The Board of Directors of Al Meezan Mutual Fund Limited (AMMF) in its meeting held on Thursday February 17,20ll, declared an interim Cash dividend @ 5% per share (i.e., Rs. 0.50 per share) for the quarter ended December 31, 2010. The book closure will be held from March 24, 2011 to March 31, 2011 (Both days inclusive).
Al Meezan Mutual Fund, a closed end equity fund, reported a net income of Rs. 170 million for the half year ended December 31, 2010. This translates into earnings per share of Rs. 1.24. The fund’s NAV has appreciated from Rs.10.21 as on June 30, 2010 to Rs. 11.90 as on December 31, 2010, thus providing NAV based gain of 24.91 %.
The Board also approved the conversion of AMMF into an open end scheme, subject to regulatory approval of Securities and Exchange Commission of Pakistan (SECP) and compliance with all statutory requirements. Mr. Mohammad Shoaib, CFA said that this conversion will protect investors’ interest as they will get units price based on actual net asset value instead of lesser market price.
Al Meezan Investment Management Limited is the Investment Advisor of AMMF. Mr. Shoaib, informed that Al Meezan, with over Rs. 27 billion assets under management, is the largest private sector asset management company in Pakistan. He highlighted that the retail investor base of Al Meezan has crossed 15, 000 mark, which is one of the highest in mutual fund industry of Pakistan. He said that this success is reflective of the confidence and trust of both individual and institutional investors.