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 Popular Life mutual fund gets nod SEC approves Maksons' rights offer

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Posts : 63
Join date : 2010-06-05

PostSubject: Popular Life mutual fund gets nod SEC approves Maksons' rights offer   Fri Jun 18, 2010 8:10 am

Star Business Report

The stockmarket regulator has approved a Tk 200 crore closed-end mutual fund sponsored by Popular Life Insurance Company.

The Securities and Exchange Commission (SEC) yesterday gave the go-ahead to the fund at a meeting presided over by its Chairman Ziaul Haque Khondker.

The SEC at the meeting also approved the offering of rights shares by Maksons Spinning Mills, officials of the commission said.

Of the Tk 200 crore mutual fund, Popular Life Insurance will subscribe units worth 10 percent, or Tk 20 crore, as the sponsor. Of the rest fund, 50 percent, or Tk 100 crore, will be kept for initial public offering (IPO) and 40 percent, or Tk 80 crore, for pre-IPO or private placement.

The face value of each unit of the fund is Tk 10. The market lot will be of 500 units.

Race Asset Management is the manager of the 10-year fund styled "Popular Life 1st Mutual Fund".

A mutual fund is a professionally managed collective investment scheme that pools money from many investors and invests it in stocks, bonds and short-term money market instruments.

Currently, 26 closed-end mutual funds and three open-ended unit funds are being traded on the bourses.

Meanwhile, Maksons Spinning Mills will offer two rights shares for one existing share at an issue price of Tk 25 per share, including a premium of Tk 15 each.

The company through offering more than 10.48 crore rights shares will raise Tk 262.20 crore.
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Popular Life mutual fund gets nod SEC approves Maksons' rights offer
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