Friday, April 13, 2007

PB Islamic Asia Equity Fund.

Public Bank’s wholly-owned subsidiary, Public Mutual announced that it has obtained the approval from the Securities Commission (SC) to increase the fund size of its recently launched PB Islamic Asia Equity Fund (PBIAEF) from 1.0 billion units to 2.0 billion units. PBIAEF’s initial 1.0 billion units (or RM250 million) were fully sold within its 21-day initial offer period which ended on 28 January 2007.

The increase in fund size of PBIAEF by another one (1) billion units will allow the company to meet strong market demand. PBIAEF is an aggressive Islamic equity fund that can invest up to 80% of its net asset value (NAV) in selected foreign markets which include South Korea, China, Japan, Hong Kong, Taiwan, Australia, New Zealand, Indonesia, Singapore, Thailand, Philippines and other approved markets. Its minimum equity exposure is 80% of its NAV.

PBIAEF seeks to achieve long-term capital appreciation by investing in blue chips and growth stocks that comply with Syariah requirements in domestic and regional markets. The fund is suitable for aggressive investors who can withstand extended periods of market highs and lows in pursuit of capital growth. PBIAEF is distributed by Public Bank branches nationwide.

Public Mutual is the largest private unit trust company in Malaysia, and it manages 38 funds for more than 900,000 accountholders. As at 29 December 2006, the total NAV of the funds managed by the company was RM16.2 billion

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