IBN Sina Pharmaceutical Industry wants to separate its natural medicine unit and hand it over to the newly-formed IBN Sina Natural Medicine Limited subject to approval by the shareholders in its next annual general meeting.
Currently, IBN Sina Pharma has two manufacturing units in its factory at Gazipur. One unit produces pharmaceutical medicine and the other unit manufactures natural medicine.
The drugmaker will transfer the natural medicine unit's assets and liabilities to the IBN Sina Natural Medicine Limited.
IBN Sina Pharma's Technical and Finance Director Professor Dr Choudhury Mahmood Hasan told The Business Standard, "Sales of natural medicine – Unani and Ayurveda – are increasing in the country. At present, we are selling medicines worth hundreds of crores of taka. So this business is being segregated to increase focus."
"The business of natural medicine will be conducted under a subsidiary of IBN Sina Pharma. However, its marketing and distribution will be with IBN Sina Pharma," he added.
In response to a question, he said the trade in natural medicine is sales centres-based. But now doctors are also suggesting natural medicine alongside pharmaceutical medicine.
Earlier, in 2020, IBN Sina Pharma formed IBN Sina Natural Medicine Limited, where the drugmaker owns 99.99% shares of this subsidiary. Currently, IBN Sina Natural's paid-up capital is Tk12 crore and the drugmaker has invested Tk3 crore for developing related infrastructure.
IBN Sina Pharma got listed on the country's stock exchanges in 1989. Its shares are being traded at Tk290.60 on the Dhaka Stock Exchange (DSE).
Its shareholders have received over 30% dividends in the last five consecutive years.
In the July-March period of fiscal 2021-22, its revenue rose 19% to Tk640.72 crore and net profit also increased by 21% to Tk41.44 crore. At the end of the first nine months of FY2022, its earnings per share were Tk13.26.