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The Bangladesh Bank (BB) has suspended Phoenix Finance and Investments Limited’s cash dividend payout six months after the company declared the dividend for its shareholders for the last year.
The suspension came following the central bank’s findings that the company inflated profits in its latest annual report.
For its shareholders for 2020, the non-banking financial institution had declared a 6 per cent stock and 6 per cent cash dividends.
As per the BB instruction, a new recommended dividend is 12 per cent stock instead of pervious recommendation subject to the approval of shareholders in its annual general meeting (AGM) scheduled for December 28, said the company in a filing with the Dhaka Stock Exchange (DSE) on Wednesday.
On Wednesday, its share price remained unchanged at Tk 25.60 on the DSE.
The company’s net profit dropped to Tk 20 crore in 2020, down from Tk 26.44 crore recorded a year earlier, according to the company’s financial report.
Phoenix Finance and Investments Limited got listed on the stock exchanges in 2007.
