ICB rules out uncertainty of floating Bangladesh Fund
Monday, 14 March 2011
FE Report
The state-owned asset management company-Investment Corporation of Bangladesh (ICB)-has ruled out the uncertainty of floating the country's largest mutual fund--- Bangladesh Fund (BF), officials said. The dismissal came at a press briefing Sunday at the ICB office immediately, after an online report by a news magazine expressed uncertainty over the future of BF. "There is no doubt about the floatation of the fund as the joint sponsors are giving it top priority," Md. Fayekuzzaman, the managing director of ICB, told the reporters. He said the sponsors had already given green signal over the issue during a meeting with the ICB officials. "Now we are working towards that goal," he said. He said, "We should realise that the BF is an open-end mutual fund whose total size can be fulfilled step by step as per securities rules, if the fund manager feels its necessity." "However, we can assure the investors that BF will be offloaded in accordance with our previous declaration. So there is nothing to be worried about the future of the fund," he added.
The state-owned asset management company-Investment Corporation of Bangladesh (ICB)-has ruled out the uncertainty of floating the country's largest mutual fund--- Bangladesh Fund (BF), officials said. The dismissal came at a press briefing Sunday at the ICB office immediately, after an online report by a news magazine expressed uncertainty over the future of BF. "There is no doubt about the floatation of the fund as the joint sponsors are giving it top priority," Md. Fayekuzzaman, the managing director of ICB, told the reporters. He said the sponsors had already given green signal over the issue during a meeting with the ICB officials. "Now we are working towards that goal," he said. He said, "We should realise that the BF is an open-end mutual fund whose total size can be fulfilled step by step as per securities rules, if the fund manager feels its necessity." "However, we can assure the investors that BF will be offloaded in accordance with our previous declaration. So there is nothing to be worried about the future of the fund," he added.