Subscription of ICB AMCL CMSF Golden Jubilee MF opens August 17

Public subscription of ICB AMCL CMSF Golden Jubilee Mutual Fund, an open-end mutual fund, will open on August 17 and to be continued till August 24, 2022, according to information of Dhaka Stock Exchange (DSE).

The Bangladesh Securities and Exchange Commission (BSEC) approved the fund's prospectus on June 28 last.

As sponsor, Capital Market Stabilisation Fund (CMSF) has provided Tk 500 million or 50 per cent of the fund size.

ICB Asset Management Company, also a sponsor and fund manager, has contributed Tk 200 million while Investment Corporation of Bangladesh (ICB) has provided Tk 50 million as pre-IPO placement.

And the remaining Tk 250 million will be collected through public subscription.

According to the prospectus, 5.0 per cent of total public offering will be reserved for mutual funds, 5.0 per cent for non-resident Bangladeshis, and 20 per cent for other eligible investors.

And the remaining 70 per cent of the public offering will be reserved for subscription by others general public.

Bangladesh General Insurance Company (BGIC) is working as the trustee and BRAC Bank is acting as the custodian of the fund.

Earlier on April 11 this year, a trust deed was signed between the CMSF and ICB AMCL to launch the closed-end mutual fund.

The objective of the fund is to channelise the savings of small and medium size savers into commerce and industry for rapid growth of the country's economy and to provide maximum possible risk adjusted returns to the unitholders.

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