Beximco Pharma Regulatory News (BXP)

26 Jan 2009 07:58



BEXIMCO PHARMACEUTICALS LTD.

News Release January 26, 2009 

PRICE-SENSITIVE INFORMATION

This is for information of all concerned that the Company's Board of Directors in a Meeting held at its registered office at 17 Dhanmondi R/A, Road No 2, Dhaka-1205 on Monday, 26 January 2009, 9:15 AM made the following decisions:-

1. Approved issuance of ordinary shares aggregating up to Tk.4,100,000,000 at 90% of the market value thereof under Variable Pricing Method; and that of warrants aggregating up to Tk.500,000,000 at Tk.200 per warrant/share to GEM Global Yield Fund Limited, totaling Tk.4,600,000,000, under section 155(2) of the Companies Act, 1994 subject to approval of its shareholders under the said section in their Extra-Ordinary General Meeting (EGM) to be held on Thursday, 19 February 2009 at 10-00 AM at 1 Shahbagh C/A, Dhaka; and the consent of the Securities and Exchange Commission thereto under the Securities and Exchange Commission (Issue of Capital) Rules, 2001. The moneys so raised shall be used by the Company for its BMRE, diversification and working capital.

2. Decided to hold an Extra-Ordinary General Meeting (EGM) of the shareholders of the Company on Thursday, 19th February 2009 at 10-00 AM at 1 Shahbagh C/A, Dhaka to approve the aforesaid decision of its Board.

By order of the Board,

Sd/-

( MD. ASAD ULLAH, FCS ) 

COMPANY SECRETARY

For further enquiries please contact:

Libertas Capital

Aamir Quraishi / Anthony Rowland

Tel: +44 (0)20 7569 9650

Financial Dynamics

David Yates / Susan Quigley

Tel: +44 (0)20 7269 7169

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 manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.

The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.