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Dhaka Stock Exchange reconfirms approval to sell 25% stake to Chinese exchanges

Bangladesh's Dhaka Stock Exchange reconfirmed its approval to sell a 25% stake in the bourse to China's Shanghai and Shenzhen stock exchanges, Agence France-Presse reported Feb. 20, citing Shafiqur Rahman, a spokesman at the Bangladeshi bourse.

The board of the Bangladeshi exchange reconfirmed its approval of the Chinese bid given that it was higher than the nearest rival bid, Rahman said.

Dhaka Stock Exchange agreed to the Chinese consortium's bid after rejecting a bid from India's National Stock Exchange of India Ltd., the news outlet reported. The bourse initially approved the consortium's bid on Feb. 10 but the Bangladesh Securities and Exchange Commission asked the exchange to "further scrutinize" the decision.

The Chinese stock exchanges made a joint bid of 22 Bangladeshi taka per share for a total price of about US$122 million, as well as additional technical support worth nearly $37 million. Meanwhile, the National Stock Exchange of India offered to buy the stake for 15 taka per share during the tender process earlier in February.

As of Feb. 20, US$1 was equivalent to 83.09 Bangladeshi taka.