Beximco Pharma Discussion Threads

[outsizeclothes.com] 03/10/2024 21:29

Although messy and time consuming for management, I think the Company's day to day running won't be affected too much by these legal goings-on.
At most it might result in an eventual slight stock overhang to pay back the ex-chairmans personal loans.
But as for the Company, - sick people aren't going to stop taking medicines, and doctors aren't going to stop prescribing the Company's products - which, remember, as generics, are already the cheapest available.

[outsizeclothes.com] 07/9/2024 13:29

BEXIMCO PHARMACEUTICALS LIMITED - Sept 3rd

Correction and Clarification of Press Commentary

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56) today provides a factual correction to some press reports that appeared in Bangladesh media on 2 September 2024. These reports state that the Criminal Investigation Department (CID) of Bangladesh Police has launched a probe into allegations of money laundering by Beximco Group, including certain allegations concerning Beximco Pharma and its relationships and dealings with Jubail Pharma Co. Ltd ("Jubail Pharma"), a pharma company in Saudi Arabia.

Beximco Pharma is an independently operated and managed entity of the broader Beximco Group.

The Company does have a minority equity holding in Jubail Pharma that it received solely as part of a technology transfer agreement, rather than as a financial investment. The Company sought and received approval from the Bangladesh Central Bank to enable it to acquire this shareholding and reports to the Central Bank on its shareholding on a regular basis. Outside of the technology transfer agreement, Beximco Pharma has not, and has never, traded with Jubail Pharma. Jubail Pharma is yet to be operational and Beximco Pharma has had no involvement in the running of Jubail Pharma, either currently or historically.

The same media reports also note that Beximco Group has been accused, following a preliminary review by the financial crime unit of the Bangladesh CID, of taking loans from seven banks through fraud over a number of years. Beximco Pharma is not a party to any of the loans of Beximco Group.

The Company also notes that, further to its announcement on 15 August 2024, Beximco Pharma's Non-Executive Vice-Chairman, Mr Salman Rahman, was transferred to jail on 3 September 2024 after being remanded in custody by the Dhaka Metropolitan Police and pending the filing of charges. Mr Rahman has no role in the day-to-day running of Beximco Pharma.


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


Beximco Pharma

S M Rabbur Reza, Chief Operating Officer

Tel: [phone], Ext.20111


Mohammad Ali Nawaz, Chief Financial Officer

Tel: [phone], Ext.20030


SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Andrew Emmott / Adam Dawes

Tel: [phone] / 3555


SP Angel Corporate Finance LLP (Broker)

Matthew Johnson

Tel: [phone]


FTI Consulting

Simon Conway / Victoria Foster Mitchell / Sam Purewal

Tel: [phone]

[greg the grinch] 05/9/2024 19:44

Dividend is now % ?

[microscope] 05/9/2024 12:37

It does, Davydoo, but be aware it's been like that as long as I can remember, probably 10 years plus.

[davydoo] 05/9/2024 11:29

Thanks. It certainly helps to soften the obvious other risks

[outsizeclothes.com] 05/9/2024 10:30

Davydoo:- Yes, compared to the Dhaka exchange price, near enough.

[davydoo] 04/9/2024 11:04

Buying in the UK today, is buying a share at half price (following falls) that are already at half price (discount in UK GDRs). Is that right?

[mr macgregor] 04/9/2024 10:37

Political risk was always the indian elephant in the room when investing in a mickey mouse country like Bangladesh. No smoke without fire etc.

[my retirement fund] 04/9/2024 10:35

Yes I'm not saying its a scam, just surrounded by scammers. If this were not AIM, they would have run scared

[arlington chetwynd talbott] 04/9/2024 10:13

Your typical AIM scam does not have a dividend history like BXP has. Or, indeed, a dividend history.

[my retirement fund] 03/9/2024 23:02

Just your typical AIM scam. I'm not sure why AIM has not been shut down. This exchange has been responsible for syphoning hundreds of millions of pounds of British investors money (often peoples private pension fund investments) out of hard-working folk and into the hands of offshore criminals. This BXP listing appears to be an Indian company listed outside the UK, yet with a linked off shore subsidiary listed on AIM, the parent of which surrounded by crooks. Jeez !

[zcaprd7] 03/9/2024 22:04

What's the deal here then? I was a shareholder a long time ago, loved the story, and saw the crash?

[live ink] 03/9/2024 17:42

Greg,

I am not sure. I bought a further 100,000 BXP at 22p this afternoon but cannot prove the wisdom.

Live Ink

[greg the grinch] 03/9/2024 17:19

What is SC's current opinion on BXP?

[gripfit] 03/9/2024 15:53

Anothe one of Simon Cawkwells … he’s tipped some right plums.. not really a master investor imho ..

[greg the grinch] 03/9/2024 15:05

I wonder if a stop loss has been hit with a forced liquidation into an illiquid market?

...I expect the buyers to arrive at some point.

[greg the grinch] 03/9/2024 15:00

The share price is driven by fear... are people going to stop getting ill?

They have a lot of drugs approved for the US.... you can't bung to get that done.

I am tempted to sell other stuff to buy here.

GLA

[arlington chetwynd talbott] 03/9/2024 13:01

This one has been a lesson in political/country risk. Sticking with it though.

[rjmahan] 02/9/2024 23:38

hxxps://www.thedailystar.net/news/bangladesh/news/beximco-laundered-135-million-cid-3692166

Having sid that none of this is beximco pharma - a separate company.

[outsizeclothes.com] 02/9/2024 13:45

What size is the Rahman family total shareholding in Beximco?
From what I can see, it's under 5%.
Or am I missing an elephant in the room?

[elsa7878] 02/9/2024 10:41

Not saying anyone's guilty but clearly there are risks if Rahman brothers are proven to have benefited in any way from their political position or influence.
Might be very cheap for good reason.
NB I was a shareholder but not for several years.

[elsa7878] 02/9/2024 10:36

"Mr Rahman, in his position as Non-Executive Vice-Chairman, has no role in the day-to-day running of Beximco Pharma." He is one of 2 brothers that founded it.

FWIW.
In 2007, a leaked diplomatic cable from the United States ambassador to Bangladesh alleged that Rahman was one of the biggest bank loan defaulters in Bangladesh.[53] On 4 February 2007, Rahman was arrested on charges of crime and corruption in 11 cases during the 2006-08 Bangladeshi political crisis. On 20 August 2008, the High Court of Bangladesh granted him bail in a bank forgery case.[54] During the 2010-11 share market scam, a probe led by Banker Khondkar Ibrahim Khaled implicated Rahman's involvement in the scam.[55] However, in March 2015, Rahman and his elder brother were acquitted, and the cases were quashed after final hearings, as no evidence proved their involvement in stock market manipulation.[56]As of August 2024, Companies associated with Rahman owe around ৳36,865 crore to four public and three private banks in Bangladesh.[57] According to Centre for Policy Dialogue, several commercial banks in Bangladesh are now "clinically dead" due to embezzlement of bank capital by Rahman.[58]

Arrest
Initially, Rahman was reported to have fled to India with Sheikh Hasina and Sheikh Rehana following Hasina’s resignation on 5 August.[59] However, on 13 August, Rahman was arrested along with Anisul Huq, the former Minister for Law, Justice and Parliamentary Affairs, while attempting to flee by boat at Sadarghat.[60] They were charged as instigators in the murder cases related to the deaths of a student and a hawker during the quota reform protest on 16 July at Dhaka College.[61]

[arlington chetwynd talbott] 31/8/2024 08:59

Agreed, but you have to be able to stomach the political risk.

[greg the grinch] 30/8/2024 12:52

This is criminally cheap.