HBL Asset Management Ltd in its board meeting held on February 24, 2017 has decided to proceed with the conversion PICIC Investment Fund (PIF) and PICIC Growth Fund (PGF) into Open End Schemes. This was notified in a notice sent to the Pakistan Stock Exchange (PSX) today. The decision was taken in compliance with condition imposed by the Securities Exchange Commission of Pakistan (SECP) for the merger of the erstwhile PICIC Asset Management Company Limited (PICIC-AMCL) with and into HBL Asset Management Limited. It has also been notified that two separate conversion plans will be drafted for PIF and PGF.
Upon passing the resolution, a separate application for the approval of the conversion of PIF and PGF will be submitted to the SECP and all legal and corporate and procedural formalities will be fulfilled.
The conversion will require revamping of the Trust Deed of PIF by a Restated Trust Deed to be approved by the Commission.The Restated Trust will contain all the requisite terms and conditions applicable to the conversion. Thereafter, an Offering document will be prepared to meet the requirements of an Open End Scheme under the NBFC Regulations.The offering document also needs the approval of the Commission.
Upon conversion, PIF will be de-listed from Pakistan Stock Exchange and all issuance and redemption of Units shall be made on Net Asset Value (NAV) basis by direct submissions of applications for purchase of Units and applications for redemption of Units to HBL AML and its distributors in accordance with the terms contained in the Offering Document to be prepared and published by HBL AML.
Upon conversion, the Open End Scheme will be called HBL Investment Fund.
