The public subscription of 'Midland Bank Growth Fund', an open-ended mutual fund managed by Midland Bank Asset Management Company Limited, has been successfully concluded.
The subscription period ended with strong participation from both institutional and individual investors, reflecting growing confidence in professionally managed mutual funds and the long-term prospects of the Bangladesh capital market.
The Bangladesh Securities and Exchange Commission (BSEC) had earlier approved the fund's prospectus under the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, says a press statement.
Midland Bank PLC is the sponsor of the fund, while Midland Bank Asset Management Company Limited is acting as the Asset Manager. Sandhani Life Insurance Company Limited is serving as the Trustee of the fund and Commercial Bank of Ceylon PLC is acting as the custodian.
The fund was launched with an initial size of Tk 250 million. Midland Bank, as a sponsor, contributed Tk 25 million, while the remaining amount was mobilized through public subscription. The face value of each unit of the fund is Tk 10.
Following the closure of the initial subscription, investors will be able to buy and surrender units of the fund at the prevailing Net Asset Value (NAV) in accordance with applicable rules and regulations.
The Midland Bank Growth Fund aims to achieve long-term capital appreciation through investments in fundamentally strong listed shares, government securities, money market instruments and other approved financial assets.
The fund will pursue a disciplined and research-based investment approach focusing on sustainable growth, portfolio diversification and prudent risk management.
Mohammad Samir Uddin, CFA, Chief Executive Officer of Midland Bank Asset Management Company, said, "We are sincerely grateful to the investors, institutions and all stakeholders for the confidence they have placed in the Midland Bank Growth Fund. The successful closure of the subscription demonstrates the increasing awareness and acceptance of professionally managed investment products among investors in Bangladesh."
He further said, "MDB AMC remains committed to maintaining the highest standards of professionalism, governance and transparency while creating long-term value for investors through disciplined investment management."
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