NLI 1st MF to be converted into open-ended fund

Unitholders of NLI First Mutual Fund (NLI1STMF) agreed to convert the fund into an open-ended fund.

The unitholders in a meeting of NLI First Mutual Fund (NLI1STMF) on a virtual platform recently agreed on the issue. The unit ended its 10-year tenure as a closed-end mutual fund on February 06, 2022, said a statement.

Unitholders representing 69.29pc units of the fund cast their votes. A total of 99.93pc of the votes went in favour of the proposal. The fund will now restart its journey as an open-ended fund after approvals from Bangladesh Securities and Exchange Commission.

The unitholders' meeting was presided over by Mr. Md. Abul Hossain, Managing Director of Investment Corporation of Bangladesh (ICB), the trustee of the fund. Professor Dr. Md. Kismatul Ahsan, Chairman of ICB spoke at the meeting.