July 4, 2003	Friday	Jumadi-ul-Awwal 3,1424

KARACHI, July 3: Arif Habib Investments, the fund manager for Pakistan Stock Market fund (PSM) and the Pakistan Income Fund (PIF), declared bonus for unit holders in the two funds for the financial year ended June 30, 2003.

A press release issued by the company stated that the Board of Arif Habib Investments that met on Thursday declared on PSM a bonus of Rs20 per unit (40 per cent on the face value of Rs50 per unit). PSM was stated to have grown from Rs323 million last year to Rs784 million by June 30, 2003. The net asset value (NAV) had shown growth of Rs40.05 per unit i.e from Rs48.97 per unit last year to Rs89.02 per unit or a total return of 81.78 per cent for the year. “An investor holding 100 units as of June 30, 2003, will get 28.9771 units on the ex-bonus price (NAV) of Rs69.02 per unit; the proportionate bonus would apply to actual holdings.”

For PIF, the declaration of bonus of Rs6 per unit equates with 12 per cent on the face value of Rs50 per unit. PIF was said to have grown from Rs310 million last year to Rs1,501 million by end-June 2003. NAV grew by Rs6.54 per unit i.e. from Rs50.19 per unit last year to Rs56.73 per unit or a total return of 13.03 per cent for the year.

The company elaborated that an investor holding 100 units as of June 30, 2003, would get 11.8273 units on the ex-bonus price (NAV) of Rs50.73 per unit; the proportionate bonus would apply to actual holding. Arif Habib Investments mentioned that as the management company it had declared results based on audited income statements, within three working days of the close of the financial year ended June 30, 2003.

The company stated that it now had Rs3.4 billion under management in four different funds, after starting out the year at Rs633 million. The company said that besides the PSM and PIF, it also managed the MetroBank — Pakistan Sovereign Fund (MSF) and Pakistan Premier Fund.