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crore worth of preference shares at 5 percent dividend. These shares
of Tk 100 each will be converted into ordinary shares in six months
and be traded on bourses after a one-year lock-in. The company in its
extraordinary general meeting yesterday endorsed this plan, according
to a Dhaka Stock Exchange web posting. Such shareholders, who enjoy
privileges over ordinary shareholders, are guaranteed in receiving
dividends at a specified rate. The raised fund will be used for
capital expenditures to finance ongoing BMRE projects and working
capital of the company, a concern of Beximco Group. Beximco Pharma
officials say the conversion will be completed in two stages. In the
first stage, half of each preference shares, meaning Tk 50 , will be
converted into ordinary shares on February 1 next year with 25
percent discount on a weighted average price of the company's share
on DSE during the three-month period ending January 31 , 2010. The
remaining half will be converted into ordinary shares on May 2 , 2010
with the same discount on a weighted average price within a
stipulated time of three months ending April 30 , 2010. The
preference shares will be issued on November 1 , subject to approval
from the Securities and Exchange Commission.
