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May 15, 2018

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Home » Business » Finance

Chinese bourses acquire 25% of DSE

Source: Xinhua | 00:01 UTC+8 May 15, 2018 | Print Edition

A Chinese consortium comprising the Shenzhen Stock Exchange and the Shanghai Stock Exchange yesterday signed an agreement with Bangladesh’s Dhaka Stock Exchange to acquire a 25-percent stake in the country’s premier bourse and became its strategic investor.

The Bangladesh Securities and Exchange Commission recently approved DSE’s proposal to sell 25 percent of its stake to the Chinese consortium.

The BSEC approved DSE’s strategic partnership, fixing each of 450,944,125 shares at a price of 21 taka (25 US cents), the regulator said on its website.

DSE’s hunt for a strategic partner came as it became a demutualized stock exchange on November 21, 2013.

SZSE and SSE received DSE’s tender invitation in July 2017.

A DSE official told Xinhua earlier that taking into account all the aspects, the proposal of the Chinese consortium was the best offer by value and technical support.

The bidding process also involved Indian, US and Turkish exchanges.

A statement released by the Shenzhen bourse said the Chinese consortium’s bid to become strategic partner of DSE would support the development of the Belt and Road initiative and cooperation along the Bangladesh-China-India-Myanmar Economic Corridor.

It said the Chinese bourses would cooperate with DSE on trading technology, market and product development.

Founded in 1954, DSE is Bangladesh’s premier bourse and had 303 listed companies with a market capitalization of US$44 billion by the end of 2017.

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