Dhaka, Bangladesh (BBN)– Cent per cent unit holders of the 2nd ICB Mutual Fund (MF) exercised their votes in favour of converting the fund into open-end, officials said.
The state-run Investment Corporation of Bangladesh (ICB) on Wednesday held the unit holders’ meeting at a city hotel to receive unit holders’ decision regarding the conversion/redemption of the fund.
“The unit holders at a special meeting have given their consent (100 percent vote based on unit holding) in favor of conversion of the fund from close-ended to open- end,” said a web post on the Dhaka Stock Exchange on Thursday.
“This conversion process will be started after getting approval from the Bangladesh Securities and Exchange Commission (BSEC). In this connection 2nd ICB Mutual Fund will continue to remain suspended until further decision,” said the statement.
As per conversion guideline of the mutual fund, the nature of a closed-end MF will be amended based on the votes exercised by three-fourth of the unit holders present at meeting.
As per the rules, one unit holder is allowed to exercise vote once and his/her number of votes are counted in accordance with the number of his/her total units.
“Now auditor will be appointed to complete valuation of the fund. We hope the fund’s operation will be restored within three months as per the consent of the securities regulator,” said an official of the ICB.
Earlier on November 18, nearly 97 per cent of the unit holders gave their consent for converting the First ICB MF into open-end one.