Stock Exchange Info

Shakil, Shahjahan elected Dhaka Stock Exchange directors

Shakil Rizvi Stock managing director Shakil Rizvi and Jahan Securities managing director Mohammad Shahjahan were on Sunday elected shareholder-directors of the Dhaka Stock Exchange for a three-year tenure.

According to the result declared by the Dhaka Stock Exchange election commission, 178 out of the 259 voters cast their votes for electing two shareholder-directors from three contestants.Eight votes were cancelled.

Shamim Afzal, chief executive officer of Desa Securities, was the other candidate.Of the votes cast, Shakil got 82.09 crore votes from 133 voters and Shahjahan bagged 86.42 crore votes from 149 voters. Shamim got 15.87 crore votes from 56 voters.

The DSE voters include its shareholders and strategic partner — a Chinese consortium.The average votes held by each brokerage house are 28 lakh while the Chinese group holds 45 crore votes. The Shenzhen Stock Exchange and Shanghai Stock Exchange, two components of the consortium, hold 24.80 crore votes and 20.29 crore votes respectively.

The result of the elections will be officially declared at the bourse’s annual general meeting to be held on December 30 for the shareholders’ approval.Shakil was president of the bourse in 2010 and vice-president in 2009 and served as director from 2004 to 2009.

Shahjahan served as the DSE director from 2004 to 2007 and in 2010.Shakil and Shahjahan will replace SAR Securities managing director Sharif Ataur Rahman and Rapid Securities managing director Hanif Bhuiya.

As per the Demutualisation Act, there are five shareholder-directors including the strategic partner and seven independent directors on the DSE board.

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