TIDMBXP
RNS Number : 6588P
Beximco Pharmaceuticals Ltd
21 November 2016
21 November, 2016
BEXIMCO PHARMACEUTICALS LTD
Annual General Meeting Statement
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the
Company"; AIM Symbol: BXP), the fast-growing manufacturer of
generic pharmaceutical products and active pharmaceutical
ingredients, today announces that all resolutions put before
shareholders at the Company's Annual General Meeting ("AGM") held
on 19 November 2016 were duly passed.
The resolutions passed at the AGM included the approval of a 5%
final cash dividend, a 5% stock and 10% cash dividend (already paid
as interim dividend) for the period of 18 month ended on 30 June
2016. The final cash dividend being 5% of the nominal value per
ordinary share of Tk.10 (Tk. 0.5 per ordinary share/per global
depository receipt ("GDR") held in respect of GDR holders) will be
paid to holders of ordinary shares/GDRs (who were on the register
of shareholders/GDR holders as on the date of record) i.e. 1
November 2016 within 30 days from the date of approval i.e. on or
before 19 December 2016. The cash dividend will be paid after
deduction of taxes as per Bangladesh Tax law.
It is intended that the new ordinary shares/GDRs arising from
the 5% stock dividend i.e. 5 ordinary shares/GDRs per 100 ordinary
shares/GDRs (in respect of GDR holders) held, will be credited to
shareholders/GDR holders accounts on or before 19 December
2016.
Application will be made for admission of the new GDRs arising
from the stock dividend ("New GDRs") to be admitted to trading on
AIM ("Admission"). Admission is expected to take place shortly
after the New GDRs are credited to the respective accounts and a
further announcement will be made in due course with the expected
date of Admission.
Following issuance of the stock dividend, the total issued share
capital of the Company will be 405,556,445 ordinary shares of Taka
10 ("Ordinary Shares"), of which 90,943,627 will be represented by
GDRs. The new Ordinary Shares will rank pari passu in all respects
with the existing issued Ordinary Shares, all having voting
rights.
The Annual Report for 2015-16 is available from the Company's
website, which includes the audited accounts that were previously
sent to shareholders and a review of operations for the 18 month
period ended on 30 June 2016.
During the course of the meeting, Chairman of the Company, Ahmed
Sohail Fasiur Rahman, made the following statement to
shareholders:
Dear Shareholders,
On behalf of my fellow board members and everyone from the
Beximco Pharma family, I welcome you all to the 40th Annual General
Meeting of the Company.
In line with the new regulatory provision of the Finance Act
2015 and as announced by the Company in May 2016, Beximco Pharma is
required to change its accounting year from January-December to
July-June. Unlike other years, we are therefore reporting for a
period of 18 months ending on June 30, 2016 to accommodate first
time adoption of this change.
I am pleased to report continued progress throughout the
reporting period. The Company maintained its strong growth and
achieved a 13.2% increase in sales in 2015 in the domestic market.
The export business did exceptionally well in achieving a 68.3%
increase over the previous year. This sales growth momentum
continued for the reported first half of 2016. In addition to
registering impressive growth in sales and profit, we have made
progress, as planned, in key operational areas by expanding the
product portfolio, registering products in overseas markets and
obtaining product and plant certifications.
In 2015, we achieved a major milestone by becoming the first
Bangladeshi pharmaceutical company to be approved by the US Food
and Drug Administration (US FDA). Subsequently, in August 2016, we
commenced export to the US market, making history for the
Bangladesh pharmaceutical industry. Additionally, during the period
under review, we initiated export to Australia and the Gulf country
Kuwait, among others. In recognition to our commendable performance
in export of pharmaceutical products, we were awarded the National
Export (Gold) Trophy for the record fifth time. Our international
accreditations and attention to quality have helped us earn the
trust within the generic drug industry.
At the end of 2015, the World Trade Organization TRIPS Council
extended a waiver that allows exemption to the least developed
countries from applying and enforcing IP rights on pharmaceutical
products until January 1, 2033. This is positive news for generic
pharmaceutical companies like us as it provides an extended
opportunity to develop and launch generic versions of patented
products.
Our ongoing expansion project to enable us to diversify our
portfolio, expand our production capacity and upgrade a number of
our existing units with the intention of securing the Company's
current and future growth is progressing as planned and is expected
to be completed by the end of 2017. As previously announced, the
plant and machinery to be procured for the project is partially
being financed under an overseas loan agreement with BHF Bank,
Germany. Additionally, we have initiated a project to implement
Oracle Enterprise Resource Planning (ERP) solutions across the
organisation. Once implemented, we believe this will help improve
operational efficiency and productivity in the Company.
A business is only as good as its people. We at Beximco Pharma
believe that our employees are the backbone of the organisation.
Our employees' constant hard work, dedication, skill and knowledge
continue to propel the Company forward and we remain committed to
our focus on people. Development of human resources is of utmost
importance to us and, as such, we continue to invest in training
and development program to equip our employees with the knowledge
and skills necessary to take the organization to the next
level.
In conclusion, I would like to convey my sincerest gratitude and
appreciation to all our stakeholders who have contributed in making
Beximco Pharma what it is today and especially to our shareholders
for their ongoing support.
Thank You,
A S F RAHMAN
Chairman
For further information please visit www.beximco-pharma.com or
enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company
Secretary
Tel: +880 2 58611891, +880 2 58612040, ext.10140
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Sean Wyndham-Quin
Tel: +44 (0)20 3368 3551 / 3555
Daniel Stewart & Company plc (Broker)
David Lawman / Daphne Zhang
Tel: 020 7776 6550
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma
manufactures and sells generic pharmaceutical formulation products
and active pharmaceutical ingredients. The Company also undertakes
contract manufacturing for multinational and leading global generic
pharmaceutical companies. The Company operates from a 23 acre site
in Dhaka and has manufacturing facilities for producing various
drugs in different delivery systems such as tablets, capsules,
liquids, semi-solids, intravenous fluids, metered dose inhalers,
dry powder inhalers, sterile ophthalmic drops, prefilled syringes,
injectables, nebuliser solutions and oral soluble films. Ensuring
access to quality medicines is the powerful aspiration that
motivates 3,500 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are
certified by global regulatory authorities of the US, Europe,
Australia, Canada, GCC and Latin America, among others. The
Company's products are sold to retail outlets, medical institutions
and other pharmaceutical manufacturers in Bangladesh, in regional
markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and
Myanmar and in other markets overseas, principally in South East
Asia, including Singapore, Taiwan, Malaysia, Indonesia, Philippines
and Hong Kong; Africa, including South Africa, Mauritius, Kenya,
Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including
Azerbaijan; Middle East, including Kuwait and Jordan; Pacific
Island countries; Latin and Central American countries; Europe,
including Austria, Germany and Romania; Australia and the US.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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