DSE, CSE agree on shareholding ratio for clearing co

Staff Correspondent | Published: 00:05, May 17,2018 | Updated: 00:34, May 17,2018

 
 

Dhaka and Chittagong stock exchanges on Wednesday reached a consensus on their shareholding rates in the proposed clearing and settlement company, Central Counterparty Bangladesh Limited, with the bourses hoping to form the company within one week.
A joint meeting of the bourses on the day at the DSE decided that Dhaka Stock Exchange would hold 45 per cent shares of CCBL, Chittagong Stock Exchange 20 per cent, different banks 15 per cent and Central Depository Bangladesh Ltd 10 per cent while strategic investors would hold the rest 10 per cent shares.
The formation of the clearing and settlement company, which would ease settlement of transactions on the bourses, earlier ran into trouble as the Dhaka and Chittagong bourses had sought 70 per cent stakes in total in the company, going beyond the ceiling of 65 per cent.
The DSE initially in 2016 sought the highest shareholding ceiling for a single bourse — 49 per cent — in the company when the port city bourse did not mention any shareholding demand.
The CSE recently demanded 21 per cent stake in the company making the process deadlocked as the DSE was unwilling to lower its demand.
The DSE board, however, on Wednesday agreed to lower the bourse’s demand of stake to 65 per cent to pave the way for formation of the company while the CSE also lowered its demand to 20 per cent.
Officials of the bourses said that they would send the proposal regarding formation of the company to the Bangladesh Securities and Exchange Commission today with the aim of forming the company in one week.
DSE board members including chairman Abul Hashem and directors Rakibur Rahman and Minhaz Mannan Emon, who played proactive role to settle the issue, were present in the meeting. CSE director Md Sayadur Rahman and CSE Dhaka office in-charge Md Ghulam Faruque were also present at the meeting.
CSE chairman AK Abdul Momen congratulated the DSE chairman Abul Hashem and its board members for honouring CSE’s request to accommodate 20 per cent shares for the CSE in CCBL. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images