The Board of Directors of ABAMCO Limited is pleased to announce the amalgamation of ABAMCO Capital Fund (ACF), ABAMCO Stock Market Fund (ASMF) and ABAMCO Growth Fund (AGF) into UTP-Growth Fund (UTP-GF). Fulfilling its commitment to announce dividend immediately upon completion of the required regulatory formalities, the board has approved a cash dividend of Rs. 3.50 per certificate in their meeting held on May 12, 2006. Accordingly an amount of Rs. 1.113 billion will be disbursed as dividend to the certificate holders of UTP-GF.
For this purpose, the certificate transfer registers shall remain closed from June 6, 2006 to June 13, 2006 (both days inclusive). Persons holding certificates of all or any of the three funds on June 6, 2006 shall be entitled to the dividend on the certificates of UTP-GF to be allotted as per the swap ratio outlined in Scheme of Arrangement for Amalgamation.
UTP-GF shall be in a better position to achieve the economy of scales, carry on the business more economically and efficiently and spread the frozen shares of Pakistan State Oil over a wider asset base resulting in better allocation of the fund in other stocks.
Total profitability of ACF, ASMF and AGF has increased by 230%, 250% and 61% respectively during the nine months period ended March 31, 2006 compared to the same period last year and is recorded at Rs 1,253.202 million, Rs. 570.262 million, and Rs. 273.571 million (Earnings per certificate – Rs. 6.18, Rs. 6.52 and Rs. 9.93), respectively. The year to date appreciation of Net Asset Value of ACF, ASMF and AGF is recorded at 41%, 39% and 30%, respectively.
Earlier, the Company had announced healthy cash dividends for its certificate holders of ABAMCO Composite Fund and BSJS Balanced Fund Limited. So far total interim payout for the year ending June 30, 2006 from the closed end funds managed by ABAMCO Limited amounts to Rs. 2.622 billion.
