Syed Abid Raza, chief executive, Picic Asset Management Company Limited, revealed it while talking to the daily Business Recorder in his office on Thursday. "The investors have shown considerable interest in the fund, as it is a company that is already a leader among the investment companies," he remarked.
He said: "The Picic Investment Company approached a total of 300 individuals, financial institutions, corporate, brokers and foreigners, including non-resident Pakistanis." The response came from 113 that had 65 investors from the individual group, 12 financial institutions, eight from corporate sector, 19 from brokers and nine from foreigners, including non-resident Pakistanis.
"The positive response from them shows the trusts the people have in its new funding venture."
The energy fund (EF) would be the third such fund issued by the company in its visionary approach to the funds management. The previous funds were Picic Investment Fund (PIF) and Picic Growth Fund (PGF).
The energy fund would be used to invigorate the energy sector in the country. The fund would cover the areas of power generation and distribution, refineries, oil and gas exploration and marketing. It is predicted that Pakistan economy would continue to grow and the energy sector would be the backbone of this growth.
The phenomenal success PIF and PGF (as shown by the first quarter 2006 Closed - End Funds Performance) has buoyed the Picic Investment Company Limited. It has become the best invest company in the market. PGF has a Net Asset Value of Rs 8496 million and Rs 9937 million with a change of 16.96 percent. PIF has Rs 5313 million and Rs 6058 million Net Asset Value with a change of 14.01 percent. The nearest rival to the company is Al-Meezan Mutual that has a Net Asset Value of Rs 1,370 million and Rs 1,548 million with a change of 13.00 percent.
Picic Asset Management Company Limited has an authorised capital of Rs 5 billion and a paid-up capital of Rs 3 billion. It is wholly-owned subsidiary of Pakistan Industrial Credit & Investment Corporation Limited (Picic).
The PIF had declared interim cash dividend @ 10 percent that had resulted in total cash payment of Rs 284 million for the first quarter ended September 30, 2005.
The PGF had declared interim cash dividend @ 15 percent and interim bonus @ 20 percent that had resulted in a total payment of Rs 551 million for the first quarter ended September, 30, 2005.