DSE to probe US investment in BD Finance

The Dhaka Stock Exchange (DSE) has formed a three-member committee to look into the planned investment of a US firm in Bangladesh Finance or BD Finance.

The probe panel was formed on Wednesday as per the instruction of the Bangladesh Securities and Exchange Commission (BSEC), according to DSE Chief Operating Officer M Shaifur Rahman Mazumdar.

BD Finance, a listed NBFI, disclosed that it signed an investment deal with US-based Sovereign Infrastructure Group (SIG) on April 8. The probe team will check if the deal is genuine or false as still, there has been no sign of the deal.

According to Mazumdar, the DSE probe panel will report back to the BSEC within the next seven working days.

Under the deal, the US firm will invest $2 billion in BD Finance in the next two years. The NBFI will spend $40 million in purchasing shares from the secondary market.

At the same time, BD Finance is expected to act as the local partner of SIG in different projects of the latter.

About the investment plan, BD Finance Managing Director Kyser Hamid told The Business Post that the partnership with SIG would bring a good result for the economy and his company as well.

“We are preparing ourselves best for the aimed progress,” he added