21st Mar 2025 16:20
Beximco Pharmaceuticals PLC - Dhaka, Bangladesh-based producer of pharmaceutical ingredients - Releases statement, originally published on Wednesday in Bangladesh, denying allegations of corruption in the Covid-19 vaccine procurement process. Says these allegations circulated in the Bangladeshi media on Monday and Tuesday, following the launch of an anti-corruption commission investigation. Statement says Beximco "is deeply concerned and disappointed by the misleading and defamatory news [reports]", adding: "The company rejects these baseless allegations and protests the sensationalized and slanderous headlines, that not only tarnished corporate reputation as a globally known pharmaceutical manufacturer and exporter but also confused thousands of its valued shareholders, especially many foreign investors who currently hold more than 32% of company's shares." Claims that "several" media outlets "clearly attempted to malign Beximco Pharma". Furthermore, Beximco "firmly asserts that it conducted all transactions with necessary approvals from the regulatory authorities". "Says it reserves the right to take appropriate legal action against such defamatory reporting".
Beximco also updates on its statement dated March 6 regarding the Bangladesh Securities & Exchange Commission's proposed appointment of an additional nine independent non-executive directors to the company's board. Says that although the Appellate Division of the Supreme Court of Bangladesh did not uphold the High Court's relevant Stay Order, the date of the High Court hearing has now been postponed to after April 20. Company expects the case to be heard by May 20.
Current stock price: 37.72 pence, down 0.7% on Friday afternoon in London
12-month change: down 2.0%
By Emma Curzon, Alliance News reporter
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