KARACHI, Dec 18: Pakistan Industrial Credit and Investment Corporation (PICIC) has taken over the management of Lot-B Mutual Fund of Investment Corporation of Pakistan (ICP).

According to PICIC sources here on Wednesday, the Corporation took charge of the management of ICP’s Lot-B on Tuesday.

PICIC was the highest bidder of Lot-B Mutual Fund, quoting a price of Rs302.5 million during an open bidding held on October 24, in Islamabad.

“The transaction closing ceremony was held at the office of Privatization Commission on December 13, and now we have formally took over the management,” says a senior executive of PICIC.

He pointed out the Privatization Commission has short listed four interested parties, including PICIC, for the disinvestment of ICP State Enterprise Mutual Fund (SEMF). “We hoped to get this lot too,” he added.

The Privatization Commission had invited expression of interest (EoI) from international and local parties on October 27, 2002 for acquiring management rights of ICP’s SEMF.

The net asset value of SEMF is estimated at Rs2.667 billion while the capital stood at Rs840 million.

Meanwhile, PICIC has convened the extraordinary annual general meeting on December 28, to get the approval from the shareholders to act as advisers in the purchase or sale of securities and manage collective investment schemes comprising close-end funds, open-end schemes, pension and provident fund.

PICIC management will also seek permission of shareholders to work as asset management company to offer investment schemes.

Sources said the SECP had allowed PICIC to take over the management of ICP Lot-B on the condition that the Corporation must take consent of its shareholders for entering into a new business.—APP