31st May 2006 15:20
Beximco Pharmaceuticals Ltd31 May 2006 Beximco Pharmaceuticals Limited ("BPL") Fundraising of £6.5 million May 31 2006 - Beximco Pharmaceuticals Limited ("BPL" or the "Company"), theleading drug manufacturer in Bangladesh, has raised a total of £6.5 million(before expenses) through a subscription by new and existing investors for8,175,750 new Global Depositary Receipts ("GDRs") each representing one ordinaryshare of Taka 10 at an issue price of 80p per GDR. The proceeds of the placing will be used to purchase and install the final twoOSD lines in the Company's USFDA standard OSD plant, diversify the Company'sproduct range and increase market penetration in existing and new markets. Application has been made for the admission of the new GDRs to trading on AIMand dealings are expected to commence on 1 June. Commenting on the fundraising, Nazmul Hassan, Chief Executive said: "We've been delighted by the interest in Beximco from international investorssince the Company's IPO in London last year and we are grateful to them fortheir continuing support in this fundraising as we develop the infrastructure ofour business and invest in its growth." For further enquiries please contact: Beximco PharmaNazmul Hassan, CEOTel: +880 2 861 9151, ext.2080 Libertas CapitalAamir Quraishi/Charles GoodfellowTel: +44 (0)20 7569 9650 Financial DynamicsDavid Yates / John GilbertTel: +44 (0)20 7269 7169 Notes to Editors About Beximco Pharmaceuticals Limited Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sellsgeneric pharmaceutical formulation products, active pharmaceutical ingredientsand intravenous fluids. The Company also undertakes contract manufacturing forGlaxoSmithKline and Novartis. The Company operates from a 20 acre site in Dhakaand currently employs over 1,900 staff. The Company's products are sold to retail outlets, medical institutions andother pharmaceutical manufacturers in Bangladesh, in regional markets such asPakistan, Nepal and Myanmar and in other markets overseas, principally in EastAfrica (including Kenya) and South East Asia (including Singapore). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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