Beximco Pharma to raise Tk 460cr from GEM Global


-- January 26, 2009

Bangladesh’s Pharmaceutical giant, Beximco Pharmaceuticals Limited (BPL), today announced that it has entered into a Subscription Agreement with GEM Global Yield Fund Limited (GEM), New York, USA for raising Tk 460 (four hundred sixty) crores by issuing its shares/warrants.

Under the agreement signed today, GEM Global Yield Fund Limited ("GEM Global"), the US based private investment group, has agreed to provide the Company with up to totaling Tk 460 (four hundred sixty) crores.

The Board of Directors of BPL on the same day approved issuance of ordinary shares aggregating up to Tk 410 (four hundred ten) crores and that of warrants aggregating up to Tk 50 crores to GEM, totaling Tk 460 (four hundred sixty) crores.

Beximco Group Vice Chairman Salman F Rahman said the move is testimonial of international of foreign fund manager to Bangladesh market.

“This reflects the tremendous confidence shown by foreign investors To Bangladesh market,” Rahman said.

The shares of BPL shall be issued under Variable Pricing Method at 90 percent of the average market value thereof on the Dhaka Stock Exchange Limited (DSE) prevailing at the time of each draw down required by the company from time to time; whereas the warrants shall be issued at Tk 200 (two hundred) per warrant/ share.

The shares/warrants shall be issued to GEM under section 155(2) of the Companies Act, 1994 subject to approval of its shareholders under the said section in their Extra-Ordinary General Meeting (EGM) to be held on Thursday, 19 February 2009 at 10-00 AM at 1 Shahbagh Avenue, Dhaka-1000; and the consent of the Securities and Exchange Commission thereto under the Securities and Exchange Commission (Issue of Capital) Rules, 2001.

The moneys so raised (i.e., upto Tk 460 crores) shall be used by BPL for its BMRE, diversification and working capital. BPL expects that the proceeds will be used to add further manufacturing capacities at Tk 330 (three hundred) crores; and the balance at Tk 130 (one hundred) crores as working capital. BPL further expects to increase its turnover and net profit to Tk 1006 (one thousand and six) crores and Tk 203 (two hundred and three) crores respectively in 2010 after adding the capacities and raising the capital. Most of the additional turnover and profit will come from exports.


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Proyash


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  • A specialized institute that works for the holistic development of children with special educational needs through different programs
  • Include early childhood development programs (ECD), special schooling, therapeutic interventions, medical and neuro-developmental assessment, leisure time and co-curricular activities, training for the teachers, parents and integrated services


Other CSR Initiatives


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  • Charity contributions through the Gono Sahajjo Songstha (GSS) for the educational sector for the unprivileged
  • Free drugs during natural calamities and distribution of clothing during winter
  • As part of BEXIMCO Group’s focus on society development, Fazlur Rahman Foundation has established a project called "FRF Diagnostic Centre". The project provides health screening services for Beximco Pharmaceuticals and Beximco Antibiotics Industries employees.
  • Sponsoring events and national sport stars and teams
  • Official sponsor of the Bangladesh National Cricket team for the ICC Cricket World Cup 2011
  • Official sponsor of the FIFA friendly match between Argentina and Nigeria held in September, 2011