Shares jumped 18% after trading resumed following strong nine-month profits and filings release
Beximco Pharmaceuticals PLC’s Global Depositary Receipts (GDRs) resumed trading on the London Stock Exchange (LSE) on Friday after a nearly six-month suspension, allowing the company to narrowly avoid automatic delisting.
Trading was suspended on 2 January after the company failed to publish its audited financial statements for the year ended 30 June 2025 and subsequent quarterly reports.
Under LSE rules, securities suspended for six months are automatically delisted. Beximco Pharma published the overdue reports on 23 June, days before the 2 July deadline, restoring compliance. The market responded positively, with the GDRs surging 18% to close at 50 pence.
Infographic: TBS
Regulatory intervention
The resumption followed coordination between the Bangladesh Securities and Exchange Commission (BSEC), Beximco Pharma and the DSE Brokers Association (DBA).
After foreign investors urged the regulator to prevent a delisting, the BSEC granted special approval for the board to approve the overdue audited accounts for FY25 and the first three quarterly reports of FY26.
The DBA said the move safeguarded foreign investors and Bangladesh’s credibility in global capital markets.
Governance deadlock
The reporting delay stemmed from a governance dispute following the arrest of Vice Chairman Salman F Rahman in August 2024.
The BSEC subsequently appointed nine independent directors to Beximco Group companies. Beximco Pharma challenged the appointments in the High Court and barred the directors from joining while the case remained pending, leaving the board unable to approve financial statements until the regulator granted the waiver.
Profit jumps despite wider group woes
Despite the governance impasse, Beximco Pharma reported robust earnings.
Consolidated net profit rose 34% year-on-year to Tk704 crore in the first nine months (July-March) of FY26, driven by higher sales, lower financing costs and stronger interest income. Revenue increased 13% to Tk4,142 crore, while nine-month profit surpassed earnings for the entire previous fiscal year.
The financial statements also underscored the broader Beximco Group’s difficulties. While the pharmaceutical business remains cash-generative, Beximco Limited faces a severe liquidity crunch that has halted operations and strained debt servicing, raising the risk of default on bank loans and Sukuk obligations.
The company has recommended a 47.5% cash dividend for FY25. The annual general meeting will be scheduled in line with High Court directives, while 2 August has been fixed as the record date for dividend eligibility.
Source: The Business Standard
Read More at: csslbd.net
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