Beximco to sit on BSC’s board

Beximco Limited has secured a seat on the board of Bangladesh Shipping Corporation (BSC) as the former has bought a 5.25 stake in the state-run company.

It has become a board member of the state-run enterprise after acquiring a total of 80,08,090 shares which accounts for 5.25 per cent of the total holding in BSC.

To this end, Beximco said its board of directors had expected to participate in the board of Bangladesh Shipping Corporation as a member and finally the headway occurred, according to a filing posted on the website of the Dhaka Stock Exchange (DSE) on Monday.

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

Beximco posted a revenue of Tk1,919 crore in July-September this year, which was Tk1,758 crore a year ago.

Its latest quarterly earnings per share (EPS) stood at Tk 3.83 this fiscal year against Tk 4.11 a year ago.

Beximco shares were traded at Tk115.6 on the DSE trading floor on Monday.

BSC currently owns seven ships and a number of oil tankers and also charters ocean-going vessels from other operators.

The vessels are being used to ship ready-made garments and other export items, and also to import crude oil from Saudi Arabia and the UAE.