All necessary materials have already been moved out of the Motijheel's office to the new 13-storey ‘DSE Tower’
The country’s premier bourse Dhaka Stock Exchange (DSE) is moving to its new address at Nikunja beside the airport road today, leaving behind its 60-year-old location at Motijheel in the capital.
All necessary materials have already been moved out of the Motijheel's office to the new 13-storey ‘DSE Tower’, a top official, talking to Dhaka Tribune, has confirmed.
The construction of the new building started on March 28, 2007 and was expected to be completed in three years, but it took until recently to be completed.
The DSE Tower has been set up on 1.33 acres of land while the projected building area is 7,56,000 square feet.
Apart from the media centre, the tower houses an auditorium with a capacity of 400 people and parking facility for around 400 cars, project director Altamas Karim informs Dhaka Tribune.
Visiting new DSE Tower, Dhaka Tribune found most of the work completed, with interior decoration, lobby and corridor area almost complete.
There are three basements that will be used for car parking. The first two floors are for banks and other financial institutions.
The third floor will be exclusively for the use of DSE office. The space from the fourth to the eleventh floor has been allocated for the brokers and part of the twelfth floor is for the auditorium. The thirteenth floor is for Members’ Club.
As per DSE officials, the newly constructed tower will accommodate offices of all 250 TREC holders. The rent of the space has been fixed at Tk88 per square feet.
Another top official told Dhaka Tribune that presently about 130/140 TREC holders showed interest to shift their offices to the new building. Gradually, all of them would shift their offices there, he added.
He also said that the IT, training and publication department would not be shifted to the new building today; they would be moved there within this month.
In 1996, the government had allotted 1.33 acres of land and Tk4 crore to the DSE for constructing the tower. The construction started in 2007.
According to the DSE's annual report of 2011-2012, the construction cost of the multi-story building was estimated at Tk132 crore.
History of ‘DSE’ and “Exchange Building” at Motijheel
According to the DSE publications, eight sponsors formed the East Pakistan Stock Exchange Association Limited on April 28, 1954. As public limited company, the name was revised to East Pakistan Stock Exchange Ltd on June 23, 1962. Again on May 14, 1964, the name of East Pakistan Stock Exchange Limited was changed to ‘Dacca Stock Exchange Ltd.’
The exchange was incorporated in 1954 and the formal trading started in 1956 in Narayanganj after obtaining the certificate of commencement of business. In 1958 the exchange was shifted to Dhaka and started functioning at the Chamber Building in Motijheel C/A.
On October 1, 1957 the Stock Exchange purchased a land measuring 8.75 katha at 9F Motijheel C/A from the government and shifted to its own current location in 1959.