Dhaka, Bangladesh (BBN) - The port city bourse of Bangladesh – Chittagong Stock Exchange is looking for prospective strategic investor who can be the bourse’s partner in the post-demutualisation era.
“Discussions with several local and foreign institutions are going on and the bourse will take strategic partner very soon,” said Wali-ul-Maroof Matin, managing director of the port city bourse at a press briefing.
Incorporating strategic investor is mandatory in line with the demutualisation of the bourse. The CSE was demutualised last year.
The CSE formed its demutualised board on February 15, 2014. The 13-member board has included seven independent directors, four shareholder directors, managing director and one strategic partner. The post of strategic partner has remained vacant.
As per the demutualisation scheme, 60 percent shares of the bourse have been kept in a block account for strategic and institutional investors and the general public. The rest were allotted to existing shareholders.
The CSE focused on strengthening internal matters during the first year of demutu-alisation.
The CSE has some partnership programmes with Thai and Korean stock exchanges that will take the port city bourse to a new height, he said.
The CSE has also taken an initiative to attract small and medium enterprises to help them raise capital from the stock market. The contribution of the SMEs to the country’s economy is around 25 percent, Matin said.
He said 51 companies are now listed on the OTC (over-the-counter) market, a separate platform for junk shares.
As there have been allegations that many of these junk companies are nonexistent, the CSE MD said they will soon open probe into the matter.
The secured investors’ interest, the CSE has also set some agendas to them through ‘meaningful ways’
He said that they are ready to provide due benefits of investors by implementing the agendas.
BBN/SSR/AD-20Feb15-12:35 am (BST)