The much-talked-about ‘Bangladesh Fund’ entered the stockmarket formally on Thursday by purchasing shares of the state-run Titas Gas.
The Securities and Exchange Commission (SEC), a day ago, approved the registration of Tk 5,000 crore fund.
Eight state-owned financial institutions will sponsor Tk 1,500 crore, while the rest of the fund will be raised from institutions and individuals.
The eight institutions are: Investment Corporation of Bangladesh (ICB), Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Development Bank, Sadharan Bima Corporation and Jibon Bima Corporation.
ICB Asset Management Company Ltd is the manager of the fund, while ICB Capital Management Company Ltd is the custodian.
Earlier on April 18, the SEC approved a trust deed and investment management agreements on the fund designed to prop up the volatile stockmarket.
Courtesy of The Daily Star