DSE sells stake to China, rejects India bid

MNA Business Desk: Bangladesh’s main stock exchange signed an agreement Monday selling a quarter of the bourse to a Chinese consortium, an official said, formally rejecting a rival bid from regional ally India.

Officials from the Shenzhen Stock Exchange and Shanghai Stock Exchange inked the deal to acquire 25 per cent of the Dhaka Stock Exchange’s (DSE) 1.8 billion shares, reported news agency.

The Chinese consortium offered Tk 21 ($0.25) per share, around $122 million, during the tender process and pledged additional technical support worth nearly $37 million.

The National Stock Exchange of India made a lower offer of Tk 15 per share. Local media reported that the Mumbai-based NSE tried to pressure the Dhaka bourse into accepting its bid.