Beximco Pharmaceuticals PLC (AIM:BXP) said Monday it has proposed potential changes to its board composition, including the possible resignation of Vice-Chairman Salman F Rahman, as part of ongoing discussions with the Bangladesh Securities and Exchange Commission (BSEC) to settle two pending High Court petitions.
The clarification followed media reports in Bangladesh that Rahman had agreed to step down from the board as part of a reconstitution. The company stressed that the proposals remain under discussion and still require a final agreement between Beximco Pharmaceuticals and the BSEC.
The board changes are tied to two writ petitions filed in the High Court Division of the Supreme Court of Bangladesh. Writ Petition No. 525 of 2025 challenges BSEC's proposed appointment of nine additional independent non-executive directors to the company's board. A separate petition, No. 1243 of 2026, contests BSEC's order requiring the company to hold a board meeting to onboard those nine directors.
Any new director appointments would need to clear due diligence checks by the company's Nominated Adviser in compliance with AIM Rules for Companies, the firm said.
Beximco Pharmaceuticals manufactures generic pharmaceutical products and active pharmaceutical ingredients in Bangladesh and exports medicines to more than 50 countries. It employs over 6,000 people.
