KARACHI, Aug 13: ABAMCO Limited announced financial results for the year ended June 30, 2004, for the four closed-end mutual funds under its management: The BSJS Balanced Fund (BBF); ABAMCO Capital Fund ; ABAMCO Stock Market Fund and the 4th ICP Mutual Fund.

A press release issued by ABAMCO Limited on Friday stated that BSJS Balanced Fund (BBF) - ABAMCO's first closed-end mutual fund had announced bonus issue of 12.5 per cent which was more than 100 per cent of the net realized income of the year ended June 30, 2004.

The net realized income of BBF was Rs107 million as against Rs118 million last year. The company observed that the 12.5 per cent also accounted for distribution on the enhanced number of shares that had increased as a result of a rights offering in the previous year, which brought the appreciation of 145 per cent in net assets of BBF.

"Similarly, the performance of the acquired ICP funds continues to depict superior performance under ABAMCO's management", the company said and added that the net assets per certificate of ABAMCO Capital Fund and ABAMCO Stock Market Fund had correspondingly appreciated by an annualized 31.24 per cent and 25.65 per cent, during the post-merger period.

The net income for ABAMCO Capital Fund for the year ended was Rs595 million (earnings per certificate: Rs5.22) and that of ABAMCO Stock Market Fund was Rs321 million (earnings per certificate: Rs6.43).

ABAMCO Capital Fund and ABAMCO Stock Market Fund had announced bonus issues of 20 per cent and 25 per cent respectively for its certificate holders. "The management company has also announced a 50 per cent right offer at par (Rs10) to the certificate holders of ABAMCO Capital Fund and ABAMCO Stock Market Fund.

The ABAMCO press release stated that for the 4th ICP Mutual Fund, the investment adviser had announced a bonus issue of 25 per cent along with a 100 per cent right issue at a premium of Rs10 per certificate, which came to Rs20 per certificate.

However, the bonus certificate holders for all the three funds would not be entitled for the rights offering, which was being offered on the existing paid-up capital. "The net income for the year is Rs106.2 million (earning per certificate: Rs9.10), including the unrealized appreciation", the company noted.

The company observed that the net assets under management of ABAMCO Limited had grown by around 155 per cent to Rs14.03 billion for the year ended June 30, 2004. Earlier during the current fiscal year, ABAMCO had announced handsome stock dividends for its open-end funds' unit holders as well.

"Being an 'AA' rated Asset Management Company, ABAMCO is committed to provide superior returns to its shareholders and the consistent growth in funds under its management is a depiction of the trust placed by thousands of investors in ABAMCO's capabilities", the company concluded.