The Securities and Exchange Commission on Wednesday extended the deadline for the redemption of eight mutual funds
of the Investment
Corporation of Bangladesh by one year to December
31, 2012.
'The commission has decided to extend the deadline considering the request made by the ICB and the current market condition,' SEC executive director Saifur Rahman told reporters.
The eight mutual funds are 1st ICB MF, 2nd ICB MF, 3rd ICB MF, 4th ICB MF, 5th ICB MF, 6th ICB MF, 7th ICB MF, and 8th ICB MF.
The total size of the eight mutual funds is Tk 17.75 crore.
Before Wednesday's consent, the SEC rejected the same request made by the ICB for four times.
The SEC on Wednesday also approved the prospectus of Tk 50 crore VIPBNLI First Mutual Fund. The sponsor of the fund is National Life Insurance Company that will invest Tk 10 crore to the fund. Another Tk 10 crore will be added to the fund raised through pre-IPO placement.
The total number of units of the fund is five crore, each having a face value of Tk 10 and the fund will raise the remaining Tk 30 crore from the market through floating an initial public offering.
The VIPB Asset Management Company is the fund manager and the Investment Corporation of Bangladesh is its trusty and custodian.
