Salman F Rahman to Step Down from Beximco Pharma Board

In light of the country's changing political landscape, Salman F Rahman, the Vice Chairman of Beximco Pharma, has agreed to step down from the company's Board of Directors. Company authorities have announced that initiatives are underway to reconstitute the board without him.

Beximco Pharma recently wrote to the Bangladesh Securities and Exchange Commission (BSEC) regarding this matter, confirming Salman F Rahman's consent to leave the board. Following his resignation, the process of forming a new board is in progress; this board will comprise three directors from among the sponsors, four independent directors, one director nominated by IFIC Bank, and the Managing Director (ex-officio).

The company stated that Salman F Rahman agreed to step down after considering the adversities Beximco Pharma is facing due to the political situation. The decision also took into account the need to prevent any potential harm to the company's business and shareholders. Salman F Rahman was arrested following the political upheaval in August 2024 and is currently in custody.

Beximco Pharma is listed on the London Stock Exchange’s Alternative Investment Market (AIM) in addition to the domestic stock market. Consequently, the appointment of new directors and the reconstitution of the board must comply with London Stock Exchange regulations. According to the company, a vetting process must be completed before appointing new directors, a procedure that could take four to six weeks.

Meanwhile, although the BSEC expressed interest in including representation for foreign shareholders during the board's reconstitution, foreign investors reportedly did not consent to this. Instead, the process is moving forward by increasing the number of independent directors.

According to Beximco Pharma's latest financial report, the company posted a profit of Tk 222 crore for the January–March quarter of this year. Previously, the company's profit for the 2024–25 fiscal year stood at Tk 694 crore. Listed on the stock market in 1986, the company has 30 percent of its shares held by sponsors, while the remaining 70 percent are held by institutional, foreign, and general investors.