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Business Insider Bangladesh

CSE gets ABG Limited as strategic investor

BI Report || BusinessInsider

Published: 19:58, 28 September 2022  
CSE gets ABG Limited as strategic investor

CSE and Bashundhara Group logos.

The Bangladesh Securities and Exchange Commission (BSEC) has approved ABG Limited, a sister concern of the country’s leading business conglomerate Bashundhara Group, as a strategic investor of the Chittagong Stock Exchange (CSE).

The commission issued a press release in this regard, informing the approval came at a regular BSEC meeting on Wednesday,

According to the release, following the approval and application of the Board of Directors of CSE, the commission granted in-principle approval to ABG Limited, subject to certain conditions and compliance with the Securities Act.

Note that Sayem Sobhan Anveer, managing director of Bashundhara Group holds the same position at ABG Limited.

Under his leadership, ABG Limited is working in a joint venture with an American-based organisation for the necessary technical support in managing the stock exchange.

The company will buy 25 percent shares of CSE as a strategic partner.

In view of this decision, ABG Limited will play a proper role in the overall development of CSE and the capital market of the country.

CSE was established in 1995. Currently, its paid up capital is Tk 634.52 crore and the number of shares is 63.45 crore.

CSE has paid 4 percent cash dividend to its shareholders for the financial year 2020-21.

Earlier, in September 2018, Dhaka Stock Exchange (DSE) transferred its 25 percent stake to two strategic investors, Shenzhen Stock Exchange and Shanghai Stock Exchange.