The sponsor will sell the units from its 1.2 crore-unit holding at the prevailing market price through the Dhaka Stock Exchange.
Phoenix Finance and Investments Ltd, sponsor of Phoenix Finance 1st Mutual Fund, plans to sell 20 lakh units of the closed-end fund after its unit price surged 263% in recent months.
The sponsor will sell the units from its 1.2 crore-unit holding at the prevailing market price through the Dhaka Stock Exchange by tomorrow (28 September), according to a disclosure.
The fund’s unit price rose to Tk18.50 on 22 September from Tk5.10 on 8 April, before undergoing some correction. Following the announcement, the price fell 3.89% on Monday to close at Tk17.30.
At the latest market price, the planned sale would be worth around Tk3.46 crore. Phoenix Finance had earlier sold 10 lakh units of the fund in the last week of April, according to market data.
The planned sell-off comes despite weak fundamentals and the fund’s decision to pay no dividend for the financial year ended 30 June 2026.
In August, the trustee committee declared no dividend for FY26. The fund reported earnings per unit (EPU) of Tk1.64, compared with a loss of Tk0.17 a year earlier. Its net asset value (NAV) per unit stood at Tk8.84 at market price and Tk12.13 at cost.
Net operating cash flow per unit (NOCFPU) remained negative at Tk0.47 in FY26, compared with negative Tk0.06 in FY25.
ICB Asset Management PLC is the fund’s asset manager, while Investment Corporation of Bangladesh (ICB) serves as its trustee and custodian.
Source: The Business Standard
Read More at: csslbd.net
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