11 November 2024
BEXIMCO
PHARMACEUTICALS LIMITED
Further re the Temporary
Suspension of Trading
Beximco Pharmaceuticals Limited
("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI
No.: 213800IMBBD6TIOQGB56) provides an update on the Temporary
Suspension of Trading on AIM announcement released earlier today,
at the request of the Company. This follows a full-court hearing
held today as detailed below and as previously referenced in
announcements on 30 September, 2 October and 28 October
2024.
On 30 September 2024, the Company
announced that a Writ Petition with the Supreme Court of Bangladesh
had been brought by a Mr. Masood Sobhan, a citizen of Bangladesh
and practicing lawyer of the Supreme Court of Bangladesh as the
Petitioner. The Writ Petition had been filed as a Public Interest
Litigation. This Writ Petition included Beximco Pharma, in addition
to the Bangladesh Bank, The Bangladesh Ministry of Finance, and
Salman F. Rahman as separately listed and distinct
Respondents. Inter
alia, the writ asked the Court to direct the Bangladesh Bank
to "appoint a Receiver to manage the companies of [the] Beximco
Group of Companies."
Pending a hearing on this Writ
Petition, the Supreme Court of Bangladesh issued an Interim Order,
which inter
alia directed the Bangladesh Bank to "appoint a
Receiver to manage the companies of Beximco Group of companies for
a period of 06 (six) months from date …".
On 2 October 2024, the Company
announced that at a court hearing of the Appellate Division in
Bangladesh, the Judge-in Chamber passed "No Order" and referred
Beximco Pharma's appeal to a full-court hearing on 28 October 2024.
This was subsequently adjourned until 11 November 2024 as
announced by the Company on 28 October
2024.
The Company notes local press
coverage in Bangladesh yesterday, 10 November 2024, that the
Bangladesh Bank has appointed a receiver to Beximco Pharma in
compliance with the Court's Interim Order. To confirm, Beximco
Pharma has not been informed of this development in
writing.
Beximco Pharma's appeal was duly
heard in the full-court hearing today and the Supreme Court of
Bangladesh stated it will issue its decision tomorrow, 12 November
2024. The receiver's appointment to Beximco
Pharma will, therefore, remain subject to the decision
tomorrow.
As a result of the uncertainty
around the appointment of a receiver, the lack of clarity in
respect of their terms of appointment and the deferral of the
Court's decision until tomorrow, Beximco Pharma requested a
temporary suspension of trading in the Company's shares on AIM,
which occurred at 7.30am this morning.
The Company's shares remain
suspended from trading on AIM.
Further announcements will be made
in due course.
For further information please
visit www.beximcopharma.com
or enquire to:
Beximco Pharma
S M Rabbur Reza, Chief Operating
Officer
Tel: +880 2 58611001,
Ext.20111
Mohammad Ali Nawaz, Chief Financial
Officer
Tel: +880 2 58611001,
Ext.20030
SPARK Advisory Partners Limited
(Nominated Adviser)
Mark Brady / Andrew Emmott / Adam
Dawes
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 5700 employees are driving the company
towards achieving its aspiration to be among the most admired
companies in the world.
