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Tuesday, 4 September 2007

Public Bank Berhad's first syariah regional fund

PETALING JAYA: Public Bank Bhd will tomorrow launch its first syariah-compliant regional sector fund , the PB Islamic Asia Strategic Sector Fund. A minimum of 50% and up to 90% of the fund's net asset value (NAV) could be invested in selected regional markets, including Japan, South Korea, China, Taiwan, Hong Kong, India, Philippines, Indonesia, Singapore, Thailand, Australia and New Zealand. Chairman Tan Sri Teh Hong Piow said the new fund's equity exposure would be in the range of 75% to 90% of its NAV. “At any one time the fund would be invested in three to six of the most promising market sectors, which include basic materials, communications, consumer goods, industrial and technology,” Teh said in a statement. The new fund will be managed by Public Bank's wholly owned subsidiary, Public Mutual Bhd. The issue price of the fund is 25 sen per unit during the 21-day offer period ending Sept 26. The minimum initial investment is RM1,000 with a minimum additional investment of RM100. The new fund was suitable for investors with an aggressive risk-reward temperament, said the statement. - (TS, 4 Sep 07)

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