Monday contract to sell DSE shares to Chinese Consortium

After getting approval from the regulatory body, the Dhaka Stock Exchange (DSE) is going to sign a contractual agreement with China's two stock exchange consortiums.

DSE spokesman Shafiqur Rahman told bdnews24.com that DSE contract will be signed with Chinese consortium at Hotel Low Meridian on Monday afternoon.

Finance Minister AMA Muhith and Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain and others will be present in the program.

With the strategic partner of China's two stock exchanges, a new horizon for the country's main capital market seems to be unveiled.

On May 3, the BSEC approved the proposal of the Dhaka Stock Exchange (DSE) to make a strategic partnership with China's Shenzhen and Shanghai Stock Exchange.

Chinese Consortium will buy 25 percent or 45,09,44125 shares of the face value of 10 rupees in 'Blocked account' of DSE at Tk 21 a share; The value of which is more than nine billion taka.

Besides, the Chinese Consortium has proposed to spend 300 crores (37 million dollars) in technical and technical development of DSE.

Being a strategic partner of China Consortium, a new horizon for DSE is being unveiled, former company president Shakil Rizvi said.

He told bdnews24.com, "If the implementation of their financial and technical proposals, DSE will be able to utilize them, as well as their brand DSE will reach new heights."

Among the top three stock exchanges in China, Shanghai and Shenzhen are ranked second and third respectively. These two capital markets are also listed on the list of the top ten stock exchanges in the world in terms of market capitalization.

Shanghai Stock Exchange's market capitalization is three trillion dollars and the stock market capitalization of the Shenzhen Stock Exchange is two trillion dollars.

On the other hand, Dhaka Stock Exchange's market capitalization is more than $ 51 billion.

Shakil Rizvi said, "There are hundreds of different stock exchange in hundreds of places in the world, but these two exchanges in China are relatively new. But their growth trend is widespread. So when they become a market partner, then the market also has the potential for growth.

After the start of the Consortium of China, the foreign investor in DSE, the daily transaction will increase and the product will be diversified, said Shakil Rizvi.

At the end of last year to get a strategic partner, two consortium submissions were submitted to the DSE. Among them were Consortium of China's Shenzhen and Shanghai Stock Exchange and National Stock Exchange of India, Frontier Bangladesh and Consortium of USA, Nasdaq.

DSE decided to accept the Chinese Consortium on February 10 after verifying two consortium proposals. DSE appeals to the regulatory body on February 22 to get the Chinese Consortium as a strategic investor. But on March 19, the approval was not approved by the BSEC on conditional reference.

Later on 30 April the company's general meeting approved the amended proposal that DSE shareholders After the decision of the DSE, BSEC on May 3 approved.