ICB AMCL 2nd NRB Mutual Fund will be de-listed from the stock exchanges on July 24 due to completion of its stipulated 10-year tenure.
The ICB AMCL 2nd NRB Mutual Fund (closed-end), managed by ICB Asset Management Company, a subsidiary of state-run ICB, will complete its 10 years tenure on July 23, according to a disclosure posted on the Dhaka bourse website on Sunday.
As per applicable rules, the closed-end fund will be de-listed and trading of the units of the fund will be discontinued with effect from July 24, it said.
Accordingly, July 23, 2018 has been determined as the record date/trade suspension date of the fund and July 24, 2018 as the effective date, it said.
Meanwhile, the Trustee of ICB AMCL 2nd NRB Mutual Fund has decided to convert the fund to open-ended from closed-end fund subject to the consent of the unit holders.
For taking approval from the unit holders of the fund, a special meeting will be held on August 01, 2018 at 3:00 pm in Hotel Purbani International in Dhaka, said the disclosure.
Among others, the following agenda will, be discussed like to take approval from the unit holders of the fund to convert it from a closed end fund to an open ended scheme and to appoint auditor for auditing and assets valuation of the fund.
Each unit of the fund, which was listed on the Dhaka bourse in 2008, closed at Tk 9.80 on Sunday, remaining unchanged over the previous day.
The sponsor-directors own 2.70 per cent stake in the fund while institutional investors 74.45 per cent, foreign investors 1.64 per cent and the general public 21.21 per cent.
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