The interim government is set to divest ownership of 16 garment companies under the Beximco Group while shutting down several loss-making enterprises within the conglomerate.
Only profitable units, such as Beximco Pharmaceuticals, will continue operations, the decision emerged during a meeting of an 11-member advisory committee formed by the interim government.
According to meeting sources, Beximco Group operates 169 companies, of which 32 belong to the garment sector and are currently functional. Out of these, 16 companies will be sold.
For the remaining unprofitable units, employees will receive three months’ wages and allowances before their closure.
The advisory committee, led by Brigadier General (Retd) M Sakhawat Hossain, held its first meeting on 28 November, following its formation on 24 November to review the labour and business conditions of enterprises within the Beximco Industrial Park.
Sources and official documents confirm these resolutions were finalised during the session.
Meeting minutes reveal that Beximco’s 169 entities were categorised into three groups: Profitable companies - which includes Beximco Pharmaceuticals; companies to be sold, which include 32 garment enterprises and loss-making companies marked for closure. The classification was proposed by Bangladesh Investment Development Authority (BIDA) Executive Chairman Ashik Chowdhury.
Meanwhile, the advisory committee approved four key resolutions regarding the future of Beximco Group:
- Funding for employee wages: Janata Bank will provide the necessary funds to pay three months' wages for workers at Beximco Industrial Park.
- Sale of companies: Janata Bank will finalise the Expression of Interest (EOI) for selling the 32 garment companies and submit it to the Ministry of Labour and Employment by 9 December.
- Legal proceedings: The Finance Division will cover the costs of hiring an experienced lawyer to finalise the administrative responsibilities and address ongoing High Court litigation.
- Transfer of control: Bangladesh Securities and Exchange Commission (BSEC) and the administrator of Beximco will oversee the transfer of company shares within one week.
These developments highlight a significant restructuring effort within one of Bangladesh’s largest conglomerates, reflecting the interim government’s intent to streamline operations and prioritise profitability.
