The Chittagong Stock Exchange (CSE) was granted an extension by Bangladesh Securities and Exchange Commission (BSEC) to find a strategic partner.
They failed to meet the deadline and it was extended by a year. The decision was made during BSEC’s 633rd meeting on Wednesday, March 7.
The Dhaka Stock Exchange (DSE) has only recently decided to pick the Hong Kong-based Shanghai-Shenzhen consortium as it a strategic investor, after taking several extensions. It submitted a proposal to the BSEC to this end.
The decision to extend the deadline for CSE was made during a meeting of the commission held on March 1. An application from the CSE was submitted to the BSEC on Tuesday. The letter said that CSE is currently working on determining potential strategic investors. They have already sent letters to 46 stock exchanges and 42 institutional investors.
The commission sent a directive to both the exchanges last December saying both would have to sign deals with strategic partners and carry out all relevant work within March 8. It also asked for progress reports.
Both the bourses have applied to the BSEC for extension, having failed to the meet the deadline. l
This article was first published on banglatribune.com