21/10/2005 Beximco Pharmaceuticals
The London Stock Exchange is delighted to welcome Beximco Pharmaceuticals (‘BPL’) to AIM.
21 October 2005
BPL is the first Bangladesh incorporated company to join the London markets.
In its home market, BPL is one of the leading generic pharmaceuticals companies, manufacturing and selling generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. BPL also manufactures under contract for GlaxoSmithKline and has recently entered into a contract to manufacture for Novartis. The company’s products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Pakistan, Nepal and Myanmar and in other markets overseas, principally in East Africa (including Kenya) and South East Asia (including Singapore).
BPL is based in Dhaka, Bangladesh, where it operates from a site spanning 20 acres and has over 1800 employees. The business generated revenues of approximately £23.5 million in 2004 and generated profits after tax of £2.8 million. It has some 50,000 shareholders in its home market and following the placing will have a freefloat of around 80%.
Commenting on the flotation on AIM, Nazmul Hassan, Chief Executive of BPL, said:
“We are extremely delighted to be joining the AIM market of the London Stock Exchange. Our objective is to build BPL into a world class manufacturer of pharmaceutical products and the funds raised in the placing will enable us to exploit what we see as a unique opportunity to deliver substantial sales and profit growth for shareholders.”