3 September 2024
BEXIMCO
PHARMACEUTICALS LIMITED
Correction and Clarification of Press Commentary
Beximco Pharmaceuticals Limited
("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI
No.: 213800IMBBD6TIOQGB56) today provides a factual correction to
some press reports that appeared in Bangladesh media on 2 September
2024. These reports state that the Criminal Investigation
Department (CID) of Bangladesh Police has launched a probe into
allegations of money laundering by Beximco Group, including certain
allegations concerning Beximco Pharma and its relationships and
dealings with Jubail Pharma Co. Ltd ("Jubail Pharma"), a pharma
company in Saudi Arabia.
Beximco Pharma is an independently
operated and managed entity of the broader Beximco
Group.
The Company does have a minority
equity holding in Jubail Pharma that it received solely as part of
a technology transfer agreement, rather than as a financial
investment. The Company sought and received approval from the
Bangladesh Central Bank to enable it to acquire this shareholding
and reports to the Central Bank on its shareholding on a regular
basis. Outside of the technology transfer agreement, Beximco Pharma
has not, and has never, traded with Jubail Pharma. Jubail Pharma is
yet to be operational and Beximco Pharma has had no involvement in
the running of Jubail Pharma, either currently or
historically.
The same media reports also note
that Beximco Group has been accused, following a preliminary review
by the financial crime unit of the Bangladesh CID, of taking loans
from seven banks through fraud over a number of years. Beximco
Pharma is not a party to any of the loans of Beximco
Group.
The Company also notes that, further
to its announcement on 15 August 2024, Beximco Pharma's
Non-Executive Vice-Chairman, Mr Salman Rahman, was transferred to
jail on 3 September 2024 after being remanded in custody by
the Dhaka Metropolitan Police
and pending the filing of charges.
Mr Rahman has no role in the day-to-day running of
Beximco Pharma.
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.