Last checked at 22 Oct 2009 14:32
BEXIMCO PHARMACEUTICALS LTD.
22nd October, 2009
Bangladesh SEC Approves Issuance of Preference Shares
Beximco Pharmaceuticals Limited ("BPL" or "Company"; AIM Symbol: BXP) announces that consent has been received from the Securities and Exchange Commission of Bangladesh to increase the Company's Paid-up Capital from Taka 1,511,492,960 (£13.53 million) to Taka 5,611,492,960 ((£50.24 million) through the issuance of 41,000,000 Fully Convertible Preference Shares of Taka 100 each at par totaling Taka 4,100,000,000 (£ 36.71 million)
The Company expects to issue Preference Shares to the Bangladeshi Shareholders taking part in the 10:1 rights issue announced on 10th September 2009 on or around 10th November 2009. The timeline for the additional Private Placement also announced on 10th September 2009 will be communicated in due course.
(An exchange rate of £ 1 = Taka 111.70 has been used in this announcement.)
For further enquiries please visit www.beximco-pharma.com or contact:
Beximco Pharma
Md. Asad Ullah, FCS, Company Secretary
Tel: +880 2 861 1891, ext.1140
Libertas Capital
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.