Beximco to sit on the board of Shipping Corp

Bangladesh Export Import Company Ltd (Beximco) is going to sit on the board of Bangladesh Shipping Corporation as it has bought a significant number of shares of the state-run company. 

Beximco said its board has decided to participate in the board of directors of Bangladesh Shipping Corporation as a member, according to a filing on the Dhaka Stock Exchange yesterday.

The group has become a board member of the state-run enterprise after acquiring 80,08,090 shares, which account for 5.25 per cent of the total holdings of the Shipping Corporation.

The company declared that it bought shares from the public at market prices. Given the market prices of the shipping company shares in the last three months, Beximco Ltd had to spend an amount ranging from Tk 93 crore to Tk 135 crore.

According to the securities rules of Bangladesh, an investor, individual or firm, can sit on the board of a listed company if they hold at least 2 per cent of the outstanding shares of the latter.

Shares of Beximco traded at Tk 115.60 on the DSE yesterday, unchanged from a day earlier. Bangladesh Shipping Corporation shares were down 7.57 per cent at Tk 123.40.