Beximco Pharma, Shinepukur shares drop after market ban on Salman
Beximco Ltd remain unchanged, protected by floor price
The share prices of Beximco Pharmaceuticals and Shinepukur Ceramics, two listed companies owned by the Beximco Group, fell yesterday after the securities regulator imposed lifetime capital market bans on Salman F Rahman and his son, Ahmed Shayan Fazlur Rahman.
Salman is the vice-chairman of Beximco Group and served as private industry and investment adviser to ousted prime minister Sheikh Hasina.
Of the three Beximco companies listed on the bourses, Beximco Pharmaceuticals dropped 5.11% to Tk113.20 per share, and Shinepukur Ceramics fell 2.90% to Tk20.10 per share at the Dhaka Stock Exchange (DSE). Bangladesh Export-Import Company Ltd (Beximco) remained unchanged at Tk110.10, protected by the floor price that prevents further decline.
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In a press release on Wednesday, the Bangladesh Securities and Exchange Commission (BSEC) said it had imposed lifetime market bans on Salman, his son Shayan, and former BSEC chairman Shibli Rubayat-Ul-Islam.
The decision followed irregularities in raising Tk1,000 crore through the IFIC Amar Bond. Although the bond was issued by Sreepur Township, a Beximco company, the regulator said investors were misled through the use of IFIC Bank's name.
At the time of the bond issuance in 2023, Salman was the chairman of IFIC Bank and Shayan served as vice-chairman.
The BSEC fined them Tk100 crore and Tk50 crore, respectively, calling the incident one of the most serious cases of investor deception involving the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond.
The regulator also found evidence of regulatory breaches and abuse of power in raising Tk3,000 crore through the Beximco Green Sukuk, a Shariah-compliant bond.
