PHP First Mutual Fund to transfer 10.26% stake

PHP Power Generation Plant Ltd, the sponsor of PHP First Mutual Fund, has given its consent to transfer a 10.26 per cent stake of the mutual fund to PHP NOF Continuous Galvanizing Mills Limited.

The transfer cannot be carried out as a gift and it is subject to the approvals from the relevant court and the securities regulator BSEC, according to a filing posted on the Dhaka Stock Exchange (DSE) website on Thursday.

Besides, the transfer is also subject to the terms of a supplemental agreement between the new sponsor and the asset management company, a supplementary trust deed between the new sponsor and the trustee, as well as other applicable laws.

Once all approvals are obtained, the transfer process of the mutual fund’s 2.8 crore units must get completed in 30 working days from the issuance date by the DSE. PHP First Mutual Fund, which got listed in 2010, has a paid-up capital of Tk 281.8 crore and a total number of outstanding securities of 28 crore.