The sales of the units of UFS Bank Asia Unit Fund, an open-end mutual fund, begin today (Tuesday).
The securities' regulator -- Bangladesh Securities and Exchange Commission (BSEC) -- approved the draft prospectus of the unit fund on February 27.
As per the approval, UFS-Bank Asia Unit Fund's initial size is Tk 1.0 billion.
The sponsors will contribute Tk 100 million, while the remaining Tk 900 million will be collected from investors through sales of units having a face value of Tk 10 each.
Bank Asia is the sponsor of the fund, whereas Universal Financial Solutions (UFS) is working as fund manager.
The state-owned Investment Corporation of Bangladesh (ICB) is working as trustee and custodian of the UFS-Bank Asia Unit Fund.
Currently, about 40 unit funds are operating in the market while 37 closed-end mutual funds are listed on the Dhaka bourse.
Meanwhile, public subscription of Indo-Bangla Pharmaceuticals is set to begin on April 8 which will raise a capital worth Tk 200 million under the fixed price method.
The BSEC approved the company's IPO proposal on October 3, 2017.
As per the approval, Indo-Bangla Pharmaceuticals will issue 20 million shares at an offer price Tk 10 each.
The company will utilise the IPO proceeds in constructing administrative building, factory, warehouse and garage, buying machinery, and in meeting the IPO expenses.
As per the financial statement for the year ended on June 30, 2016, the company's net asset value (NAV) per share and earnings per share (EPS) are Tk 11.63 and Tk 2.62 respectively.
AFC Capital, EBL Investments and CAPM Advisory are jointly working as issue manager of the Indo-Bangla Pharmaceuticals' IPO.
© 2024 - All Rights with The Financial Express
