Fund manager: Al Meezan announces hefty dividends

KARACHI: The meeting of the board of directors of Al Meezen Investment Management was held on Friday, September 21, 2012 to release the financial performance of Meezan Balanced Fund (MBF), Meezan Islamic Fund, Al Meezan Mutual Fund, Meezan Islamic Income Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Protected Fund-II and KSE Meezan Index Fund for the year ended June 30, 2012. The firm announced a cash dividend of Rs1.9 per Rs10 certificate each or 19% for the end of the fiscal 2012. Al Meezan announced a total dividend of Rs228 million as cash dividend in MBF. During the year, MBF earned a net income of Rs254 million on Rs1.5 billion net assets. At present the net assets of the fund were Rs1.7 billion. For the fiscal year 2011-12, the directors had already announced total dividend of Rs3.85 billion in the form of cash and bonus for its family of funds.

Published in The Express Tribune, September 28^th, 2012.