Dhaka Stock Exchange sells 25 pct stake to Chinese consortium

DHAKA, May 15 (Reuters) - The Dhaka Stock Exchange (DSE) has signed an agreement to sell a 25 percent stake to a Chinese consortium that includes the Shenzhen and Shanghai stock exchanges, a top DSE executive said on Tuesday.

“The price of the entire 25 percent stake is $53 million which was sold at $125 million with premium,” DSE Managing Director K.A.M. Majedur Rahman said.

The consortium will also provide technical support worth $37 million, Rahman added.

The agreement was signed on Monday evening after receiving approval from the country’s regulator, the Bangladesh Securities and Exchange Commission (BSEC), early this month.

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

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 country’s laws, or those that harmed the interest of other shareholders (Reporting by Serajul Quadir; Editing by Sunil Nair)