950828

25th ICP

Mutual Fund

oversubscribed

RECORDER REPORT

KARACHI: The 25th Mutual Fund floated by the Investment Corporation Pakistan (ICP) has been oversubscribed by nearly 1.85 times, as against the subscription limit of Rs 400 million, the issue has received Rs 731.5 million.

The corporation received Rs 391.161 million from the general public, and from banks/DFIs zakat/benevolent funds to around Rs 340.340 million.

This was stated by the Managing Director of ICP, Asadullah Khawaja, at the balloting ceremony of the Mutual Fund. He said that the oversubscription of the fund was a healthy indicator of the growth of secondary market in the country.

He said that it will give a boost to the sagging trend and will become an effective tool for rehabilitating the lost confidence of investors.

Asadullah said that the available funds would be pumped into the market to stabilize it and save it from volatility and wild fluctuations.

ICP had inviteed applications for the minimum allotment of full face value of Rs 5,000 each on August 15. The managing director drew the allotment list in the presence of the Karachi Stock Exchange representatives.