Mercantile Bank, Sandhani Ins to sponsor mutual funds
Monday, 28 June 2010
FE Report
Mercantile Bank Limited is going to float its first mutual fund worth Tk 1.0 billion in the capital market by the name and style "MBL 1st Mutual Fund".
Recently, a signing ceremony of the Trust Deed Agreement took place between Mercantile Bank Limited and Bangladesh General Insurance Company Limited (BGIC).
Dewan Mujibur Rahman Managing Director & CEO, Mercantile Bank Limited and AK Azizul Haque Choudhuri Managing Director, BGIC on behalf has signed the deed agreement. Under this agreement BGIC will act as the Trustee of the forthcoming issue of "MBL 1st Mutual fund".
Additional Managing Director A.K.M Shahidul Haque, Deputy Managing Director Md. Abdul Jalil Chowdhury and Monindra Kumar Nath along with other senior Officials of Mercantile Bank Limited, BGIC and L R Global were present in the ceremony. L R Global Asset Management Company Bangladesh limited will act as the Asset Manager of the fund.
Meanwhile, Sandhani Insurance will sponsor another mutual fund, titled 'Sandhani Life Growth Fund' with the size of Tk 2.0 billion with face value of Tk 10 each after taking proper permission from all regulatory authorities concerned.
The board of directors of the company took a decision in this regard Sunday.
Asian Tiger Capital Partners Asset Management Ltd will be the asset management company for the proposed fund. The company also will sponsor a mutual fund, titled 'Sandhani Life Unit Fund' with the size of Tk 500 million with face value of Tk 10 each after taking proper permission from all regulatory authorities concerned. Alif Asset Management Ltd will be the asset management company for the proposed fund.
In another development, the subscription of Janata Bank First Mutual Fund (JBFMF) starts on August 1 with a size of Tk 2.0 billion (200 crore), officials said.
For resident and non-resident Bangladeshis, the subscription periods of the JBFMF will be August 1 to 5 and August 1 to 14 respectively.
The Securities and Exchange Commission (SEC) approved the prospectus of the JBFMF on June 9 last and permitted the fund to go for subscription on June 22 last. An official of the SEC said, the prospectus of the mutual fund may be published today (Monday).
On January 25 last, the SEC approved the trust deed of JBFMF.
Earlier, the board of directors of Janata Bank Ltd approved a proposal to float the said closed-end mutual fund worth Tk 2.0 billion.
The fund will offload the units worth Tk 1.0 billion in the IPO.
Meanwhile, the bank has fulfilled 80 per cent of the remaining Tk 1.0 billion through private placement.
The bank itself will give Tk 200 million. The SEC official said after the subscription of the JBFMF, other mutual funds which got the SEC nod, would go for subscription.
Popular Life Mutual Fund, Green Delta Mutual Fund, PHP Mutual Fund and IFIC Bank First Mutual are awaiting for subscription.
Mercantile Bank Limited is going to float its first mutual fund worth Tk 1.0 billion in the capital market by the name and style "MBL 1st Mutual Fund".
Recently, a signing ceremony of the Trust Deed Agreement took place between Mercantile Bank Limited and Bangladesh General Insurance Company Limited (BGIC).
Dewan Mujibur Rahman Managing Director & CEO, Mercantile Bank Limited and AK Azizul Haque Choudhuri Managing Director, BGIC on behalf has signed the deed agreement. Under this agreement BGIC will act as the Trustee of the forthcoming issue of "MBL 1st Mutual fund".
Additional Managing Director A.K.M Shahidul Haque, Deputy Managing Director Md. Abdul Jalil Chowdhury and Monindra Kumar Nath along with other senior Officials of Mercantile Bank Limited, BGIC and L R Global were present in the ceremony. L R Global Asset Management Company Bangladesh limited will act as the Asset Manager of the fund.
Meanwhile, Sandhani Insurance will sponsor another mutual fund, titled 'Sandhani Life Growth Fund' with the size of Tk 2.0 billion with face value of Tk 10 each after taking proper permission from all regulatory authorities concerned.
The board of directors of the company took a decision in this regard Sunday.
Asian Tiger Capital Partners Asset Management Ltd will be the asset management company for the proposed fund. The company also will sponsor a mutual fund, titled 'Sandhani Life Unit Fund' with the size of Tk 500 million with face value of Tk 10 each after taking proper permission from all regulatory authorities concerned. Alif Asset Management Ltd will be the asset management company for the proposed fund.
In another development, the subscription of Janata Bank First Mutual Fund (JBFMF) starts on August 1 with a size of Tk 2.0 billion (200 crore), officials said.
For resident and non-resident Bangladeshis, the subscription periods of the JBFMF will be August 1 to 5 and August 1 to 14 respectively.
The Securities and Exchange Commission (SEC) approved the prospectus of the JBFMF on June 9 last and permitted the fund to go for subscription on June 22 last. An official of the SEC said, the prospectus of the mutual fund may be published today (Monday).
On January 25 last, the SEC approved the trust deed of JBFMF.
Earlier, the board of directors of Janata Bank Ltd approved a proposal to float the said closed-end mutual fund worth Tk 2.0 billion.
The fund will offload the units worth Tk 1.0 billion in the IPO.
Meanwhile, the bank has fulfilled 80 per cent of the remaining Tk 1.0 billion through private placement.
The bank itself will give Tk 200 million. The SEC official said after the subscription of the JBFMF, other mutual funds which got the SEC nod, would go for subscription.
Popular Life Mutual Fund, Green Delta Mutual Fund, PHP Mutual Fund and IFIC Bank First Mutual are awaiting for subscription.