Beximco

Beximco Group
Public Limited Company
Industry Conglomerate
Founded 1972 (1972)
Founder Rahman brothers
Headquarters Dhaka, Bangladesh
Key people
 Salman F Rahman (Vice-Chairman)
Products
Owner Bangladesh Export Import Company Limited
Number of employees
 55,000[1]
Website beximco.com

The Bangladesh Export Import Company Limited, commonly known by its trade name BEXIMCO (DSE: BEXIMCO CSE: BEXIMCO), is a Multinational Conglomerate holding company headquartered in Dhaka, Bangladesh. It was founded in 1953. Beximco is Bangladesh's largest conglomerate, with the largest market capitalisation on the country's stock market. BEXIMCO's subsidiaries export products to 103 countries worldwide.[1] It has retail outlets in South Asia and Eastern Europe.

Beximco operates one of the largest integrated textile production businesses in Asia. It is also a major global exporter of Jute yarn. Its chief manufacturing base is the Beximco Industrial Park in Gazipur, Bangladesh. Beximco Pharma, the group's pharmaceutical producer, was the first Bangladeshi firm to list on the London Stock Exchange.

History

The company was founded by brothers A. S. F. Rahman and Salman F Rahman in 1972, soon after the founding of the Bangladeshi Republic. Their family was earlier engaged in the jute industry of East Pakistan, which once the world's largest jute producer and exporter. The family business was affected by a nationalisation program in Bangladesh during the early 1970s. However, with free market reforms in the late 1970s and 1980s, the family regained many of their businesses.

Since the 1970s, Beximco has been a pioneer in Bangladeshi industry, including the modern textile sector, pharmaceuticals, ceramics and information and communication technology.

In 2005, Beximco Pharma became the first Bangladeshi company to list on the Alternative Investment Market of the London Stock Exchange.[2] It also opened its first overseas retail outlet with the launch of the Yellow clothing brand in Karachi, Pakistan.[3] Yellow has since expanded to several Bangladeshi and Pakistani cities. In 2009, Shinepukur Ceramics opened a showroom in Moscow, Russia.[4] In 2010, the company acquired stakes in several major Bangladeshi businesses, including IFIC Bank, GMG Airlines, The Independent newspaper and Unique Hotels and Resorts.[5][6][7]

The company is considered to enjoy close connections with the Awami League, with Salman F Rahman serving as an Private Sector Development Affairs Adviser to Prime Minister and Bangladesh Awami League President Sheikh Hasina, the current Prime Minister of Bangladesh.[1]

Key Officials

A branch of IFIC Bank. Beximco is the single largest stakeholder in the bank, which is one of Bangladesh's largest
The Dhaka Westin property is partly owned by Beximco

Subsidiaries

The conglomerate compromises four public traded and seventeen privately held companies, some of which are listed below.

Controversies

Debt

According to an article in The International New York Times, Beximco said that it owed US$800 million to Bangladeshi banks. An American embassy cable released by Wikileaks described Salman F Rahman as "allegedly one of Bangladesh's biggest loan defaulters". He was arrested for fraud by the military-backed interim government in 2008. Since 2009, the Bangladesh Bank has allowed Beximco to restructure its loan repayments. The group has alleged that the previous Bangladesh Nationalist Party government tried to target it for Salman F Rahman's links's with the Awami League.[8]

Stock manipulation

Beximco faced accusations of being one of the 60 primary parties involved in the 2011 Bangladesh share market scam. According to the High Court’s judgment, no direct evidence had been found against any of the individuals or organizations accused in the case. Not only are the allegations against the accused uncertain, they have not been defined appropriately.[9]

See also

References

  1. 1 2 3 "Salman F Rahman remains Sheikh Hasina's adviser". Retrieved 11 January 2017.
  2. ↑ Murray-West, By Rosie. "Bangladeshi drugs group gains London foothold with Aim listing". Retrieved 11 January 2017.
  3. ↑ "Beximco Textiles opens fashion outlet 'Yellow' in Pakistan". Retrieved 11 January 2017.
  4. ↑ "Shinepukur Ceramics opens showroom in Moscow". 29 June 2009. Retrieved 11 January 2017.
  5. ↑ "Beximco buys into Westin". Retrieved 11 January 2017.
  6. ↑ "Beximco to buy GMG stake for Tk 70cr". 18 June 2009. Retrieved 11 January 2017.
  7. ↑ "Beximco buys Singer stake". Retrieved 11 January 2017.
  8. ↑ "Bangladesh's Other Banking Scam". The New York Times. 12 April 2016. Retrieved 11 January 2017.
  9. ↑ "Beximco bosses acquitted of 1996 stock market manipulation charges". bdnews24.com. Retrieved 11 January 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.