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6 Mar 2025 07:00
6 March 2025
BEXIMCO PHARMACEUTICALS LIMITED
Update on BSEC order following decision by the Supreme Court of Bangladesh
Beximco Pharmaceuticals Limited ("the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, provides an update on the Stay Order (the "Stay Order") dated 13 January 2025 granted by the High Court Division of the Supreme Court of Bangladesh with regards to the Bangladesh Securities and Exchange Commission (BSEC)'s proposed appointment of an additional nine independent non-executive directors (the "New Directors") to the Company's Board of Directors (the "BSEC Order"). This follows the Company's announcement on 14 January 2025.
Following an appeal from BSEC against the High Court's initial decision, the Appellate Division of the Supreme Court of Bangladesh has not upheld the High Court Stay Order and has directed the High Court to dispose of the writ petition of the Company before 19 March 2025.
The additional nine New Directors are:
· Dr. Md. Shahinoor Islam, Professor, Department of Chemical Engineering, BUET
· Syed Rezaul Karim, Chairman, Bengal Overseas Limited
· Sultan Mahmood Bin Zulfiqar, Writer and Journalist
· Mohammed Forkan Uddin, Managing Partner, M M Rahman & Co., Past President of the Institute of Chartered Accountants of Bangladesh (ICAB)
· Mirza Aminur Rahman, Freelance Consultant
· M Nurul Alam, CEO, MNA Associates
· Sheikh Nahar Mahmud, Chief Consultant, Infinigent Consulting Limited
· Brigadier General Mohammad Shafqat-Ul-Islam, SPP, AFWC, PSC, Commander, Headquarters 71 Mechanized Brigade, Savar
· Anwar Hossain, Vice Chairman, Export Promotion Bureau (EPB), Administrator, BGMEA
Finality of the appointment of the New Directors remains dependent on the outcome of the High Court proceedings explained above, and due diligence and disclosure for UK regulatory purposes. In accordance with the London Stock Exchange's AIM Rules for Companies, the Company's nominated adviser will be making appropriate due diligence enquiries.
Further announcements will be made as appropriate.
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma |
Mohammad Ali Nawaz, Chief Financial Officer Tel: +880 2 58611001, Ext. 20030
Mohammad Asad Ullah, FCS Executive Director & Company Secretary Tel: +880 2 41060531, Ext. 10140
|
SPARK Advisory Partners Limited (Nominated Adviser) Mark Brady / Andrew Emmott Tel: +44 (0)20 3368 3551 / 3555
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SP Angel Corporate Finance LLP (Broker) Matthew Johnson Tel: +44 (0) 20 3470 0470
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FTI Consulting Simon Conway / Sam Purewal Tel: +44 (0)20 3727 1000
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Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 6000 employees are driving the company towards achieving its aspiration to be among the most admired companies in the region.
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