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09/02/2010  
 Headlines: Senate told Seven airports shut in country,     ISB: The Senate was informed Friday that seven airports in different cities have been closed due to suspension of PIA flights.     The PIA suspended the flights due to a daily loss of Rs19 million during last year.     Suprem Court orders arrest of Gilani’s ex-PRO,     ISB: SC has asked the FIA to arrest former media coordinator of the prime minister, Khurram Rasool.     Present him in the court on 24th January otherwise action would be taken against the Agency.     Khurram Rasool is accused of corruption of Rs530 million.     Musharraf denies delay in return,     LONDON/KARACHI: Former military ruler & chief of (APML) Pervez Musharraf has rejected reports about suspension of programme to return home.     he would be back in Pakistan according to the scheduled programme.     SBP injects Rs 242.5bn in market,     Trade thru dry port fetches Rs1bn tax,     India SC rejects army chief’s plea,     100 more engines by year-end: Bilour,
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 NITL to launch new income fund on 15th



Staff Reporter
KARACHI: National Investment Trust Limited (NITL) announced launching of its new product NIT Income Fund (NIT IF) from February 15. The Initial Offering of the Fund will remain open for five days from February 15 to February 19, 2010.
Tariq Iqbal Khan, chairman NITL announced this during a pre-IPO presentation held Monday at Karachi Stock Exchange (KSE) auditorium. The NIT-IF is aimed to provide competitive stream of return with moderate level of risk for its unit holders (both individual and institutional), by investing primarily in fixed income securities/instruments, Tariq Iqbal Khan said.
He said that Pacra has upgraded an asset manager rating of NITL to AM2.
The performance of NIT IF would be compared against 6 Months Kibor. The benchmark would be average of 6 months Kibor rates quoted during the period. The NIT IF is being offered at Rs10 per unit. Investor can open an account with minimum amount as small as Rs5000. However, different classes of units require different amount of initial and subsequent investments. There is no upper limit of investment for both individual and institutional investors. No Front/Back End Load would be charged to pre-IPO and IPO Investors. However, subsequent to Initial Offering a front load of 1 per cent of NAV would be applicable whereas back-end load would remain NIL.
Chairman NITL informed that NITL is the core investor of NIT Income Fund and has invested Rs100 million of which Rs50 million shall remain invested for a period of at least two years.