Debut trading of 2nd NRB Mutual Fund Sunday
FE Report | Thursday, 24 July 2008
Shares trading of the ICB AMCL Second NRB Mutual Fund, the close-end mutual fund, will make debut in the stock exchanges on Sunday.
The decision came in the board meeting of Dhaka Stock Exchange (DSE) held Wednesday.
The meeting also decided that listed companies would have to submit their financial accounts to the bourse once every three months instead of half-yearly financial accounts and yearly financial accounts to the DSE, the Chittagong Stock Exchange (CSE) and the Securities and Exchange Commission (SEC), sources said.
The mutual funds would have to declare their net asset value (NAV) positions every week. Currently, mutual funds declare their NAV once every month.
"The DSE board has taken the aforesaid decisions to keep the investors better informed about financial strength of the listed companies for making their investment safe," said a DSE official.
The board of director also accepted the 'letter of office discontinuation' submitted by the incumbent chief executive officer (CEO) Salahuddin Ahmed Khan whose tenure will end coming September, said a source close to the meeting.
It also formed a four-member CEO search committee, headed by DSE nominated director Mahbubur Rahman. Other members of the committee are DSE senior vice president Saiful Islam, immediate past president Abdullah Bokhari and nominated director MA Baqui Khalily, he added.
The ICB AMCL Second NRB Mutual Fund is the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market. It was oversubscribed by 15.5 times of the two million shares on offer for resident Bangladeshis and three times of the six million shares for Non Resident Bangladeshis (NRB).
The state-owned Investment Corporation of Bangladesh (ICB) is the trustee and custodian of the IPO with the face value Tk 100 per share.
Currently, a total of 14 mutual funds are listed with the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each. The 14 mutual funds got listed between the period of 1980 and 2007.
Earlier, Grameen One Mutual Fund was the largest mutual fund with Tk 170 million worth of units and Shahjalal Bank was the largest IPO worth Tk 935.82 million.
The decision came in the board meeting of Dhaka Stock Exchange (DSE) held Wednesday.
The meeting also decided that listed companies would have to submit their financial accounts to the bourse once every three months instead of half-yearly financial accounts and yearly financial accounts to the DSE, the Chittagong Stock Exchange (CSE) and the Securities and Exchange Commission (SEC), sources said.
The mutual funds would have to declare their net asset value (NAV) positions every week. Currently, mutual funds declare their NAV once every month.
"The DSE board has taken the aforesaid decisions to keep the investors better informed about financial strength of the listed companies for making their investment safe," said a DSE official.
The board of director also accepted the 'letter of office discontinuation' submitted by the incumbent chief executive officer (CEO) Salahuddin Ahmed Khan whose tenure will end coming September, said a source close to the meeting.
It also formed a four-member CEO search committee, headed by DSE nominated director Mahbubur Rahman. Other members of the committee are DSE senior vice president Saiful Islam, immediate past president Abdullah Bokhari and nominated director MA Baqui Khalily, he added.
The ICB AMCL Second NRB Mutual Fund is the largest initial public offering (IPO) worth Tk 1.0 billion in the country's stock market. It was oversubscribed by 15.5 times of the two million shares on offer for resident Bangladeshis and three times of the six million shares for Non Resident Bangladeshis (NRB).
The state-owned Investment Corporation of Bangladesh (ICB) is the trustee and custodian of the IPO with the face value Tk 100 per share.
Currently, a total of 14 mutual funds are listed with the stock exchanges. Of them, ICB and its subsidiaries have floated 11 mutual funds while BSRS and private sector companies AIMS and Grameen have one such fund each. The 14 mutual funds got listed between the period of 1980 and 2007.
Earlier, Grameen One Mutual Fund was the largest mutual fund with Tk 170 million worth of units and Shahjalal Bank was the largest IPO worth Tk 935.82 million.