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Dhaka Stock Exchange submits Chinese, Indian bids to regulator for approval


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Dhaka Stock Exchange submits Chinese, Indian bids to regulator for approval

The Dhaka Stock Exchange submitted two proposals, for the acquisition of a 25% stake in the exchange, to Bangladesh's securities regulator for approval, The Daily Star reported Feb. 23.

This comes even though the exchange's board had picked the bid from a Chinese consortium comprising the Shanghai and Shenzhen stock exchanges. The rival party is led by the National Stock Exchange of India Ltd., or NSE.

A senior official from the Bangladesh Securities and Exchange Commission, or BSEC, said the regulator will assess both proposals before giving its consent.

The Dhaka Stock Exchange approved Feb. 10 the Chinese consortium's bid of 22 Bangladeshi taka per share for a total price of about US$122 million, as well as extra technical support worth US$37.1 million. The NSE reportedly offered to buy the DSE stake for 15 taka per share.

The BSEC allegedly pushed the Dhaka exchange to reconsider NSE's offer after the latter's CEO Vikram Limaye lobbied the regulator, The Daily Star reported Feb. 20. The BSEC has refuted the claims.

As of Feb. 22, US$1 was equivalent to 83.02 Bangladeshi taka.