AIMS dispels legal restrictions on mutual funds' bonus/rights
FE Report | Wednesday, 2 July 2008
The AIMS of Bangladesh, country's leading private asset management company has dispelled the recent attribution on the legal aspects of close-ended mutual funds on declaring their bonus or rights.
"We can substantiate that there are literally countless instances of close-ended mutual funds declaring both stock dividend and rights and possibly no regulatory definition precludes close-ended funds from altering capital in similar jurisdictions," Yawer Sayeed, managing director and CEO of AIMS said in a letter sent to the Dhaka Stock Exchange (DSE).
The letter mentioned that two close-ended mutual funds of Pakistan-Pakistan Premier Fund Ltd and Al Meezan Mutual Fund Ltd- have declared stock dividends and rights in recent years.
"We can substantiate that there are literally countless instances of close-ended mutual funds declaring both stock dividend and rights and possibly no regulatory definition precludes close-ended funds from altering capital in similar jurisdictions," Yawer Sayeed, managing director and CEO of AIMS said in a letter sent to the Dhaka Stock Exchange (DSE).
The letter mentioned that two close-ended mutual funds of Pakistan-Pakistan Premier Fund Ltd and Al Meezan Mutual Fund Ltd- have declared stock dividends and rights in recent years.