KARACHI, Aug 3: Al Meezan Mutual Fund Limited (AMMF) announced cash dividend of 10 per cent and a stock dividend of 15 per cent for the year ended June 30, 2004.

A press release issued by the company stated that the board of directors approved the accounts and appropriations.

AMMF had provided a return of 61.4 per cent (including payout) to its investors which compared favourably with a return of 55.16 per cent on the KSE-100 index. AMMF earned net income of Rs261 million for the year ended June 30, 2004, which translated into earnings per share of Rs3.50.

Major sources of revenue during the period under review included realized capital gains of Rs208.6 million, dividend income of Rs62.4 million and other income of Rs3.2 million. The Net Asset Value of AMMF as on June 30, 2004 was Rs14.55 per unit, total net assets stood at Rs1,127m.

The company claimed that Meezan Islamic Fund (MIF), launched by AMIM in August 2003 was the largest Shariah compliant open-end fund in the industry. AMIM was said to be in the process of launching Meezan Balanced Fund, which would provide Shariah conscious investors opportunity to participate in a low risk portfolio, providing regular returns along with an opportunity to benefit from any upsurge in the stock market.

The trust deed of Meezan Balanced Fund, a closed-end scheme, had already been registered appointing Central Depository Company Pakistan Ltd. as the trustee. The press release stated that the Fund was likely to make its Initial Public Offering (IPO) in September this year.