July 25, 2002	Thursday	Jamadi-ul-Awwal 14,1423

KARACHI, July 24: ABAMCO Limited, the investment adviser of BSJS Balanced Fund Limited (BBF) announced audited accounts of BBF for the year ended June 30, 2002 on Wednesday, within four weeks of the end of financial year, being the first among listed companies at the KSE to do so, a press release issued by BBF said.

During the year under review, Security Stock Fund Limited with paid-up capital of Rs100 million was merged with BBF; the results are of the merged company.

BBF posted net profit of Rs56.1 million including reversal of provision for diminution in market value of securities for the year ended June 30, 2002, compared with earnings of Rs30.8 million previous year.

The press release stated that the board had approved cash dividend at 15pc. Net Asset value (NAV) of shares after appropriation of dividend was Rs12.36 on June 30, 2002, as against Rs11.66 at the same date last year. If the rate of dividend and appreciation of NAV of shares was taken together, the total return on BBF worked out to 19pc, the press release stated.

Investments of Rs243 million, i.e 57.9pc of net assets were in equity securities and Rs35 million, i.e 8.2pc in debt instruments; remaining 33.9pc of net assets were invested in short term money market instruments and carryover trades.

BBF would issue Redeemable Preference Shares as Right shares, subject to approval from the Regulatory Authorities and amendments in articles of association of the company. The shareholders would get 9 right shares for every 20 shares held at a discount of Re1 per share, which would be redeemable on terms to be announced, the press release concluded.