BSEC approves ‘EDGE High Quality Income Fund’

An open-ended fund called ‘EDGE High Quality Income Fund’ received approval from the Bangladesh Securities and Exchange Commission (BSEC).

The initial size of the fund is Tk 25 crore approved by the commission, said BSEC in a statement on Tuesday.

Of the figure, EDGE AMC Limited, the sponsor of the fund, will provide 10 per cent or Tk 2.5 crore and the rest of the fund will remain open for subscription from the general investors.

The unit price of the fund is Tk 10.

Sandhani Life Insurance Compay Ltd will act as the trustee of the fund while Brac Bank will act as the custodian of the fund respectively.

The regulator also approved South Banlga Agriculture and Commerce (SBAC) Bank’s proposal for raising its paid-up capital worth Tk 31.38 crore through disbursing 4 per cent stock dividend for 2020 to its shareholders. The bank also got a nod to pay 4 per cent cash dividend to the shareholders for the same period.

In August, SBAC Bank got listed with the stock exchanges.

In May, the BSEC approved the SBAC Bank’s Tk 100 crore IPO tagging a condition that the bank will not be allowed to declare or approve dividends before listing on the stocks exchanges.