Beximco Pharma shares rise 16% in six sessions, top DSE turnover chart

Shares of Beximco Pharmaceuticals have continued their upward trajectory on the stock market, gaining nearly 16% over the last six trading sessions. The pharmaceutical company also emerged as the most traded stock on the Dhaka Stock Exchange (DSE) on the first trading day of the week.

Shares worth Tk50.78 crore of Beximco Pharmaceuticals changed hands yesterday on the DSE, the highest turnover recorded among all listed securities for the day. The share price rose 2.54% to Tk145.30 on the DSE today (21 June).

According to DSE data, the stock has been on a steady rise in recent sessions, reflecting strong investor interest and increased trading activity.

Market participants say Beximco Pharmaceuticals is widely regarded as one of the most fundamentally sound companies within the Beximco Group. Growing investor confidence in the stock has contributed to the rise in both its share price and trading volume.

However, uncertainty surrounding the company's financial disclosures continues to cast a shadow over the rally. Beximco Pharma is yet to publish its audited annual financial statements for FY2025. The company has attributed the delay to legal complications related to the restructuring of its board of directors, which has prevented the approval and publication of the audited accounts.

Meanwhile, the company's Global Depositary Receipts (GDRs), listed on the Alternative Investment Market (AIM) of the London Stock Exchange, have remained suspended since 2 January this year. The suspension was imposed after the company failed to publish its audited annual report for the year ended 30 June 2025 within the required deadline.

The company has stated that it has been unable to approve its audited financial results because its board of directors has not been able to convene. A board meeting is mandatory for approving financial statements, but the dispute over the appointment of additional independent directors remains pending before the court, preventing the board from meeting.

Against this backdrop, six institutional investors holding the company's London-listed securities recently wrote to the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), urging the regulator to take the necessary steps to facilitate the approval and publication of the company's financial statements. According to the investors, the prolonged absence of financial disclosures has left them without a clear picture of the company's actual financial condition.

In 2024, following directives from the Ministry of Finance, BSEC appointed nine independent directors to the board of Beximco Pharmaceuticals. The company subsequently challenged the decision by filing a writ petition with the High Court. The matter has remained under judicial review since then, effectively stalling board activities and preventing the publication of quarterly and annual financial reports.

No hearing has yet been held on the writ petition. According to legal sources, the matter is likely to come up for hearing later this week.

BSEC officials maintain that the pending court case over board restructuring does not prevent the existing board from approving the company's financial statements. In their view, the company could move forward with the approval process without requiring any special intervention from the regulator. By choosing to await a court ruling instead, however, the company has prolonged the uncertainty surrounding its financial reporting obligations.