Salman F Rahman dropped, Sohail retained in Beximco Pharma board revamp

Salman F Rahman, vice-chairman of Beximco Pharmaceuticals and former advisor to ousted Prime Minister Sheikh Hasina, has been dropped from the listed company's board. His brother, current chairman Sohail F Rahman, retains his seat on the reconstituted board.

The Bangladesh Securities and Exchange Commission (BSEC) approved the nine-member board structure on Tuesday, following an application from the company.

Three sponsor directors -- Sohail, Osman Kaiser Chowdhury and Iqbal Ahmed -- will remain on the board, according to the BSEC. The regulator did not specify who will serve as chairman or vice-chairman of the reconstituted board.

It did not specify who would take up the roles of chairman or vice-chairman on the new board, or name the four incoming independent directors, one of whom will be a woman.

Beximco Pharma had earlier written to the BSEC saying Salman had agreed to step down, prompting the move to reconstitute the board without him.

The BSEC gave the letter its green light, after which the board was restructured through formalities. Beyond the three sponsor directors, four independent directors have been added.

A representative from IFIC Bank, as a shareholder, and the company's managing director, by virtue of office, have also joined the board, marking the first time an MD has been included. Independent directors now hold a majority following the overhaul.

Industry insiders noted that Salman agreed to step down in view of the adverse situation Beximco has faced amid the country's shifting political landscape, keen to shield the company's business and shareholders from any fallout linked to his continued presence.

The business tycoon was arrested after the political change in August 2024 and remains in jail. Beximco Pharma is listed on the domestic stock market as well as the Alternative Investment Market (AIM) of the London Stock Exchange.

According to its latest financial report, the company posted a profit of Tk 2.22 billion in the January-March quarter this year, after posting Tk 6.94 billion in profit for the 2024-25 fiscal year, which ended in June last year.�"bdnews24.com