Friday, 03 September 2010
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No redemption pressure on NIT
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KARACHI: Denying the reports appeared in local media about the redemption pressure on National Investment Trust Limited on the back of settlement issue of LOC Fund, the Chairman of the Trust, Tariq Iqbal Khan has said that there has never been such pressure on NIT especially with reference to the settlement of LOC Fund.
Talking to media on the occasion of the launching ceremony of NIT Income Fund Monday, he said that all the institutions except Bank of Punjab (BoP) have settled the LOC Fund to the tune of 69 per cent of its shares while BoP holds the rest of 21 per cent and the same will also be settled soon. He was critical of some misleading reports about the LOC Fund's settlement and termed such attempts nothing but an endeavour to create little frenzy in the tranquil industry of mutual funds.
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