Beximco Pharma makes changes to GDR program, removing cost to shareholders

Beximco Pharmaceuticals (AIM: BXP), a Bangladesh-based manufacturer and seller of generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids the fast-growing manufacturer of generic pharmaceutical formulation products, active pharmaceutical ingredients has announced an important amendment in relation to the company’s Global Depositary Receipt (GDR) program and the Deposit Agreement between the drugmaker and The Bank of New York Mellon (the Depositary).

With effect from October 1, 2010, holders of Beximco GDRs will no longer be liable for paying Depositary fees related to their holdings and, from January 1, 2011, Beximco will assume responsibility for paying the Depositary an annual fee for administrative, maintenance and all GDR program-related expenses. The Depositary will not charge GDR holders or the company any additional fees or expenses. In addition, the Depositary has agreed to waive any fee for the period from October 1, 2010 to December 31, 2010.

The change will be effective through to 31 December 2017 and will be automatically renewed thereafter on a year by year basis, unless terminated in writing by the company.