REG - Beximco Pharma. - Board of Directors

Beximco PharmaceuticalsAnnouncement

14/01/2025 11:30

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RNS Number : 2862T  Beximco Pharmaceuticals Ltd  14 January 2025

14 January 2025

 

BEXIMCO PHARMACEUTICALS LIMITED

 

Board of Directors

 

Beximco Pharmaceuticals Limited ("the Company"; AIM Symbol: BXP, LEI No.:
213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical
products and active pharmaceutical ingredients, announces it received a letter
from the Bangladesh Securities and Exchange Commission (BSEC) detailing that
the BSEC has appointed an additional nine independent non-executive directors
(the "New Directors") to the Company's Board of Directors (the "BSEC Order").
This would mean that the Board would have a majority of independent
non-executive directors. The Company challenged the BSEC Order in the High
Court of Bangladesh and, at a hearing held yesterday afternoon, the Court
granted a stay on the BSEC Order for a period of three months, meaning that
the appointments will not become effective until the Court has heard the
Company's petition.

 

The letter was issued based on the decision of a government-appointed Advisory
Committee for Beximco Industrial Park* and subsequent instruction from the
Ministry of Finance (using its powers under Rule 16 of the BSEC Act 1993,
whereby the Ministry can give special direction on policy matters to the
BSEC). In seeking to appoint new Directors, BSEC is invoking its power under
Rule 20A of the Securities and Exchange Ordinance 1969 which permits the BSEC
to act in such a way that it believes protects the interests of investors.

 

Following the High Court of Bangladesh's decision on the BSEC order, the
appointment of the New Directors will also remain subject to ratification by
the Company's shareholders at the next Annual General Meeting of the Company
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.

 

 

 

*The Advisory Committee for Beximco Industrial Park was established in
November 2024 in the context of labour unrest in the said park and its impact
on surrounding industrial establishments and public life. It was tasked to
formulate recommendations for immediate, medium-term, and permanent solutions
to resolve the workers' grievances in the establishments of Beximco Industrial
Park and to determine what needs to be done to ensure a desirable working
environment in similar institutions. Beximco Pharma is not related to, nor has
any of its operations located at, the Beximco Industrial Park.

 

For further information please visit www.beximcopharma.com
(http://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

 SP Angel Corporate Finance LLP (Broker)

 Matthew Johnson

 Tel: +44 (0) 20 3470 0470

 FTI Consulting

 Simon Conway / Victoria Foster Mitchell / Sam Purewal

 Tel: +44 (0)20 3727 1000

 

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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