ABG Ltd new strategic partner of CSE – The Daily Observer
The grand journey of the ABG Ltd, a sister concern of Bashundhara Group begins as the strategic partner formally after signing accord with the Chattogram Stock Exchange (CSE) on Sunday evening.
On the occasion of the signing ceremony a colourful function was held at Radison Blu in Chattogram.
Managing Director of CSE Gulam Faruk signed the agreement on behalf of CSE and Sayem Sobhan Anveer, Managing Director of ABG Ltd, signed on behalf of his organisation.
Earlier, CSE Director Maj (retd) Emdadul Islam and Imdadul Huq Milon addressed the function.
Land Minister Siafuzzaman Chowdhury Javed attended the function as chief guest. Salman F Rahman, MP, attended it as guest of honour. CCC Mayor Rezaul Karim Chowdhury, Deputy Minister for Education Mohibul Hasan Chowdhury Naufel, MP, Prof Shibil Rubayutul Islam, Chairman of BSEC, Ahmed Akbar Sobhan Chairman of Bashundhara Group also attended the function as special guests. Asif Ibrahim Chairman of CSE chaired the session.
The Bangladesh Securities and Exchange Commission (BSEC) has approved ABG Ltd, a sister concern of the country’s leading business conglomerate Bashundhara Group, as a strategic investor of the Chattogram Stock Exchange (CSE).
The BSEC issued a press release in this regard, informing the approval came at a regular BSEC meeting on November 9. Following the approval and application of the Board of Directors of CSE, the BSEC granted in-principle approval to ABG Ltd, subject to certain conditions and compliance with the Securities Act.
Sayem Sobhan Anveer, Managing Director of Bashundhara Group holds the same position at ABG Ltd.
Under his leadership, ABG Ltd 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 per cent shares of CSE as a strategic partner. In view of this decision, ABG Ltd will play a proper role in the overall development of CSE and the capital market of the country. The CSE was established in 1995. Currently, its paid up capital is Tk 634.52 crore and the number of shares is 63.45 crore.
The CSE has paid 4 per cent cash dividend to its shareholders for the financial year 2020-21.
Earlier, in September 2018, Dhaka Stock Exchange (DSE) transferred its 25 per cent stake to two strategic investors, Shenzhen Stock Exchange and Shanghai Stock Exchange.
The DSE sold 25 per cent of shares for Tk 962 crore, with each share priced at Tk 21. The CSE was established in 1995. Currently, its paid-up capital is Tk 634.52 crore and the number of shares is 63.45 crore. It had paid a 4 per cent cash dividend to its shareholders for the financial year 2020-21.
As of June 30, last year, the CSE’s net profit was Tk 28.34 crore, which was Tk 31.88 crore in the previous year.
At the same time, its earnings per share (EPS) were Tk 0.45 and its net asset value per share was Tk 11.75.
Earlier on Sunday morning food was supplied to over thousands of orphans in 23 orphanages on the occasion of the beginning of the grand journey of the ABG Ltd
Source : The Daily Observer