May 4, 2018 / 8:43 AM / 9 months ago

Dhaka Stock Exchange wins regulatory nod for stake sale to Chinese group

DHAKA, May 4 (Reuters) - The Dhaka Stock Exchange (DSE) has received approval from Bangladesh’s market regulator to sell a 25 percent stake to a Chinese consortium that includes the Shenzhen and Shanghai stock exchanges, the DSE’s top executive said on Friday.

“We have received approval from Bangladesh’s Securities and Exchange Commission (BSEC), the regulatory body on Thursday, which is a milestone in Bangladesh’s history,” Managing Director K.A.M. Majedur Rahman told Reuters.

The DSE submitted its revised proposal to the BSEC on Monday as per the instructions of the regulator, with the unanimous consent of its shareholders.

Rahman said the DSE and the Chinese consortium would sign a memorandum of understanding within this month.

Besides the Chinese consortium, India’s National Stock Exchange had also submitted a proposal in December to acquire the stake that DSE put up for sale. The Chinese group was later chosen as the winner.

The BSEC had ordered the DSE to ensure that any deal did not include terms that contradicted the laws of the country, or those that harmed the interest of other shareholders. (Reporting By Serajul Quadir; Editing by Amrutha Gayathri)

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