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 SEC okays JB MF prospectus, 2 MFs' trust deeds

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Posts : 105
Join date : 2010-05-27

PostSubject: SEC okays JB MF prospectus, 2 MFs' trust deeds   Fri Jun 11, 2010 8:37 am

FE Report

The securities regulator Wednesday approved the prospectus of the Janata Bank First Mutual Fund (JBFMF) and the trust deeds of Southeast Bank First Mutual Fund and Mercantile Bank First Mutual Fund.

The Securities and Exchange Commission (SEC) has also approved the revised book building method rules to fix reasonable market price, which will be commensurate with the companies' fundamentals.

Janata Bank First Mutual Fund got the SEC nod with a lock-in period of one year for private placement though the sponsors and the fund manager wanted to ease the lock-in period.

In a move to ease the lock-in period for private placement, the fund manager did not mention lock-in period in their submitted prospectus for getting the trust deed approval before the new criteria of private placement comes into effect.

"As per the revised rules of mutual funds, the lock-in period for private placement of the JBFMF will be set in the prospectus," an SEC official said.

JBFMF, the second largest mutual fund, will go public with a size of Tk 2.0 billion (200 crore). The fund will offload units worth Tk 1.0 billion in the initial public offering (IPO). Janata bank has fulfilled 80 per cent of the remaining Tk 1.0 billion through private placement. The bank itself gives Tk 200 million.

The size of Southeast Bank First Mutual Fund is Tk 1.0 billion (100 crore), and units worth Tk 500 million will be offloaded in the IPO. The sponsors will give Tk 250 million, and the remaining Tk 250 million will fulfilled through private placement. VOIB Asset Management Limited is the fund manager of the fund.
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