Beximco Group Faces Special Audit by BSEC

Ratna Patra, vice chairman and sponsor of Square Pharmaceuticals, announced her plan to purchase 15 lakh shares worth approximately Tk 33 crore at the current market price. The purchase will take place within the next 30 working days through both public and block markets on the Dhaka Stock Exchange (DSE).

The National Board of Revenue (NBR) has exempted the advance tax (AT) on the import of raw materials for cancer drug manufacturing, aiming to reduce production costs and drug prices. Previously, a 5% AT was imposed, but it has now been reduced to 2% or eliminated altogether.

Samuel S Chowdhury, chairman of Square Pharmaceuticals, plans to buy 15 lakh shares worth over Tk 32 crore within 30 working days through the Dhaka Stock Exchange (DSE). As of November 30, 2023, he held a 9.32% stake, which will rise to 9.49% after the purchase.

Bangladesh's pharmaceutical exports saw steady growth in the first eight months of FY24-25, earning $145.46 million, a 7.1% increase from $135.81 million in the same period of the previous year. Growth was driven by rising demand in developed markets like the US, Australia, and Europe.

The Dhaka Stock Exchange (DSE) saw a significant decline on Sunday, with the DSEX index falling nearly 30 points, or 0.56%, to 5,174, marking its lowest level since February 10. This drop was driven by investor unease following tensions within the Bangladesh Securities and Exchange Commission (BSEC) over the forced retirement of an executive director.

The government has provided Tk 525.46 crore to Beximco Group to settle dues for workers and officials of 14 closed textile and garment units. The funds, allocated by the finance division, will be disbursed as a loan, which Beximco must repay later.