ICB to float 2nd NRB mutual fund involving Tk 1.0b

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FE Report
The Investment Corporation of Bangladesh (ICB) will float its second ICB non-resident Bangladeshi (ICBNRB) mutual fund worth Tk 1.0 billion (100 crore) early next year.
ICB Managing Director Ziaul Haque Khandaker made the disclosure at its 31st annual general meeting (AGM) at the city's BIAM auditorium Tuesday.
"Most probably the fund will be floated in the stock market for formal trading from February next," Ziaul Haque Khandaker said.
The mutual fund will be named AMCL (Asset Management Company Limited) 2nd NRB Mutual Fund, he said.
He also said, 60 per cent of the fund will be reserved for the NRBs, 20 per cent for the local investors, 10 per cent for other mutual funds and 10 per cent for the sponsors.
The ICB will conduct a few road-shows in foreign countries to attract NRBs to invest in the NRB mutual fund.
Earlier at the AGM, the ICB approved 14 per cent dividend for the 2006-07 fiscal from its net profit worth Tk 300.23 million compared with its previous rate of 12 per cent for the 2005-06 fiscal.
The profit of the ICB rose 30.36 per cent in the 2006-07 fiscal while its net profit was worth Tk 230.19 million in the 2005-06 fiscal, ICB officials said.
It has a plan to provide financial assistance to the tune of Tk 880.05 million to 12 projects by purchasing debentures/preference shares of companies and by providing advances against equity and lease finance.