July 18, 2006	Tuesday	Jumadi-ul-Sani 21, 1427

KARACHI, July 17: The UTP-Income Fund (UTP-IF), managed by JS ABAMCO Limited (formerly ABAMCO Limited) has announced stock dividend of 12.10pc on the face value of Rs500 per unit, i.e. Rs60.50, which turns out to be the highest full working year payout by any Fund announced so far in the Income Fund category.

A press release issued by the management company on Monday noted that the Board of Directors which met on Saturday also underlined the fact that UTP-IF carried the prestigious ‘5-star’ PACRA rating.The company stated that upon distribution of the stock dividend, the unit-holders of the UTP-IF would receive 11.9188 units for every 100 units held by them at the ex-dividend Net Asset Value of Rs507.5998.

Net profit of UTP-IF for the year stood at Rs395.762m, which works out to Rs63.70 per unit. The company said it signified the Fund’s consistent performance for second successive year.

The press release recalled that JS ABAMCO Limited has an asset manager rating of ‘AM2’, which reflects the company’s very strong capacity to manage the risks inherent in asset management.