REG - Beximco Pharma. - Update on BSEC order

Beximco PharmaceuticalsAnnouncement

06/03/2025 07:15

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RNS Number : 5462Z  Beximco Pharmaceuticals Ltd  06 March 2025

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
(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 / 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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