DHAKA - Beximco Pharmaceuticals Ltd (AIM: BXP), a Bangladesh-based generic pharmaceuticals manufacturer, is currently navigating regulatory challenges as the Bangladesh Securities and Exchange Commission (BSEC) has sought to appoint nine independent non-executive directors to the company's board. This move, intended to ensure a majority of independent directors, has been put on hold following a successful challenge in the High Court of Bangladesh, which granted a stay on the BSEC order for three months.
The BSEC's decision was influenced by recommendations from a government-appointed Advisory Committee, formed in response to labor unrest at Beximco Industrial Park in November 2024. Although Beximco Pharma is not operationally linked to the park, the committee's focus on improving the industrial work environment has broader implications for the company.
The proposed appointments are subject to further conditions, including shareholder ratification at Beximco Pharma's next Annual General Meeting and compliance with UK regulatory due diligence and disclosure requirements, as per the London Stock Exchange (LON:LSEG)'s AIM Rules for Companies.
This development follows Beximco Pharma's commitment to global health through the production of a wide range of generic medicines and active pharmaceutical ingredients. The company's facilities are recognized by international regulatory authorities, and its products are distributed in over 50 countries, supported by a workforce of more than 6,000 employees.
The BSEC's intervention is part of its mandate to protect investor interests under the Securities and Exchange Ordinance of 1969. The outcome of Beximco Pharma's petition against the BSEC order will be closely monitored, with further announcements expected in due course. This news is based on a press release statement from the company.
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