Beximco Pharma Regulatory News (BXP)

19 Oct 2009 09:21



BEXIMCO PHARMACEUTICALS LTD.

19 October, 2009

CLARIFICATION RE PREFERENCE SHARE ISSUE

Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP) announced on the 15th October 2009 the approval at EGM of the Company's intention to issue up to 41,000,000 Fully Convertible, six month 5% Dividend, Preference Shares of Taka 100 each ("Preference Share Issue"), subject to consent being received from the Bangladesh SEC ("SEC").

The Company has submitted the appropriate application to the SEC and still expects to receive approval by 1 November 2009, at which point the Preference Shares will be issued to shareholders.

In an earlier announcement on 3rd September 2009, it was stated that GDR holders in London would be entitled to participate in the Preference Share Issue and would receive additional GDRs at conversion in the ratio of one GDR for each one underlying Ordinary Share.

The Company hereby issues clarification that the option to subscribe for Preference Shares on a 10:1 basis is only open to shareholders holding shares in BPL through the Dhaka or Chittagong stock exchanges. GDR holders that wish to participate in the Preference Share Issue are invited to contact the Company's broker to discuss eligibility to apply for Preference Shares through the private placement mechanism mentioned at point 5 of the announcement of 10th September 2009.

For further enquiries please visit www.beximco-pharma.com or contact:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: +880 2 861 9151, ext.2080

Libertas Capital Corporate Finance

Nominated Adviser and Broker

Jakob Kinde / Anthony Rowland

Tel: +44 (0)20 7569 9650

Financial Dynamics

Jonathan Birt / 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.