The Dhaka Stock Exchange (DSE) has agreed in principle to sell shares to Shanghai-Shenzhen consortium for strategic partnership of the demutualised bourse, DSE officials said.
The decision was taken at a meeting of board of directors of the premier bourse held Tuesday at its board room.
The China-based, Shanghai Stock Exchange and Shenzhen Stock Exchange consortium has submitted tender with offering Tk 22 per share for the 25 per cent or 450.9 million shares of the DSE total shares. The consortium will also give technical support to the DSE worth US$ 37 million, said a DSE executive.
On the other hand, another consortium National Stock Exchange of India, Borse Stock Exchange and Nasdaq offered Tk 15 per share for per share of DSE. They also offered technical support that however, less than the previously mentioned consortium, he said.
"The DSE board agreed to sale shares to the Shanghai Stock Exchange and Shenzhen Stock Exchange consortium as it quoted highest price along with technical support" said the DSE executive.
DSE, after five years of efforts and search, finally reached to a selection position. The DSE, the country's premier bourse, turned into a demutualised stock exchange on November 21, 2013.
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.
Of 60 per cent stakes, one or more foreign strategic partners will be allowed 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.
DSE is going to receive worth of Tk 9.92 billion by selling more than 450 million of shares.
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