Board Changes

2 December 2020

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

BEXIMCO PHARMACEUTICALS LTD.

Board Changes

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, announces it has appointed Ms. Quamrun Naher Ahmed and Ms. Reem H. Shamsuddoha as Non-Executive Directors, with effect from 30 November 2020.

Ms. Quamrun Naher Ahmed, before her retirement from service in the Bangladesh Government, worked in a number of different Government departments including Finance, Commerce, Shipping Fisheries and Livestock and Home Affairs. In January 2014, Ms. Ahmed was appointed Additional Secretary: Financial Institutions Division, Ministry of Finance of the Government of the People's Republic of Bangladesh. In March 2016, she was nominated as a Director of the Board of IFIC Bank Limited by the Ministry of Finance. Ms. Ahmed is a member of the Executive, Risk Management and the Nomination and Remuneration Committees of the Board of Directors of IFIC Bank Limited. She is also the Chairman of IFIC Securities Limited, a Director of IFIC Money Transfer (UK) Limited and Nepal Bangladesh Bank Limited, Nepal.

Ms. Reem Shamsuddoha has a background in e-commerce and marketing having been educated in Bangladesh and attended Gabelli School of Business, Fordham University in New York. She is Vice President at Dohatec New Media, an independent software vendor and technology firm developing solutions for clients in North America, Asia and Europe, as well as assisting in the rollout of E-Government procurement systems for four Government agencies in Bangladesh.

These Board appointments are in compliance with Notification No. BSEC/CMRRCD/2009-93/217/Admin/90 from the Bangladesh SEC, dated 21 May 2019, which requires that shareholders with aggregate shareholdings of at least 30 per cent of the shares in issue are represented on the Board and that all Directors must either hold 2 per cent of the shares each or represent a major shareholder (Sponsor). In order to comply with this new requirement by 30 November 2020, the timeframe set out by the Bangladesh SEC, the Company has appointed representatives of two of its shareholders as Non-Independent Non-Executive Directors.

Whilst the appointments are effective immediately, they remain subject to confirmation following completion of the required due diligence for UK regulatory purposes. In accordance with the AIM Rules, the Company's nominated adviser has commenced its due diligence enquiries into Ms. Ahmed and Ms. Shamsuddoha and a further announcement will be made on the outcome of these enquiries once they have been completed.

Additional disclosure information

Ms. Quamrun Naher Ahmed

In addition to her appointment to the Board, Ms. Quamrun Naher Ahmed, aged 61, holds or has held the following directorships or partnerships in the past five years:

Ms. Ahmed does not have any direct and indirect interest in the issued share capital of the Company but represents IFIC Bank Limited and IFIC Securities Limited.

Should the nominated adviser's due diligence enquiries be completed satisfactorily, then the appointment can be confirmed. On confirmation, all disclosures to be made in accordance with Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Ms. Ahmed will then be made in a further announcement.

Ms. Reem H. Shamsuddoha

In addition to her appointment to the Board, Ms. Shamsuddoha, aged 32, holds or has held the following directorships or partnerships in the past five years:

Ms. Shamsuddoha does not have any direct and indirect interest in the issued share capital of the Company but represents the interests of Absolute Construction and Engineering Limited.

Should the nominated adviser's due diligence enquiries be completed satisfactorily, then the appointment can be confirmed. On confirmation, all disclosures to be made in accordance with Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Ms. Shamsuddoha will then be made in a further announcement.

For further information please visit www.beximcopharma.com or enquire to: 

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 5,500 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.