Salman F Rahman steps down from board of Beximco Pharma

Salman F. Rahman, Vice Chairman of Beximco Pharmaceuticals and Private Industry and Investment Advisor to ousted Prime Minister Sheikh Hasina, has agreed to step down from the company's board of directors amid the country's changed political landscape. Initiatives are underway to reconstitute the board dropping him.

Beximco Pharma recently informed the Bangladesh Securities and Exchange Commission (BSEC) of this decision in a memo. It is understood that the BSEC has given its consent to the board's restructuring.

The company's letter said that considering the challenges Beximco has faced due to the political situation, Salman F. Rahman agreed to resign to protect the business and its shareholders from potential harm.

Following the political shift in August 2024, Salman F. Rahman was arrested and has been in prison.

New 9-Member Board Structure

The process of forming a new board of directors without Salman F. Rahman is currently in progress. The proposed board will consist of three sponsor directors, four independent directors, one nominee from IFIC Bank, and the company's Managing Director as an ex-officio member.

Because Beximco Pharma is listed on both the local stock exchange and the Alternative Investment Market (AIM) of the London Stock Exchange, the company must follow London Stock Exchange regulations during the restructuring.

Beximco Pharma informed the BSEC that, as per AIM rules, prospective directors must undergo background checks prior to appointment—a process estimated to take four to six weeks.

Consent from Foreign Investors

Foreign investors have also agreed to the proposed board restructuring plan. Although the BSEC initially favored including representatives of foreign shareholders on the new board, foreign investors declined. Consequently, the company decided to expand the number of independent directors instead.

Market analysts believe Salman F. Rahman's departure could positively impact Beximco Pharma. In their view, stepping down may alleviate pressure on the company's reputation and operations caused by his involvement, thereby helping rebuild investor confidence.

Beximco Pharma Profits

According to Beximco Pharma's latest financial report, the company generated a profit of 694 crore taka, or 15.56 taka per share, during the first nine months of the current fiscal year (July 2025–March 2026). In the preceding 2024–25 fiscal year, the company recorded a total profit of 699 crore taka.

Listed on the stock market since 1986, Beximco Pharma's sponsors—including Salman F. Rahman—hold a 30.13 percent stake, while institutional, foreign, and general investors hold the remaining 69.87 percent.