Dhaka, Bangladesh (BBN) – The Securities and Exchange Commission (SEC) has approved the prospectuses of three mutual funds, and issued license to an asset management company.
The approvals were given at a meeting held at the SEC office in Dhaka on Tuesday with its Chairman Ziaul Haque Khandker, officials said.
Under the approvals, Sandhani Life Insurance Unit Fund will go public with an IPO worth BDT 500 million, where the sponsors will contribute BDT 50 million. Per unit price of the fund will be BDT 10.
As a close-end mutual fund Mercantile Bank Limited 1st Mutual Fund is going public with an IPO worth BDT 1.0 billion. Among BDT 1.0 billion, the fund will offload the units worth BDT 500 million in the IPO.
The sponsors will contribute BDT 100 million, and the remaining BDT 400 million will be fulfilled through pre-IPO placement. Per unit price of this fund will be BDT 10.
NCC Bank NRB Mutual Fund, another close-end mutual fund of BDT 1.0 billion, will offload units worth BDT 500 million in the IPO. The sponsors will contribute BDT 100 million, and the remaining BDT 400 million will be collected through pre-IPO placement. Per unit price of this fund will be BDT 10.
Besides, the SEC has issued license to Universal Financial Solutions Limited to act as a fund manager.
BBN/SSR/SI-27Oct10-10:58 am (BST)
