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Beximco Pharma shares to change hands between two directors

FE REPORT | March 14, 2023 00:00:00

One corporate director of Beximco Pharmaceuticals will sell 17 million shares held in the company to another corporate director.

The transactions will be executed at the prevailing market price on the block board of the stock exchange within 30 working days.

The corporate director -- IFIC Securities -- has expressed its intension to sell 1.7 million shares while the other Absolute Construction & Engineering will buy the same amount of shares, according to a disclosure posted on the website of the Dhaka Stock Exchange (DSE).

Company secretary of Beximco Pharmaceuticals Mohammad Asad Ullah said, "There will be no change in the board structure," since the proposed sales of shares will be a partial handover.

Beximco Pharmaceuticals, presently an 'A' category company, was listed on the stock exchange in 1986.

Its sponsor-directors held 30.14 per cent shares, institutes 23.61 per cent, foreigners 28.93 per cent and general investors 17.32 per cent at the end of February.

The foreign stake at the company rose in the last eight months. It was 28.61 per cent in June, 2022, which increased to 29.23 per cent in January this year.

The company's share price closed at Tk 154.10 each on January 17 and later came down to the floor price of Tk 146.20 on February 7. It rose a bit before falling to Tk 146.20 again, at which it traded on Monday.

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