DSE Tower opens in October

FE Report

The country's premier bourse is set to shift its office from Motijheel Exchange Building to newly-constructed building at Nikunja by October this year.

The Dhaka Stock Exchange (DSE) has almost completed its 13-storied tower at Nikunja in the capital Dhaka.

The DSE has sought Prime Minister Sheikh Hasina's appointment to open the DSE Tower.

"We are optimistic to shift the exchange's office to newly constructed tower by October. But it will take time to transfer our IT department," said Minhaz Mannan Emon, a DSE director.

Another DSE official said the newly constructed tower has ensured accommodation of all 250 TREC (Trading Right Entitlement Certificate) holders.

The fare of the space has been fixed at Tk 88 per square feet.

"Apart from media centre, the DSE tower has included an auditorium having capacity of 400 people and parking facility for around 400 cars," the DSE official said.

As per design, the area of the DSE's new tower is over 0.74 million square feet.

The DSE official said in 2007 almost all TREC holders showed interest to shift offices to new building.

"Later, many TREC holders adopted wait-and-see strategy considering the fare of office space at new building and the market situation," the DSE official said.

He said some 150 TREC holders, however, presently have showed interest to shift their offices to new building.

"Gradually, all TREC holders will shift their offices," the official said.

He also said the TREC holders' individual intentions regarding the pace of setting up head offices will be evaluated.

"Their head offices may be situated at new building or not. We will seek the regulatory permission in favour of setting up the head offices in the places favoured by TREC holders," the DSE official said.

The official also said banks and capital market related institutions will also be allowed to set up their offices on the DSE's new tower.

According to the DSE website, the exchange was incorporated in 1954 and the formal trading started in 1956 at Narayanganj after obtaining the certificate of commencement of business.

In 1958 the exchange was shifted to Dhaka and started functioning at the Narayangonj Chamber Building in Motijheel C/A.

On October 1, 1957 the Stock Exchange purchased a land measuring 8.75 katha at 9F Motijheel C/A from the Government and shifted to its own current location in 1959, the DSE website said.

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