Settlement of BSEC Order

Beximco Pharmaceuticals PLC

30 September 2026

 

30 September 2026

BEXIMCO PHARMACEUTICALS PLC.

Settlement of BSEC Order

Beximco Pharmaceuticals PLC. ("the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces that it has reached an out of court settlement with the Bangladesh Securities and Exchange Commission (“BSEC”) relating to Writ Petition No. 525 of 2025 (challenging the proposed appointment by BSEC of nine additional independent non-executive directors to the Company's Board) and Writ Petition No. 1243 of 2026 (challenging the BSEC's order to hold a Board Meeting onboarding the nine additional independent directors).

As part of the settlement, BSEC has agreed to the Company’s proposed reconstitution of the Board and to withdraw its proposed appointment of an additional nine independent non-executive directors to the Company's Board of Directors (the "BSEC Order"), provided that the Company also withdraws its Court proceedings in relation to this matter, and they are disposed of by the High Court Division of the Supreme Court of Bangladesh. This means that Writ Petition No. 525 and Writ Petition No. 1243 will both come to an end.

As agreed between the Company and BSEC, the reconstituted Board will comprise nine Directors, as follows:

         Three Directors from the Sponsors,

         One new Managing Director,

         One Director representing IFIC Bank PLC, and 

         Four Independent Directors

Mr Salman F Rahman, Vice-Chairman, and Mr A B Siddiqur Rahman and Reem H. Shamsuddoha, Directors,  will step down from their respective positions on the Board. Additionally, Mr Iqbal Ahmed, currently the Managing Director and a member of the Board, will step down from his position as Managing Director while continuing to serve as a Director.

Completion and finality of the appointment of the new Directors remain subject to the successful completion by the Company’s Nominated Adviser of any due diligence checks on any proposed new directors, in compliance with the AIM Rules for Companies, as well as approval by BSEC for the new Independent Directors, in accordance with Bangladesh’s Corporate Governance Code of 2018 and any other applicable requirements.

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: [phone], Ext. 20030 Mohammad Asad Ullah, FCS Executive Director & Company Secretary Tel: [phone], Ext. 10140

SPARK Advisory Partners Limited (Nominated Adviser) Mark Brady / Andrew Emmott Tel: [phone] / 3555

SP Angel Corporate Finance LLP (Broker) Matthew Johnson Tel: [phone]

FTI Consulting Simon Conway / Sam Purewal / Lucy Molloy Tel: [phone]

Notes to Editors

About Beximco Pharmaceuticals PLC

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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