DSE gets response from strategic partners

Dhaka,  Monday,   2016-09-19
Published : 19 Sep 2016, 21:25:45
Demutualisation scheme

DSE gets response from strategic partners

FE Report

Foreign institutions, including local business groups, have showed interest to be strategic partners of the country's demutualised premier bourse, officials said.

The officials of the Dhaka Stock Exchange (DSE) have said foreign partners meanwhile held meeting with the DSE board of directors.

Some foreign partners Monday held a meeting with board of directors of the premier bourse and made a presentation on their capacity.    

According to DSE officials, foreign strategic partners who attended Monday's meeting are: International Finance Corporation (IFC), a member of the World Bank Group, NASDAQ, an American stock exchange, Common Wealth Development Corporation, Drummer and Partners, a Swedish Partner, KFW, a German Corporation and Kingway Capital.

Square Group also attended the Monday's meeting with an interest of becoming strategic partner of the premier bourse, the DSE official said.

Another multinational professional services firm Ernst & Young made its presentation in last board meeting.

International professional services firm Price WaterhouseCooper, will give a presentation in next board meeting as part of its interest to be strategic partner, the DSE officials said.

As per the demutualisation scheme approved by the Bangladesh Securities and Exchange Commission (BSEC) on September 26, 2013, the DSE shareholders primarily got 40 per cent of their stakes along with receiving TREC (trading rights entitlement certificate) certificates.

And the remaining 60 per cent of the shares were transferred to a block account and kept for the TREC holders, strategic investors and individuals.

Among the 60 per cent stakes, one or more foreign strategic partners will be able to purchase 25 per cent and local institutional investors and individuals will be able to purchase the remaining 35 per cent stakes.

By holding 25 per cent shares, the strategic partners will also hold a position in 13-member board of the exchange.

K. A. M. Majedur Rahman, DSE managing director, said along with foreign strategic partners local business group Square Group showed interest to hold the stakes of the premier bourse.

"The top companies showed their interest to be strategic partner of the premier bourse. They will form a consortium and are likely to own 25 per cent stakes of the premier bourse," Majedur said.

Editor : A.H.M Moazzem Hossain
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