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Beximco wants directorship, Shipping Corp in the dark

By The Economist

Beximco Ltd informed the Dhaka Stock Exchange (DSE) that it wants to be a director of the Bangladesh Shipping Corporation, whereas the latter says it has no clue regarding the matter. On 14 November, Beximco announced on the DSE website that it has decided to participate in the Shipping Corporation's board of directors, and said that it acquired 5.25% or 80 lakh of the corporation's shares at Tk10 each.

Based on Beximco's board decision from a meeting that was held on 13 November. In response to a DSE query, the corporation said it was unaware of the issue and that it did not have any communication with Beximco regarding nomination or election of members in the board of directors. The corporation further said any information about Beximco's acquisition of the corporation's shares can be known after the record date.There is no opportunity to comment now on the authenticity or viability of Beximco's announcement.

Earlier, between August and September this year, the corporation's share price jumped by 60% to Tk168 at the DSE after there was news about Beximco acquiring a stake at the corporation.

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