The tenure of Grameen One: Scheme Two has been extended by five years, while that of ReLiance One has been extended by 10 years
Aims of Bangladesh Ltd, asset manager of two closed-end mutual funds – the Grameen One: Scheme Two and the ReLiance One – has extended their tenures by 5 and 10 years, respectively.
Yawer Sayeed, managing director of Aims of Bangladesh, told The Business Standard that tenure of any closed-end mutual fund should not exceed more than 20 years.
"As the tenure of the Grameen One: Scheme Two is already 15 years, it has been extended by five more years," he explained.
Grameen One: Scheme Two
The tenure of the closed-end mutual fund was originally scheduled to expire on September 2, 2023. Following the extension, the tenure will now end on September 2, 2028.
The Grameen Fund is the trustee and Standard Chartered Bank is the custodian of this mutual fund.
In the 2018-19 fiscal year, Grameen One provided 9 percent cash dividends to its unit holders. During the period, the fund reported an earnings per unit (EPU) of Tk1.12.
Meanwhile, in the first quarter (July-September) of the current fiscal year, the fund reported an EPU of Tk0.20, against a Tk0.25 EPU for the July-September period of 2018.
The fund's net asset value (NAV) per unit at market price was Tk17.82 as of September 30, 2019 and Tk19.72 as of June 30, 2019.
Its NAV per unit at cost price was Tk10.59 on September 30 this year and Tk11.28 on June 30.
On Monday, price of per unit of the fund closed at Tk11.20 at the Dhaka Stock Exchange.
Prior to extension, tenure of the closed-end mutual fund ReLiance One would end on July 21, 2021. The tenure of the fund will now end on July 21, 2031, after the extension.
The Bangladesh General Insurance Company Ltd is the trustee of the mutual fund, while Brac Bank Ltd is its custodian.
In the 2018-19 fiscal year, ReLiance One provided 10 percent cash dividend to its unit holders. During the period, the fund reported earnings per unit (EPU) of Tk0.89.
In the first quarter (July-September) of the current fiscal year, the fund reported EPU of Tk0.06, against a Tk0.21 EPU for July-September 2018.
The fund's net asset value per unit at market price was Tk11.91 as of September 30 this year, while it stood at Tk13.61 on June 30.
Its NAV per unit at cost price was Tk10.80 on September 30 and Tk11.74 on June 30.
The price of per unit of ReLiance One closed at Tk8.20 per unit on Monday at the Dhaka Stock Exchange.