Chinese group becomes DSE strategic investor today

Staff Correspondent | Published at 12:05am on September 04, 2018

The Chinese consortium of Shenzhen and Shanghai stock exchanges will receive 25 per cent shares of the Dhaka Stock Exchange today as the group on Monday deposited in a Bangladeshi bank Tk 947 crore to buy the bourse’s shares to be its strategic investor.
A senior DSE official said that the Chinese group deposited the amount in Standard Chartered Bangladesh that would be transferred to the DSE account with City Bank today.
The bourse, on the other hand, would transfer its 45,09,44,125 ordinary shares to a beneficiary owners’ account to be opened with the Central Depository Bangladesh Limited in favour of the group on the same day.
The DSE will hold a press conference at 2.30pm today at the Pan Pacific Sonargaon Hotel in Dhaka to officially announce the consortium as its strategic partner.
At least 11 senior officials from the Chinese stock exchanges would be present at the briefing.
Before the press briefing, the DSE will hold a board meeting at 11.00pm at its office in Dhaka, where Xie Wenhai, head of IT management committee of Shenzhen Stock Exchange, would be officially appointed as director to the board of the DSE.
DSE officials said the consortium would begin its official activities as a strategic partner of the DSE from today.
In accordance with the share purchase agreement, the consortium would transfer Tk 947 crore against 45,09,44,125 ordinary shares of the DSE at Tk 21 each to be the bourse’s strategic investor, they said.
Bangladesh Bank has recently approved the DSE’s proposal for non-resident investors taka account in favour of the Chinese consortium to facilitate the fund transfer.