News: It's Public Mutual PIADF again, fund size increased for 3rd time!

Public Mutual Increases Fund Size for Its Public Islamic Asia Dividend Fund For The 3rd Time

KUALA LUMPUR 24 May 2007 – Public Bank’s wholly-owned subsidiary, Public Mutual announced that it has obtained the approval from the Securities Commission (SC) to increase the fund size of Public Islamic Asia Dividend Fund (PIADF) from 3.375 billion units to 5 billion units.
Chief Executive Officer Lam Kam Yin said, “This is the third time the company has increased the fund size of PIADF after it was launched on 3 April 2007. To date, more than RM887.8 million (or more than 3.55 billion units) worth of units of PIADF were sold. The increase in fund size of PIADF by another 1.625 billion units will allow the company to meet strong market demand”.
PIADF is a moderate-risk Islamic equity income fund that seeks to provide income by investing in a portfolio of stocks in domestic and regional markets that complies with Shariah requirements and which offer or have the potential to offer attractive dividend yields. “Up to 70% of the fund’s net asset value (NAV) can be invested in selected foreign markets which include South Korea, China, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand, Australia, New Zealand and other approved markets. The equity exposure of PIADF will generally range from 75% to 90% of its NAV,” he continued.
He added that PIADF is suitable for moderate investors with preference for receiving income while capital growth is secondary.
Public Mutual is the largest private unit trust company in Malaysia, and it currently manages 42 funds for more than 1,000,000 accountholders. As at 21 May 2007, the total NAV of the funds managed by the company was RM20.4 billion.