Conversion or redemption schedule of 1st ICB MF, AIMS declared

The state-run Investment Corporation of Bangladesh (ICB) has made formal announcement regarding conversion or redemption schedule of closed-end mutual fund (MF)--1st ICB Mutual Fund, officials said.

The ICB made the announcement following a directive issued by the Bangladesh Securities and Exchange Commission (BSEC) on July 12, 2015.

 "As per BSEC letter, the conversion or redemption schedule of 1st ICB Mutual Fund is December 31, 2015," the ICB said in a statement.

According to ICB, the record date/trade suspension date for 1st ICB MF will be October 28, 2015 and effective date for conversion will be October 29, 2015.

"The Board of Director of ICB has decided that if required consent is obtained from the meeting of the unit holders, then the scheme of the closed-end mutual fund may be converted into open-end scheme subject to approval of BSEC," the ICB said.

Meanwhile, another private asset management company (AMC)-- AIMS of Bangladesh-- has announced trade suspension date of AIMS First Guaranteed Mutual Fund, country's first private mutual fund.

As per decision of the Trustee, trade suspension date of AIMS First Guaranteed Mutual Fund will be October 29, 2015 and effective date will be November 1, 2015.

"The Trustee of AIMS First Guaranteed Mutual Fund has agreed to place the conversion proposal provided by AIMS of Bangladesh before the unit holders considering their interest," said AIMS of Bangladesh.

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