Public Bank’s wholly-owned subsidiary, Public Mutual will be launching an overseas Islamic dividend fund, the Public Islamic Asia Dividend Fund (PIADF) on 3 April 2007.
According to Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow, PIADF is a moderate-risk Islamic equity income fund that seeks to provide income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. “Up to 70% of the fund’s net asset value (NAV) can be invested in selected foreign markets which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, Australia, New Zealand and other approved markets. The equity exposure of PIADF will generally range from 75% to 90% of its NAV,” he said.
Tan Sri Teh added that PIADF allows investors the opportunity to participate in a diversified portfolio of Shariah-compliant blue chip stocks, growth stocks and fundamentally undervalued stocks which distribute or have the potential to distribute reasonably attractive dividends. “It is timely for PIADF to be launched, as selected foreign markets such as Taiwan, Hong Kong, Singapore, Thailand, Australia and New Zealand currently offer average dividend yields of about 3% or higher,” he continued.
PIADF has an approved fund size of 1.5 billion units. Its initial issue price is RM0.25 a unit and 1% free units will be given away during the 21-day initial offer period from 3 April 2007 to 23 April 2007. “PIADF is suitable for moderate investors with preference for receiving income while capital growth is secondary,” explained Tan Sri Teh. The minimum initial investment is RM1,000 and the minimum additional investment is RM100.
Interested investors can contact any Public Mutual unit trust consultant or call its Customer Service Hotline at 03-6279 5252 for more details of the fund.
Public Mutual is the largest private unit trust company in Malaysia, and it manages 40 funds for more than 900,000 accountholders. As at 28 February 2007, the total fund size managed by the company was RM17.5 billion.
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