Beximco Pharma Regulatory News (BXP)

21 Oct 2005 07:00

Beximco Pharmaceuticals Ltd 21 October 2005 Beximco Pharmaceuticals Announces Successful Completion of IPO Placing raises US$21 million, valuing Beximco Pharmaceuticals at US$100 million London, UK and Dhaka, Bangladesh, 21 October 2005 - Beximco Pharmaceuticals Limited ('BPL' or the 'Company'), a Bangladesh based and listed pharmaceuticals manufacturer, announces that trading in the Company's Global Depositary Receipts ('GDRs') will commence today on AIM at 8:00am under the ticker symbol BXP. The commencement of the trading follows the placing of 20,000,000 GDRs, each representing one ordinary share of Taka 10, placed at 60 pence per GDR, raising gross proceeds for Beximco Pharmaceuticals of $21 million (£12 million). Just over 95 million shares will be in issue on admission, resulting in a notional market capitalisation of over $100 million (£58 million). BPL is the first Bangladeshi company to float in London and is also one of the first companies to admit GDRs to trading on AIM. The nominated adviser and broker to the Company is Libertas Capital. Nazmul Hassan, CEO of Beximco Pharmaceuticals, commented: 'We are very pleased to have completed our IPO and to have joined the London stock market. The funds raised will enable us to further increase capacity and to continue building BPL into a world class manufacturer of pharmaceutical products.' Enquiries: Beximco Pharmaceuticals Limited Today 0207 831 3113 Thereafter +880-2 8619151-5 Nazmul Hassan, Chief Executive Salman Rahman, Vice Chairman Website: www.beximco-pharma.com Libertas Capital +44 (0)20 7569 9650 Aamir Quraishi / Jonathan Flory Financial Dynamics +44 (0)20 7831 3113 David Yates / John Gilbert Notes to Editors About Beximco Pharmaceuticals Limited Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also undertakes contract manufacturing for GlaxoSmithKline and is about to commence manufacturing for Novartis. The Company operates from a 20 acre site in Dhaka and currently employs over 1800 staff. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Pakistan, Nepal and Myanmar and in other markets overseas, principally in East Africa (including Kenya) and South East Asia (including Singapore). In the year ended 31 December 2004, the business generated turnover of approximately Taka 2.77 billion or £23.5 million (2003: Taka 2.52 billion or £21.4 million) and profits after tax of approximately Taka 329.4 million or £2.8 million (2003: Taka 237.8 million or £2.0 million). As at 31 December 2004, BPL's net assets were approximately Taka 5.17 billion or £43.9 million. The contents of this announcement, which has been prepared and issued by and is the sole responsibility of Beximco Pharmaceuticals Limited, have been approved solely for the purposes of section 21 of the Financial Services and Markets Act 2000 by Libertas Capital Corporate Finance Limited. Libertas Capital Corporate Finance Limited and Libertas Capital Securities Limited, each of which is regulated in the United Kingdom by the Financial Services Authority, are acting for Beximco Pharmaceuticals Limited and for no-one else in connection with the matters described in this announcement and will not be responsible to anyone other than Beximco Pharmaceuticals Limited for providing the protections afforded to customers of Libertas Capital Corporate Finance Limited and/or Libertas Capital Securities Limited or for advising them on the contents of this announcement or any matter referred to herein. This announcement does not, and no part of it shall, constitute or form part of any offer for sale or subscription of securities, or any solicitation of any such offer, not shall it, or any part of it, form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any eventual acquisition of, or application for, shares in Beximco Pharmaceuticals Limited should be made solely on the basis of information contained in the admission document relating to Beximco Pharmaceuticals Limited to be issued in due course in connection with the proposed admission to trading on AIM, a market operated by London Stock Exchange plc, of global depositary receipts issued by Beximco Pharmaceuticals Limited (the 'GDRs'). This announcement is not for release, publication or distribution, in whole or in part, in or into the United States of America, Canada, Japan or Australia or any jurisdiction where such announcement would be unlawful. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933 (the 'US Securities Act') or an exemption therefrom. Beximco Pharmaceuticals Limited has not and does not intend to register any GDRs under the US Securities Act. The GDRs will not be offered or sold in the United States. These written materials are not an offer of securities for sale in Bangladesh. The GDRs may not be offered or sold in Bangladesh or to any national, resident or citizen of Bangladesh or any corporation, partnership or other entity created or organised under the laws thereof, except as permitted by applicable Bangladeshi law and regulations. This information is provided by RNS The company news service from the London Stock Exchange MSCILFVRITLIFIE