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India, China bidding for stake in Bangladesh bourse


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India, China bidding for stake in Bangladesh bourse

National Stock Exchange of India Ltd., or NSE, and China's Shanghai and Shenzhen stock exchanges are bidding for a large stake in Bangladesh's Dhaka Stock Exchange Ltd., Agence France-Presse reported Feb. 15, citing officials.

Majedur Rahman, CEO of the Bangladeshi bourse, confirmed that NSE had offered to buy a 25% stake in the bourse's 1.8 billion shares at 15 Bangladeshi taka apiece.

On the other hand, the Chinese exchanges made a joint bid of 22 taka per share, for a total price of about US$122 million, and "offered technical support worth nearly US$37 million," Rahman added. The bid was approved by the bourse's board, but was rejected by the Bangladesh Securities and Exchange Commission, according to an unnamed bourse official.

Saifur Rahman, executive director of the Bangladeshi regulator, told the news outlet that the auction process is "at an early stage" and that it could "always override the exchange's decisions."

The regulator declined to comment on whether the Chinese offer had been formally turned down, Agence France-Presse noted.

As of Feb. 14, US$1 was equivalent to 83.09 Bangladeshi taka.