DSE holds EGM today on strategic partner

Dhaka Stock Exchange (DSE) holds extra-ordinary general meeting (EGM) today (Monday) to take general shareholders' approval on share purchase agreement to be signed with its strategic partner -- a Chinese consortium.

The EGM will be held as part of the process of accepting a revised proposal by the consortium for becoming the strategic partner of the DSE through purchasing 25 per cent stake in the premier bourse.

On March 19, Bangladesh Securities and Exchange Commission (BSEC) asked the DSE to submit the revised proposal of Chinese consortium after fulfilling five conditions.

One of the BSEC conditions is to hold EGM to take shareholders' approval on share purchase agreement.

After taking shareholders' approval, the DSE will submit the proposal of Chinese consortium comprising Shenzhen Stock Exchange and Shanghai Stock Exchange to the securities regulator.

The premier bourse will sign share purchase agreement with the Chinese consortium after getting the consent of the securities regulator.

The agenda that will be placed before shareholders are to consider and approve financial and technical offer along with share purchase agreement for purchasing 25 per cent or more than 450.94 million shares of the DSE by the consortium as the strategic investor.

Earlier, a BSEC committee had examined the proposal of Chinese consortium and submitted a report to the commission.

At Monday's EGM, the exchange will also place the findings of the BSEC committee and subsequent withdrawal of the terms and conditions by the consortium before the shareholders.

The Chinese consortium earlier qualified for being a strategic partner through a bidding process.

Along with a technical offer worth $ 37 million for free, the Chinese consortium offered Tk 22 for each of 25 per cent shares of the DSE.

Meanwhile, the BSEC chairman Professor M Khairul Hossain Sunday said at a programme that the DSE had got the strategic partner and the exchange's governance would be enhanced along with getting new funds if all the processes of signing the agreement are executed properly.

[email protected]