Salman not involved in daily operations: Beximco Pharma

Beximco Pharmaceuticals has said that Salman F Rahman, in his position as non-executive vice-chairman, has no role in the day-to-day operations of the company.

The drugmaker said it in a statement to the London Stock Exchange on 15 August in response to the arrest of Salman F Rahman.

In the statement, Beximco Pharma, a company listed on the London Stock Exchange, mentioned that Salman was a private industry and investment advisor to the prime minister of the previous government, which has been replaced by an interim administration following civil unrest in Bangladesh.

The company understands that Salman F Rahman was arrested by the Dhaka Metropolitan Police on 13 August and is being remanded in custody for 10 days while an investigation is carried out into alleged offences, according to the statement.

The company is still working to determine the facts of the situation and will provide further information as required, the statement added.

The previous prime minister, as well as a number of other ministers and senior leaders from the previous government, are being investigated in similar cases, the company said.

Earlier, on 13 August, Beximco Pharmaceuticals said to the London Stock Exchange, that its manufacturing and distribution facilities sustained no significant damage during the recent unrest against the Sheikh Hasina-led government.

In the statement, Beximco Pharma said while disruptions in various parts of the country had led to reduced distribution in the interest of employee safety and welfare, operations are now returning to normal levels.

"The interim government of Bangladesh has indicated that it intends to prioritise addressing any ongoing unrest, and we expect to resume normal distribution in the coming days," the statement read.

Meanwhile, since the downfall of the Hasina-led government, Beximco Pharma shares have dropped by 31%, settling at Tk85.40 as of Thursday at the Dhaka Stock Exchange.

During the sessions, its market capitalisation decreased by Tk1,762 crore to close at Tk3,809 crore.

An equity note on Beximco Pharma by EBL Securities in July said that the company generates a major portion of its revenue from selling drugs in the domestic market, which constituted an average of 90% of its total revenue from FY19 to FY23. 

During the same period, the company earned an average of 9.4% of its total revenue from exports and 0.2% from contract manufacturing.