The Bangladesh Securities and Exchange Commission has extended by three months the deadline for the Dhaka Stock Exchange for reaching a strategic partnership agreement with an institution.
The commission on Wednesday decided to extend the time after the DSE appealed for additional time on the day, DSE officials said.
They said that the bourse requested the regulator to extend the time to June 8 as it was yet to reach an agreement with a Chinese consortium as required by section 14 of exchanges demutualisation act 2013.
The commission for the fourth time on Wednesday also granted time for Chittagong Stock Exchange to find a strategic investor.
The BSEC on November 29 last year issued a directive to the DSE and the Chittagong Stock Exchange regarding execution of agreement with strategic investors by March 8.
The commission at Wednesday’s meeting also extended the deadline for submitting report by its evaluation committee formed to evaluate the DSE’s proposal on selling its shares to the Chinese consortium by five working days as it could not complete its task by 10 working days that ended on Wednesday.
The committee, after analysing the proposal, found some rules ‘violations’ in the proposal and asked the bourse to clarify those by March 4.
The DSE on March 4 sent its replies to the queries made by the commission mentioning the Chinese group’s willingness to amend a number of clauses the BSEC highlighted in its letter to the DSE.
The DSE said that the consortium had agreed to sign share purchase agreement under the law of Bangladesh instead of UK law and it also excluded the condition of waiving from the settlement guaranteed fund of the bourse.
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