh's laws and implemented in one year from the signing of the deal.

DSE's hunt for a strategic partner came as it turned into a demutualized stock exchange on Nov. 21, 2013. The DSE in June last year floated tender and received proposals including those two Chinese and Indian consortiums.

A DSE official had earlier told Xinhua that in consideration of all the aspects the proposal of the Chinese consortium was the best offer in terms of value and technical support.

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