KARACHI, May 29: JS Abamco Limited decided to pay cash payout of over Rs1 billion for the closed-end funds under its management, a meeting of Board held on Friday announced.
According to a press release issued by the company on Monday, following were the announcements of cash dividends: Re1 per certificate for UTP-Large Cap Fund (10pc); Rs2 per certificate for UTP-Growth Fund (20pc); Rs1.50 per certificate for BSJS Balanced Fund (15pc); Rs2 per certificate for UTP-Growth Fund (20pc) and Rs1.50 per certificate for BSJS Balanced Fund (15pc).
The respective amounts for UTP-Large Cap, UTP-Growth Fund and BSJS Balanced Funds’ cash payout stood at Rs329.55 million, Rs636 million and Rs177.86 million.
The company stated that he three funds had provided an above average market dividend yield to their investors. The holding period return, including dividend and market price appreciation, of the above mentioned three funds based on market price since June 30, 2006 till May 25, 2007 is as follows: UTP-Large Cap Fund (20.6pc); UTP-Growth Fund (36.3pc) and SJS Balanced Fund (23pc).
Earlier this year, it has already disbursed a sum of Rs855.12 million as dividends in December 2006. The year to date total cash payout for all closed-end funds under its management has now reached Rs1.9985 billion which is 16.4 per cent of the size of net assets managed by JS Abamco Limited in the closed-end category as of May 25, 2007, the company statement said.
