The Securities and Exchange Commission (SEC) on Tuesday approved the IPO prospectus of AB Bank First Mutual Fund to raise Tk 1.5 billion.

This is a closed-ended mutual fund with 10 years life time

“The approval came at a SEC meeting with its Chairman Professor M Khairul Hossain in the chair,” said Saifur Rahman, executive director and spokesman of SEC.

The per unit price of each of the mutual fund will be Tk 10 and market lot will be of 500 units.

AB Bank will subscribe units worth Tk 300 million as sponsor, while Tk 450 million will be raised through pre-IPO or private placement, and the rest Tk 750 million will be kept for initial public offering (IPO).

Race Asset Manage- ment will act as manager of the fund. AB Bank is the custodian of the fund while Bangladesh General Insurance Company is trustee.

News: Daily Sun/ Bangladesh/ Aug-10-2011