Southeast Bank 1st Mutual Fund ends 10-year tenure Wednesday
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Southeast Bank 1st Mutual Fund ends 10-year tenure Wednesday

Banking

TBS Report
11 May, 2021, 10:50 pm
Last modified: 11 May, 2021, 10:51 pm

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Southeast Bank 1st Mutual Fund ends 10-year tenure Wednesday

The conversion will take place only if at least 75% of the unitholders voted in favour of the proposal. Otherwise, the fund will be liquidated

TBS Report
11 May, 2021, 10:50 pm
Last modified: 11 May, 2021, 10:51 pm
Southeast Bank 1st Mutual Fund ends 10-year tenure Wednesday

Southeast Bank 1st Mutual Fund (SEBL1STMF), a closed-end mutual fund, ends its 10-year tenure on Wednesday.

In other words, the fund will observe the final day at both Dhaka and Chittagong stock exchanges on 12 May.

At a virtual meeting on 25 May 2021, the unitholders will decide whether it will be converted to an open-ended fund.

The conversion will take place only if at least 75% of the unitholders voted in favour of the proposal. Otherwise, the fund will be liquidated.

SEBL1STMF got listed on the stock exchanges on 16 May 2011 with an initial size of Tk90.7 crore.

It has been one of the best performing mutual funds in Bangladesh in the last 10 years.

The fund has by far paid cash dividend amounting to Tk88.8 crore and, currently, its size in terms of total net asset value (NAV) at the market price of the held assets is Tk138.6 crore.

Southeast Bank Limited is the sponsor of the fund, Investment Corporation of Bangladesh is acting as its trustee and custodian while VIPB Asset Management Company Limited is playing the role of its asset manager.

Economy / Top News

Southeast Bank / Mutual Fund

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