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Chinese consortium signs deal to acquire 25% stake in Dhaka Stock Exchange

A Chinese consortium, comprising the Shenzhen Stock Exchange and the Shanghai Stock Exchange, signed an agreement to buy a 25% stake in Dhaka Stock Exchange, becoming a strategic partner of the bourse, Xinhua News Agency reported May 14.

The signing of the agreement comes after regulators from both China and Bangladesh, including the Bangladesh Securities and Exchange Commission, formally approved the proposed stake sale.

Under the approved deal, the consortium will acquire 450,944,125 shares in Dhaka Stock Exchange at 21 taka apiece. During the bidding process, the consortium also proposed extra technical support worth US$37.1 million.

An official from Dhaka Stock Exchange previously told the news agency that the consortium's bid was the best one in terms of value and technical support. The other bidders included exchanges from India, Turkey and the U.S.

As of May 14, US$1 was equivalent to 83.66 Bangladeshi taka.