Beximco Pharmaceuticals is moving to reconstitute its board of directors without businessman Salman F Rahman, who has agreed to step down as the company’s vice chairman and director.
The company recently informed the Bangladesh Securities and Exchange Commission (BSEC) about its plan to form a new board following Rahman’s resignation.
The proposed board will comprise three directors from the sponsors, four independent directors and one director nominated by IFIC Bank. The company’s managing director will also serve on the board ex officio. BSEC has reportedly given the company the green light for the proposed structure.
Following the change in political power, BSEC appointed nine independent directors to Beximco Pharma’s board in early 2025. The company subsequently filed a writ petition with the High Court challenging the commission’s decision, creating prolonged uncertainty over the board’s operations.
The dispute also affected the company’s financial reporting and created uncertainty over its international listing. Trading of Beximco Pharma’s global depositary receipts (GDRs) on the London Stock Exchange’s Alternative Investment Market (AIM) was suspended on January 2, 2026, partly because the company failed to publish its annual financial statements within the required timeframe.
After the prolonged complications, the company held a board meeting in June with special approval from BSEC and approved its financial statements for fiscal 2024-25 and outstanding quarterly reports.
For FY2024-25, Beximco Pharma reported consolidated profit of around Tk 694 crore and declared a 47.5% cash dividend, equivalent to Tk 4.75 per share.
The company’s revenue rose nearly 13% to Tk 4,142 crore during July-March of FY2025-26, while its profit position also remained strong.
Following the publication of its financial reports, GDR trading resumed on the London Stock Exchange on June 27 after a suspension of nearly six months, helping the company avoid the risk of automatic delisting. Its GDR price also rose significantly on the first day of resumed trading.
The proposed board restructuring is being viewed as a major change in Beximco Pharma’s corporate governance. Investors are now watching how the new board will strengthen governance, restore investor confidence and maintain the company’s international market position and business growth.
