ADB to submit suggestions by February
Monday, 9 January 2012
FE Report
The Asian Development Bank (ADB) is preparing recommendations on demutualisation of the bourses to improve the country's capital market, as it has expressed interest to provide loans for completing the process.
Country director of the Manila-based lender Thevakumar Kandiah said this after a meeting with the leaders of the Dhaka Stock Exchange (DSE) Sunday.
"We are looking forward to the demutualisation of the bourses, and will submit our recommendations in this regard to the government by the next month," Mr Kandiah told the reporters.
He said the ADB has a team of consultants, which has been working on designing the policy actions to develop the country's stock market.
"One of our teams is studying the situation regarding the proposed demutualsation. We are preparing technical recommendations on the process for submitting to the government. It will be up to the government and the DSE how they will implement the recommendations," he added.
Among others, DSE president Md Shakil Rizvi, senior vice-president Ahasanul Islam Titu, chief executive officer (CEO) Dr Musharraf M Hussain and chief financial officer (CFO) Shuvra Kanti Choudhury were also present in the press briefing.
After the meeting the DSE CEO said the ADB has expressed its interest in providing loans to complete the proposed demutualisation of the DSE.
"After preparing the programme, either the ADB will make the proposal of taking loans, or it will urge the DSE to seek loans for demutualisation," Mr Hussain said.
Both the stock exchanges have already submitted their concept papers on the proposed demutualisation to the Ministry of Finance (MoF).
The Asian Development Bank (ADB) is preparing recommendations on demutualisation of the bourses to improve the country's capital market, as it has expressed interest to provide loans for completing the process.
Country director of the Manila-based lender Thevakumar Kandiah said this after a meeting with the leaders of the Dhaka Stock Exchange (DSE) Sunday.
"We are looking forward to the demutualisation of the bourses, and will submit our recommendations in this regard to the government by the next month," Mr Kandiah told the reporters.
He said the ADB has a team of consultants, which has been working on designing the policy actions to develop the country's stock market.
"One of our teams is studying the situation regarding the proposed demutualsation. We are preparing technical recommendations on the process for submitting to the government. It will be up to the government and the DSE how they will implement the recommendations," he added.
Among others, DSE president Md Shakil Rizvi, senior vice-president Ahasanul Islam Titu, chief executive officer (CEO) Dr Musharraf M Hussain and chief financial officer (CFO) Shuvra Kanti Choudhury were also present in the press briefing.
After the meeting the DSE CEO said the ADB has expressed its interest in providing loans to complete the proposed demutualisation of the DSE.
"After preparing the programme, either the ADB will make the proposal of taking loans, or it will urge the DSE to seek loans for demutualisation," Mr Hussain said.
Both the stock exchanges have already submitted their concept papers on the proposed demutualisation to the Ministry of Finance (MoF).