a year ago

ICB Golden Jubilee MF makes trading debut tomorrow

Ring the Bell' ceremony today

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A new closed-end mutual fund, 'ICB AMCL CMSF Golden Jubilee Mutual Fund', will make its trading debut on both the stock exchanges of the country tomorrow (Wednesday).

Ahead of the debut trading, the Capital Market Stabilization Fund (CMSF), the sponsor of the fund, will hold an event titled 'Ring the Bell Ceremony of ICB AMCL CMSF Golden Jubilee Mutual Fund and Investors' Claim Settlement Programme at a city hotel today (Tuesday), says a statement.

Prof. Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Stock Exchange Commission (BSEC), is expected to attend the event as the chief guest while Md Nojibur Rahman, chairman of the CMSF, will preside over the event.

BSEC Commissioners Dr Shaikh Shamsuddin Ahmed and Dr Mizanur Rahman and Chairman of the Dhaka Stock Exchange (DSE) Md Eunusur Rahman will be present as special guests.

Two presentations on 'Golden Jubilee Mutual Fund' and 'Investors' Claim Settlement' will be given at the event. DSE managing director (Acting) M Shaifur Rahman Mazumdar, Chittagong Stock Exchange (CSE) managing director (Acting) Md. Ghulam Faruque and CEO of ICB Asset Management Company ATM Ahmedur Rahman will attend the event.

The Golden Jubilee Mutual Fund received regulatory approval from the BSEC on June 28 and the total size of the fund is Tk 1.0 billion with a face value of Tk 10 per unit.

The CMSF provided Tk 500 million or 50 per cent of the total size of the fund while ICB Asset Management Company, the fund manager, contributed Tk 200 million and Investment Corporation of Bangladesh (ICB) provided Tk 50 million as pre-IPO placement.

The remaining Tk 250 million was collected through initial public offering (IPO) from the general investors.

The IPO subscription of the mutual fund was held between August 17 and August 24. The mutual fund's IPO was oversubscribed by 1.60 times, officials said.

Each general investor received 628 units of "ICB AMCL CMSF Golden Jubilee Mutual Fund" against an application involving Tk 10,000.

Capital Market Stabilization Fund has launched the closed-end mutual fund to mark the Golden Jubilee of independence of Bangladesh and 'Mujib Borsho'.

BRAC Bank Ltd. is the custodian and Bangladesh General Insurance Company Ltd. is the trustee of the mutual fund. Currently, 36 closed-end mutual funds are listed on the capital market.

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