Written by The Banking Post
Phoenix Finance and Investments Ltd has moved to sell half of its landmark Motijheel property, Phoenix Bhaban, in a desperate attempt to stem its mounting financial losses.
The non-bank financial institution has been bleeding heavily for years, with accumulated losses reaching Tk1,817 crore between 2021 and March 2025. Its losses have deepened year after year — Tk35 crore in 2021, Tk138 crore in 2022, Tk705 crore in 2023, and a record Tk808 crore in 2024. The trend continued this year, with Tk130 crore lost in just the first quarter.
Per-share losses widened to Tk48.73 in 2024, up from Tk42.52 a year earlier. With the company unable to pay dividends for four consecutive years, its shares have been relegated to the Z category on the Dhaka Stock Exchange.
The proposed sale of 50% ownership in Phoenix Bhaban, located in Dilkusha, is one of the firm’s biggest asset disposals so far, reflecting the scale of its struggle to survive amid the NBFI sector’s crisis of confidence.
