Prime Finance Investment to offer Tk 20cr MF

Sunday, 02 March 2008 Agency Prime Finance and Investment, a merchant bank, is going to launch its first mutual fund(MF) of Tk 20 crore this year, said a press release. The ICB Asset Management Company Ltd, manager to the fund, will soon submit a prospectus with the Securities and Exchange Commission to invite public subscription with the consent of the regulatory body. Prime Finance is sponsoring 20 per cent of the fund while another 30 per cent will be raised through private placement.

Rest Tk 10 crore will be raised from the general public through initial public offerings. The ICB will act as trustee and custodian to the fund. Prime Finance recently signed a trust deed with the ICB. The Tk 20 crore shares have been divided into 2 crore shares valued at Tk 10 each. Every market lot will comprise of 500 shares which will be offered to the investors at face value.