MIDAS Financing to liquidate three properties to ease liquidity crunch
MIDAS Financing plans to sell three commercial properties to raise cash amid a severe liquidity crisis.
MIDAS Financing PLC, a non-bank financial institution (NBFI), has decided to liquidate three of its prime commercial properties to alleviate a severe liquidity crisis.
The decision was taken at a board meeting held on Thursday (27 August), where the directors approved the sale of commercial floor spaces in Dhaka, Chattogram, and Bogura at prevailing market prices.
The move remains subject to formal approval from shareholders at the upcoming Annual General Meeting (AGM) scheduled for 24 September and subsequent regulatory clearance, according to the company sources.
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The assets slated for disposal include commercial space on the second floor of Nahar Green Summit in Dhanmondi, Dhaka, with eight parking slots; first-floor space at Excel SM Tower in Khulshi, Chattogram; and a commercial unit at Jamil Shopping Center in Bogura.
This desperate attempt to generate cash comes as the institution's financial health has completely collapsed. According to its latest disclosures, MIDAS Financing incurred a consolidated loss of Tk337 crore in 2025, followed by a loss of Tk89 crore in the first half of 2026. The firm's Net Asset Value (NAV) per share has plunged into negative territory, standing at a negative Tk24.87 as of June 2026, indicating that its liabilities far outweigh its assets.
The company's statutory auditor, Islam Aftab Kamrul & Co, Chartered Accountants, recently issued an "Emphasis of Matter," warning that the firm is facing an acute liquidity crunch that threatens its ability to meet depositors' demands. The audit revealed an alarming loan portfolio where Tk432.47 crore – or more than 54% of its total Tk788.82 crore loan book – has turned into non-performing or classified loans. This massive erosion of capital has left the firm with negative shareholders' equity of Tk266.01 crore.
While Bangladesh Bank has allowed the institution a five-year window to adjust its provision shortfall, the operational reality remains bleak.
The firm reported a net interest loss of Tk46.87 crore in 2025, meaning it is paying significantly more to its creditors than it is earning from its lending operations.
With no dividends paid for three consecutive years, its shares were relegated to the "Z" category on the Dhaka Stock Exchange.
Its share closed at Tk5.60 on Thursday (27 August), which was significantly lower from its face value of Tk10, at the Dhaka bourse.
