ABL Asset Management Company Limited's notice for change of category of money market scheme to income scheme

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ABL Asset Management Company Limited’s notice for change of category of money market scheme to income scheme

 

Karachi: Reference to the captioned subject, please find closed Notice dispatched to the Unit holders of ABL Islamic Cash Fund (the Fund) for change of category of the Fund form Money Market Scheme to Income Scheme at their mailing address, for your information and record.

Notice for Change of Category of ABL Islamic Cash Fund from Money Market Scheme to Income Scheme:

This is to inform you that ABL Asset Management Company Limited (ABLAMC) (the Management Company of ABL Islamic Cash Fund) has executed supplemental Trust Deed of ABL Islamic Cash Fund (the Fund) with Central Depository Company of Pakistan Limited (CDC) on July 29, 2011, for changing the category of the Fund from Money Market Scheme to Income Scheme of after obtaining clearance from funds’ Shariah Advisor, Dr. Zubair Usmani.

The Securities and Exchange Commission of Pakistan (SECP) had approved the change of category of the Fund from Money Market Scheme to Income Scheme subject to the fulfillment of following conditions:

Unit holders holding 75% units of the Fund in value shall approve the change in the category of the Fund.

After obtaining approval of requisite number of unit holders and making the necessary amendments in the constitutive documents with the consent of trustee and approval of the SECP, ABL AMCL shall give one month notice regarding change in category of the Fund to unit holders.

ABL AMC had called Unit Holder’s meeting on July 06, 2011 where the resolution of change in the category was approved by more than 75% unit holders. This clearly shows confidence of all unit holders towards this positive change. Further, we received no votes against the proposed change.

Through this communique, we are pleased to inform you that ABL AMC plans to implement the new category which will convert the operation of ABL Islamic Cash Fund (a Money Market Scheme) to ABL Islamic Income Fund (an Income Scheme) effective from September 05, 2011 subject to approval of supplemental offering document from SECP.

For more information, contact:
Faisal Nadeem Mangroria
CFO and Company Secretary
ABL Asset Management Company Limited
11-B Lalazar, M.T. Khan Road,
Karachi- 74500, Pakistan.
Tel: +9221 99207411-13
Fax: +9221 99207407

 
 
 

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