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National Asset Management Company Limited’s notice to certificate holders of Namco balanced fund

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Karachi, May 08, 2013 (PPI-OT): Pursuant to the listing regulations, we are pleased to enclose herewith draft of the Notice for the circulation among the certificate holders of NAMCO Balanced Fund prior dispatch to Certificate Holders.

Please acknowledge the receipt of the documents.

(Draft)

Letter Dated: May 07, 2013

Notice to certificate holders of Namco Balance Fund

Conversion of Namco Balanced Fund into an Open-End Scheme

We are pleased to notify you that the Securities and Exchange Commission of Pakistan, after considering application in light of the notices of the EOGM, resolutions passed by the certificate holders and minutes of the EOGM of Namco Balanced Fund (NBF) held on January 31, 2013, has approved the conversion of NBF (a closed end fund) into an Open-End Scheme in terms of Regulation 65(4) of the NBFCs and NEs Regulations, 2008, subject to the following conditions:

1. The effective date for the conversion of NBF into open end scheme shall be not later than July 01, 2013.

2. Conversion cost shall be charged to NBF immediately on the effective date and shall not be amortized.

3. All the deposited property, assets and liabilities along with allied balances of NBF shall remain intact in the open end structure.

4. The Asset Management Company (AMC) shall submit constitutive documents of NBF for the approval of Commission and comply with all other relevant regulations before announcement of Book Closure date for the purpose of effective date for conversion.

5. The AMC shall charge the following level of back end load from the certificate holders who opt for redemption after effective date and such load shall form part of trust property of NBF.


Sr. No.                   Redemption Period                                      Rate of back end load

  1.       Within twelve months from the effective date of conversion                   15.00%
  2.       After twelve month from the effective date of conversion                        Nil

It is further to inform you that AMC has initiated the documentation process which will hopefully be completed within stipulated time.

For more information, contact:
Muhammad Faraz
Chief Financial Officer
National Asset Management Company Limited
19-C, Sunset Lane 6, South Park Avenue,
Phase II Ext., D.H.A., Karachi-75500, Pakistan
Ph: +92-21-35312416-19
Fax: +92-21-35395924
Web: www.namco.com.pk

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