DSE expects regulatory nod for stake sale next week

FT ONLINE

The Dhaka Stock Exchange (DSE) expects to get regulatory approval for a 25 percent stake sale in the bourse to a Chinese consortium by next week, Managing Director K.A.M. Majedur Rahman said on Tuesday.

“We have already submitted the revised proposal to Bangladesh’s Securities and Exchange Commission (BSEC) and we’re expecting an approval by the next week,” Rahman said to media a day after DSE shareholders gave their green signal for the deal.

A Chinese consortium that included the Shenzhen and Shanghai Stock exchanges, apart from India’s National Stock Exchange, had submitted rival proposals in December to acquire the stake that DSE put up for sale.

The Chinese consortium was later chosen as the winner.

Mohammad Saifur Rahman, an executive director at BSEC, said the regulatory body has received a revised proposal for DSE which will be scrutinized and examined before the final decision.

BSEC had ordered DSE to ensure that any deal did not include terms that contradicted the laws of the country, or those that harmed the interest of other shareholders.