Nine close-end mutual funds get 10-yr extension

The Bangladesh Securities and Exchange Commission (BSEC) has extended the tenure of nine close-end mutual funds listed in the Dhaka Stock Exchange (DSE) by 10 years.

The funds are AB Bank First Mutual Fund, EBL NRB Mutual Fund, PHP First Mutual Fund, Popular Life First Mutual Fund, Exim Bank First Mutual Fund, First Bangladesh Fixed Income Fund, First Janata Bank Mutual Fund, IFIC Bank First Mutual Fund and Trust Bank First Mutual Fund. 

DSE sources say that Bangladesh RACE Management PCL has been working as the asset manager of the funds. 

AB Bank First Mutual Fund:  The tenure of the fund that was listed in the DSE in 2011 has been extended to January 10, 2032.  The Trustee of the Fund has given a 3 percent cash dividend to unit holders for the year that ended on June 30, 2019.  August 27 has been fixed as the record date. During the period, the Fund has reported earnings per unit (EPU) of Tk0.23, net asset value (NAV) per unit of Tk11.19 (market price), NAV per unit of Tk11.41 (cost price). The paid-up capital of the Fund is Tk239.09 crore.  Its sponsor is AB Bank while Bangladesh General Insurance Co Ltd is its trustee.

EBL NRB Mutual Fund:  The tenure of the Fund that was listed in the DSE in 2011 has been extended to May 15, 2031. The trustee of the Fund has given a 3 percent cash dividend to unit holders for the accounting year that ended on June 30, 2019. The record date has been fixed on August 27.  During the period, the Fund has reported earnings per unit (EPU) of Tk0.31, net asset value (NAV) per unit of Tk10.83 (market price), NAV per unit of Tk10.96 (cost price). The paid-up capital of the Fund is Tk224.261 crore. Eastern Bank is its sponsor and Bangladesh General Insurance Co is its trustee. Per unit of Fund was last transacted at Tk4.60. 

PHP First Mutual Fund:  The tenure of the Fund which was listed in 2010 has been extended to November 24, 2030. The trustee of the Fund has given its unit holder 3 percent cash dividend for the accounting year that ended on June 30, 2019.  The record date has been fixed on August 27. During the period, the Fund’s EPU was Tk0.29. In market value NAV was Tk10.75 and in purchase price was Tk10.99. The paid-up capital of the fund is Tk281.893 crore. PHP Group is the Fund’s sponsor while Bangladesh General Insurance Co Ltd is its trustee.  Per unit of the Fund was last transacted at Tk4.60. 

Popular Life First Mutual Fund: The tenure of the Fund listed in 2010 has been extended to October 18, 2030. The trustee of the fund has given its unit holders a 3 percent cash dividend for the accounting year that ended on June 30, 2019.  Record date has been fixed on August 27. During the period their EPU was Tk0.31. At market value NAV was Tk0.90 and at purchase price was Tk11.16. The fund’s paid up capital is Tk299.09 crore. Popular Life Insurance Co Ltd is the Fund’s sponsor and Bangladesh General Insurance Co is its trustee.  The Fund’s unit was last transacted at Tk4.50. 

Exim Bank First Mutual Fund: The tenure of the Fund that was listed in DSE in 2013 has been extended to June 26, 2033.  The Trustee of the Fund has given a 3.5 percent cash dividend to unit holders for the year that ended on June 30, 2019. August 27 has been fixed as the record date.  During the period, the Fund has reported earnings per unit (EPU) of Tk0.37, net asset value (NAV) per unit of Tk10.94 (market price), NAV per unit of Tk11.80 (cost price). The paid-up capital of the Fund is Tk143.256 crore.  Exim Bank has been working as its sponsor while ICB Asset Management Company is its trustee. The fund’s unit was last transacted at Tk5. 

First Bangladesh Fixed Income Fund:  The tenure of the Fund listed in 2012 has been extended to February 21, 2032.  The trustee of the Fund has given a 3 percent cash dividend to its unit holders for the accounting year ending on June 30, 2019. The record date has been fixed on August 27.  During the period their EPU was Tk0.32. The fund’s paid up capital is Tk776.147 crore. Sonali, Janata, Eastern Bank and Investment Corporation of Bangladesh (ICB) are its sponsors.  ICB Asset Management Co Ltd has been acting as the Trustee. The fund’s unit was last transacted at Tk4.40. 

First Janata Bank Mutual Fund:  The tenure of the Fund listed in 2010 has been extended till September 19, 2030.  The fund’s trustee has given its unit holders 3 percent cash dividend for the accounting year ending on June 30, 2019. The record date has been fixed on August 27.  During the period their EPU was Tk0.28. At market value NAV was Tk 10.88 and at purchase price Tk 11.32. The paid up capital of the Fund is Tk289.923 crore. Janata Bank has been working as its sponsor and ICB as the trustee.  The unit of the fund was latest transacted at Tk4.60.

IFIC Bank First Mutual Fund: The tenure of the Fund listed in 2010 has been extended till March 31, 2030.  The fund’s trustee has given a 3 percent cash dividend to its unit holders for the accounting year ended on June 30, 2019.  Record date has been fixed on August 27. During the period, the Fund’s EPU was Tk0.26. In market value the NAV was Tk 10.85 and in purchase price Tk11.15. The paid up capital of the fund is Tk182.167 crore.  IFIC Bank has been working as its sponsor and ICB as the trustee. Per unit of the fund was last transacted at Tk4.60.

Trust Bank First Mutual Fund: The tenure of the Fund listed in 2010 has been extended till January 26, 2030.  The trustee of the Fund has given 3.5 percent cash dividend to its unit holders for the accounting year that ended on June 30, 2019.  Its record date has been fixed on August 27. During the period, the Fund has reported earnings per unit (EPU) of Tk0.30, net asset value (NAV) per unit of Tk11 (market price), NAV per unit of Tk11.19 (cost price).  The fund’s paid-up capital is Tk303.586 crore. Trust Bank has been working as its sponsor and ICB as the trustee. The fund’s unit was last transacted at Tk4.60.