Conversion: Al Meezan becomes open-end fund

KARACHI: Al Meezan Mutual Fund – the closed-end equity fund managed by Al Meezan Investment Management since 1995 – has been converted into an open-end equity fund with effect from August 5, says a press release.

In this regard, Al Meezan Investment said all regulatory and statutory formalities of the conversion process have been completed. On the basis of swap ratio of 1:1, the holders of closed-end fund would receive one unit of open-end fund in lieu of one unit held of the closed-end entity. Separately, the board of directors of Al Meezan Mutual Fund, in a meeting held the other day, approved financial results for fiscal year ended June 30, 2011 and declared a final cash dividend of 16% ie Rs1.6 per share of Rs10 each.

Published in The Express Tribune, August 6^th, 2011.