KARACHI, July 26: PICIC Asset Management Company Limited (PAMCL) has declared the final dividends on PICIC Investment Fund (PIF) and PICIC Growth Fund (PGF) at 25 per cent and 35 per cent respectively for period ended June 30, 2004.

This was announced by the managing director Pakistan Industrial Credit and Investment Corporation (PICIC) Muhammad Ali Khoja while addressing a press conference here on Monday. He said that total dividend on PIF and PGF has been estimated at 35 and 45 per cent respectively.

He said that the board of directors, PAMCL, has approved the highest ever dividend on these two funds. PIF has been created after merging 13 ICP Mutual Fund Lot-B while ICP State Enterprises Mutual Fund (SEMF) was converted into PGF.

He said the total turnover and portfolio of PIF and PGF stood at Rs31 billion and the realized capital gains for PIF and PGF valued at Rs16 billion during the year ended June 30, 2004.

PICIC had earlier intimated an expected total dividend at a rate of 27 per cent on PIF including 10 per cent interim dividend and 17 per cent final dividend. Khoja pointed out that the total income excluding unrealized gains of PIF has reflected a growth of 223 per cent, rising from Rs362 million in 2002-2003 to Rs1.171 billion in 2003-2004.

Similarly, growth of PGF income was recorded at 105 per cent to Rs1.047 billion in the period under review. He said that when PICIC acquired 13 ICP Mutual Fund lot B in October 2004, the net asset value (NAV) of these funds was Rs1.55 billion, which has now grown to Rs5.67 billion.

Similarly, NAV of SEMF was Rs3.7 billion at the time of acquisition in March 2003. This has now risen to Rs6.79 billion by the end of June 2004, he added. -APP