Dhaka, Bangladesh (BBN) - The Dhaka Stock Exchange (DSE) will hold an extraordinary general meeting (EGM) on Tuesday to approve a 24-member ‘interim board’ of the bourse which will oversee the demutualization process until the bourse’s next annual general meeting is held.
The EGM will be held as per the Demutualization Act-2013 enacted on April 29 this year to separate the bourses’ management from their ownership to bring more transparency in the bourses’ function.
The DSE management on October 6 issued a circular to its members in this regard after the Bangladesh Securities and Exchange Commission approved the demutualization scheme on September 26.
The bourse will adopt new memorandum of association and articles of association in line with the demutualisation scheme, replacing the existing ones in the EGM.
The DSE said the new memorandum of association will disallow any shareholder of the bourse to enter into the DSE office without getting permission from the proper authority.
The demutualization scheme of the bourse will be placed before the EGM for approval.
Proposal for increasing the authorized capital of the bourse to BDT 25 billion divided into 2.50 billion shares of BDT 10 each will be placed before the meeting for the approval of the DSE members who will be turn into shareholders after the scheme approval.
BBN/SSR/AD-29Oct13-12:20 pm (BST)