2 more ICB mutual funds by year-end
Wednesday, 1 August 2007
FE Report
Two more mutual funds worth Tk 700 million of the Investment Corporation of Bangladesh (ICB) are likely to make their debut in the primary market by the end of this year.
The mutual funds are ICB AMCL Second NRB Mutual Fund worth Tk 500 million and ICB AMCL Second Mutual Fund worth Tk 200 million.
Currently, the size of 14 mutual funds is Tk 835 million only. Of them, ICB operates 11 while the rest three are operated by Bangladesh Shilpa Rin Sangstha (BSRS) and AIMS of Bangladesh.
Chairman of ICB Asset Management Company Ltd (AMCL), Md Fayekuzzaman disclosed this Tuesday while briefing the newsmen at his office after a board meeting of the company.
The meeting approved attractive dividends for four ICB AMCL-managed mutual funds for fiscal 2006-07.
The company, a subsidiary of state-owned ICB, approved 20 per cent dividend for ICB AMCL First Mutual Fund, Tk 13.50 per unit for ICB AMCL Unit Fund, 12 per cent for ICB AMCL Islamic Mutual Fund and Tk 13.00 per unit for ICB AMCL Pension Holders Unit Fund.
The dividends were 16 per cent, Tk 12.00 per unit, 6.0 per cent and Tk 9.00 per unit respectively for the year 2005-06.
The meeting was told that ICB AMCL First Mutual Fund earned Tk 24.93 million, ICB AMCL Unit Fund Tk 57.70 million, ICB AMCL Islamic Mutual Fund Tk 14.93 million, ICB AMCL Pension Holders Unit Fund Tk 0.84 million and ICB AMCL First NRB Mutual Fund Tk 0.50 million as net profits in the fiscal 2006-07.
First ICB NRB Mutual Fund got listed on the stock exchanges in late-March this year.
Managing director of Investment Corporation of Bangladesh (ICB) Ziaul Haque Khondoker, directors of ICB AMCL and the company's chief executive officer Dina Ahsan were present on the occasion.
The ICB MD said that the attractive dividends declared by the ICB subsidiary companies would create a positive impact among the small investors in the securities market.
"We hope more and more mutual funds will be floated in near future as mutual fund is regarded as one of the risk-free securities in the stock trading," Ziaul Haque said.
Two more mutual funds worth Tk 700 million of the Investment Corporation of Bangladesh (ICB) are likely to make their debut in the primary market by the end of this year.
The mutual funds are ICB AMCL Second NRB Mutual Fund worth Tk 500 million and ICB AMCL Second Mutual Fund worth Tk 200 million.
Currently, the size of 14 mutual funds is Tk 835 million only. Of them, ICB operates 11 while the rest three are operated by Bangladesh Shilpa Rin Sangstha (BSRS) and AIMS of Bangladesh.
Chairman of ICB Asset Management Company Ltd (AMCL), Md Fayekuzzaman disclosed this Tuesday while briefing the newsmen at his office after a board meeting of the company.
The meeting approved attractive dividends for four ICB AMCL-managed mutual funds for fiscal 2006-07.
The company, a subsidiary of state-owned ICB, approved 20 per cent dividend for ICB AMCL First Mutual Fund, Tk 13.50 per unit for ICB AMCL Unit Fund, 12 per cent for ICB AMCL Islamic Mutual Fund and Tk 13.00 per unit for ICB AMCL Pension Holders Unit Fund.
The dividends were 16 per cent, Tk 12.00 per unit, 6.0 per cent and Tk 9.00 per unit respectively for the year 2005-06.
The meeting was told that ICB AMCL First Mutual Fund earned Tk 24.93 million, ICB AMCL Unit Fund Tk 57.70 million, ICB AMCL Islamic Mutual Fund Tk 14.93 million, ICB AMCL Pension Holders Unit Fund Tk 0.84 million and ICB AMCL First NRB Mutual Fund Tk 0.50 million as net profits in the fiscal 2006-07.
First ICB NRB Mutual Fund got listed on the stock exchanges in late-March this year.
Managing director of Investment Corporation of Bangladesh (ICB) Ziaul Haque Khondoker, directors of ICB AMCL and the company's chief executive officer Dina Ahsan were present on the occasion.
The ICB MD said that the attractive dividends declared by the ICB subsidiary companies would create a positive impact among the small investors in the securities market.
"We hope more and more mutual funds will be floated in near future as mutual fund is regarded as one of the risk-free securities in the stock trading," Ziaul Haque said.