Last checked at 19 Feb 2009 07:00
BEXIMCO PHARMACEUTICALS LTD.
| News Release | February 19, 2009 |
Price-Sensitive Information
A total of 18,500,000 ordinary shares have been authorised under section 155(2) of the Companies Act, 1994 subject to the consent of the Securities and Exchange Commission ("SEC") thereto under the Securities and Exchange Commission (Issue of Capital) Rules, 2001.
The Company intends to submit its application to the SEC shortly and consent is expected to take up to 4 weeks. A further announcement will be made when moneys are received from GEM against the first Draw Down Notice issued by Beximco.
As detailed in the announcement of 27th January 2009, the moneys so raised shall be used by the Company for its Balancing Modernisation, Replacement and Expansion program, diversification and working capital.
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.