KARACHI, Aug 2: PICIC Asset Management Company Ltd (PICIC AMC) declared final cash dividend at 10 per cent (i.e. Re1 per certificate) for PICIC Investment Fund (PIF) for the year ending June 30, 2006.

Together with the three interim cash dividends of 40 per cent (i.e. Rs4 per certificate) paid on every quarter, the total payout of PIF for the year amounted to 50 per cent (i.e. Rs5 per certificate) resulting in cash outlay of Rs1,421 million. On the average market price, divided yield works out to 29 per cent.

A press release issued by the company stated that the board which met on Saturday also declared final cash dividend for PICIC Growth Fund (PGF) at 10 per cent (i.e. Re1 per certificate) for the year ending June 30, 2006. Together with the three interim cash dividends of 60 per cent (i.e. Rs6 per certificate) and an interim stock dividend of 20 per cent paid on every quarter, the total payout of PGF for the year amounted to 90 per cent (i.e. Rs9 per certificate) resulting in cash outlay of Rs1, 874 million. On the average market price divided yield was 18 per cent. The net assets under management of PICIC AMC as on June 30, 2006 increased to Rs18.4 billion on June 30, 2006, exhibiting a growth of 23 per cent over the earlier year, the company stated.