Beximco nominates director to board of Shipping Corporation
Bangladesh Export Import Company (Beximco) Ltd has nominated its Chief Executive Officer, Mostafa Zamanul Bahar, as a director on the board of Bangladesh Shipping Corporation.
The Shipping Corporation, after discussing the issue at its board meeting on Wednesday, said in a stock exchange filing on Thursday that it will present Beximco's director nomination in its 45th annual general meeting scheduled for 11 December in order to secure shareholder approval.
The disclosure also said Beximco's proposal will be placed if it held at least 2% of Shipping Corporation shares on the record date which expired on 23 November.
Earlier, on 13 November, Beximco said it owned a 5.25% stake in the corporation, and decided to ask for a directorship there.
In the July to September quarter of the ongoing fiscal, Beximco earned revenue of Tk1,919 crore, which was Tk1,758 crore in the same quarter a year ago.
However, because of increased costs, including that of production, administration, distribution, and finance, the company's net profit for the three months dropped to Tk369 crore, from Tk450 crore in the same quarter last year.
Beximco shares, with a face value of Tk10 each, closed at Tk115.6 on the Dhaka Stock Exchange on Thursday.
Beximco Pharmaceuticals Ltd, the drug-making arm of Beximco Group, has seen its quarterly revenue grow to Tk979 crore, from Tk847 crore a year ago. But rising costs reduced its earnings per share (EPS) to Tk3.24 in the July-September quarter from Tk3.28 in the same period last year.
On the other hand, the group's ceramics exporting wing, Shinepukur Ceramics, secured a quarterly EPS of Tk0.10 in the July-September quarter, which was Tk0.02 a year ago, while its quarterly turnover increased to over Tk49 crore from Tk36.4 crore in the previous year.