Dhaka Stock Exchange Limited--Demutualization Scheme of Dse

8/19/2019 Dhaka Stock Exchange Limited--Demutualization Scheme of Dse

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evsjv‡`k †M‡RU, AwZwi³, A‡±vei 8, 2013 8621

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g½jevi, A‡±vei 8, 2013

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DHAKA STOCK EXCHANGE LIMITED

D : 03, 2013

In accordance with the provision of section 7(gha) of the G·‡P‡Äm

wWwgDPz ¨qvjvB‡Rkb AvBb, 2013 (Exchanges Demutualization Act, 2013),Dhaka Stock Exchange Limited hereby publishes the following

Demutualization Scheme of Dhaka Stock Exchange Limited approved by

the Bangladesh Securities and Exchange Commission in exercise of the

power conferred by section 6 of the G·‡P‡Äm wWwgDPz ¨qvjvB‡Rkb AvBb, 2013

(Exchanges Demutualization Act, 2013).

( 8621 ) g~ j¨ t UvKv 48.00


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8622 evsjv‡`k †M‡RU, AwZwi³, A‡±vei 8, 2013

Demutualization Scheme of Dhaka Stock Exchange Limited

DISCLAIMER

APPROVAL OF THE BANGLADESH

SECURITIES AND EXCHANGE

COMMISSION HAS BEEN OBTAINED

TO THE ATTACHED

DEMUTUALIZATION SCHEME OF

DHAKA STOCK EXCHANGE

LIMITED UNDER SECTION 6 OF THE

G·‡P‡Äm wWwgDPz ¨qvjvB‡Rkb AvBb, 2013(EXCHANGES DEMUTUALIZATIONACT, 2013). IT MUST BE DISTINCTLY

UNDERSTOOD THAT IN GIVING

APPROVAL THE COMMISSION DOES

NOT TAKE ANY RESPONSIBILITY

FOR THE FINANCIAL SOUNDNESS

OF THE DHAKA STOCK EXCHANGE

LIMITED, VALUE OF ANY OF ITS

ASSETS, NUMBER OF SHARES TO BE

ISSUED, PRICE OF THE SHARE OR

FOR THE CORRECTNESS OF ANY OF

THE STATEMENTS MADE OR

OPINION EXPRESSED WITH REGARD

TO THE SCHEME. SUCH

RESPONSIBILITY LIES WITH THE

DHAKA STOCK EXCHANGE LIMITED,

ITS DIRECTORS, CHIEF EXECUTIVE

OFFICER/CHIEF FINANCIAL OFFICERS,

VALUER AND/OR AUDITORS .

Declaration by Dhaka Stock

Exchange Limited

It is hereby declared that the assetsincluding land and building asshown in the Demutualization Schemeare currently unencumbered andowned by Dhaka Stock ExchangeLtd. No shareholder of DhakaStock Exchange Ltd. or any otherperson has any right in terms ofownership, permanent possessionor otherwise except tenancy. DhakaStock Exchange Ltd. has absolutelegal right to terminate or modifythe tenancy agreement wheneverthey desire.

The new board of Dhaka StockExchange Ltd. after demutualization

may review the conditions of itstenancy agreement includingcurrent rent structure.

On behalf of the Board of Directors

PresidentDhaka Stock Exchange Ltd.


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1.3. D E :

B 25% '

( GD ) 2013 6% GD 2004. 1: (D E)

E A BD A C BD C GD

2004 18.40 199.60 141,702.83 6.05%2005 13.85 251.41 218,813.18 5.50%2006 14.51 285.43 245,919.95 6.68%2007 23.58 1,362.31 506,609.94 13.60%2008 18.42 2,818.42 899,870.95 16.97%2009 25.65 6,046.32 1,247,062.35 27.41%2010 29.16 16,434.07 2,746,722.80 44.03%2011 13.68 6,642.18 2,799,631.94 28.60%2012 12.07 4,206.24 2,461,739.93 26.27%2013* 10.79 2,406.34 2,475,126.64 24.18%

* up to 31 march 2013

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BD 10/ ( ) .3.1.2 Valuation Methodologies

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31, 2013 (BD ) A

A 11,173,516,825 6,864,248,175 18,037,765,000

3: A

( G H )

Assets and LiabilitiesAs at 31 March 2013

Book ValueBDT ’000

ValuationAdjustments

BDT ’000

RestatedBook ValueBDT ’000

Property, plant andequipment 153,892 4,133,578 4,287,470

Intangible assets 2,467 26,793 29,260

Biological asset 64 -64 -

Capital work-in-progress 1,245,923 2,287,850 3,533,773

Investment in CDBL 384,300 432,453 816,753

Total Non-current Assets 1,786,646 6,880,610 8,667,256


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Accounts receivables 36,306 -11,441 24,865Interest receivables 406,762 2,916 409,678Advance, deposit &prepayments 61,659 -4,700 56,959Home loan for official 73,178 - 73,178Car loan for official 9,230 - 9,230Sundry advance 13,921 -80 13,841Cash & cash equivalents 898,033 1,299 899,332Short-term investments 9,110,676 -12 9,110,664Total Current Assets 10,609,765 -12,018 10,597,747Total assets 12,396,411 6,868,592 19,265,003Liabilities for expenses 40,334 229 40,563Liabilities for other finance 822,144 506 822,650Current portion of term loan 7,300 - 7,300Total Current Liabilities 869,778 735 870,513Net Current Assets 9,739,987 -12,753 9,727,234

Total Assets less CurrentLiabilities 11,526,633 6,867,857 18,394,490Non-current portion of termloan 7,300 - 7,300Liability for gratuity 83,311 3,609 86,920Liabilities for long term finance 262,505 - 262,505Total Non-current Liabilities 353,116 3,609 356,725Net Assets 11,173,517 6,864,248 18,037,765

3.1.4

, 4 .

7,215,106 ( )

:

4: A

Particulars Unit March 31, 2013

Paid-up Capital after Re-valuation BDT 18,037,765,000Face Value per Share BDT 10Total Share No. 1,803,776,500Initial Shareholders No. 250Shares Allotted to Each Shareholder No. 7,215,106Equity per Shareholder BDT 72,151,060


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4. Governance Structure:

4.1 B D

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Majority of the members of the Board of Directors of theExchange, including the Chairman, shall be IndependentDirectors.

Board of Directors of the demutualized exchange shall electChairman from the Independent Directors.


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The Directors shall ensure performing activities of theExchange to uphold the interest of public, i.e. theinvestors; and give priority to the interest of public, i.e. theinvestors, even it appears to be conflicting with the interest

of the Exchange or its shareholders. D

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6.2

30 D ,

D E EC :

(1) An initial shareholder who is issued with a trading rightentitlement certificate, if not already registered under theBangladesh Securities and Exchange Commission Act,1993 or any Rules made thereunder, shall have to obtainregistration certificate in accordance with the requirementsof the said Act or Rules within 3 (three) years from the dateof demutualization, and commence its business within6 (six) months from the date of receiving such registration.

(2) A /

EC .

(3) 4 ( ) 155, 237, 107 229 36, 96,

103 188 EC ,

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. C G F :(1) F

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8 B

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, 250 D E, .

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60% ;

40% ;

.

D E :

. A E

, (60%) ( ),

( ) .b. Total shares held by the TREC holders together with their

connected persons, other than the shares held temporarily in theblocked account, shall not be more than 40 (forty) percent of thetotal issued share capital of the Exchange .A strategicinvestor may, with the approval of the Commission, hold up to 25(twenty five) percent of its total issued share capital: provided that,the Commission, in the public interest, may permit any strategicinvestor to hold shares above this threshold.

c. No person including his/her/its connected persons, other thanstrategic investors, shall hold above 5 (five) percent of its issuedshare capital.


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8.1.1 E

I , B

, . B

8.1.2 .

Rights to maintain and transfer the shares preserved in the blockedaccount shall vest upon the board of directors

.

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25% I . A , B EC

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.

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:

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4: F HBalance Sheet (BDT) 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-12

Non-Current Assets 272,974,391 380,096,288 438,089,130 707,037,742 1,136,902,723

Investments 1,382,636,254 1,884,135,637 3,332,420,033 4,806,360,404 5,216,817,704Current Assets 1,322,974,635 3,638,746,191 7,530,699,723 2,032,533,613 1,711,981,106

Total Assets 2,978,585,280 5,902,978,116 11,301,208,886 7,545,931,759 8,065,701,533

Equity 1,628,189,028 2,286,256,524 3,786,185,350 5,543,238,129 6,486,975,135

Non-Current Liabilities 197,581,965 184,955,019 227,356,333 302,835,788 303,596,366

Current Liabilities 1,152,814,287 3,431,766,574 7,287,667,204 1,699,857,841 1,275,130,032

Total Liabilities 1,350,396,252 3,616,721,593 7,515,023,537 2,002,693,629 1,578,726,398

Income Statement

Total Revenue 424,144,876 669,265,804 1,537,553,995 1,746,018,332 785,028,733

Total Expenses 169,351,331 218,947,822 289,980,246 439,910,464 446,066,037

Operating Income 254,793,545 450,317,982 1,247,573,749 1,306,107,868 338,962,696

Interest Income 106,128,538 209,847,253 254,166,896 452,397,609 605,845,432

Net Income 358,448,194 658,067,498 1,499,928,825 1,757,052,776 943,737,008

Cash Flow Statement

Net cash provided by

Operating Activities

313,051,051 451,386,465 1,282,515,521 1,448,219,735 471,603,204

Net Cash used in

Investing Activities

(841,178,301) (493,179,226) (1,352,067,267) (1,453,581,564) (378,087,013)

Net cash (used)/ provided

by financing activities

620,071,582 (16,065,339) 45,517,946 31,605,466 (13,129,092)

Cash & cash equivalent

at the end of the year

134,815,712 76,957,612 52,923,812 79,167,449 159,554,548

9.2 , & B EC E

99 ..22 ..11 ::

99 ..22 ..22 ::

,

.


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Dhaka Stock Exchange Limited--Demutualization Scheme of Dse