Loading...

‘SEML FBLSL Growth Fund’ to make debut Monday

| Updated: March 04, 2019 13:17:59


‘SEML FBLSL Growth Fund’ to make debut Monday

Trading of the units of ‘SEML FBLSL Growth Fund,’ a closed-end mutual fund, will commence at DSE from Monday (March 04) under ‘A’ category.

The DSE trading code for the fund is ‘SEMLFBSLGF’, according to a disclosure posted on the Dhaka Stock Exchange (DSE) on Sunday.

The securities regulator - Bangladesh Securities and Exchange Commission (BSEC) gave consent to the ‘SEML FBLSL Growth Fund’ for raising capital on November 04, 2018.

The total size of the ‘SEML FBLSL Growth Fund’, which has a 10-year tenure, is Tk 1.0 billion.

Of the fund’s total size, Tk 100 million was financed by FBL Securities Limited, the sponsor of the mutual fund, and Tk 350 million was collected through pre-IPO placement.

Remaining Tk 550 million was collected through initial public offering (IPO) from general investors. The face value of the fund is Tk 10 each.

The IPO subscription of the fund was held from December 02 to December 13, 2018.

Strategic Equity Management is the fund manager, while Bangladesh General Insurance Company and Brac Bank are the trustee and custodian of the Fund respectively.

The objective of the fund is to provide attractive dividend to the unit holders by investing the proceeds in the various financial instruments in the Bangladesh capital as well as money markets, according to its IPO prospectus.

Currently, 37 closed-end mutual funds are listed on the Dhaka bourse.

[email protected]

Share if you like