Meezan Funds announces dividend of Rs 3,850 million

KARACHI: Al Meezan Investment Management Ltd (Al Meezan) declared final dividend for its four open end funds Meezan Islamic Fund (MIF), Al Meezan Mutual Fund (AMMF), Meezan Islamic Income Fund (MIIF) and Meezan Capital Protected Fund-II (MCPF-II) for the period ending June 30, 2012 while for KSE Meezan Index Fund (KMIF), no payout was announced. Total amount of final dividends declared worth over Rs 1,247 million. Interim payouts that were made during the year for open-end funds amounted to Rs 2,603 million thus taking the total dividend distribution for all funds to over Rs 3,850 million for the fiscal year 2012. For MIF, Board has approved a stock dividend of Rs 8.25 per unit on the opening NAV of Rs 41.57, thus providing a total return of 19.46 percent to its unit holders.

For AMMF Borad has declared a stock dividend of Rs 2.00 per unit for FY 2012 on the opening NAV of Rs 10.55 as on August 5, 2011, thus providing a full year return of 19.03 percent to its unit holders.

For MIIF Board has declared a final stock dividend of Rs 1.97 per unit. This is in addition to interim dividends of Rs 2 per unit, making a total payout of Rs 3.97 per unit for FY 2012. This translates into a total payout of 7.93 percent on the opening ex-div NAV of Rs 50.06 for the year ended June 30, 2012.

For MCPF-II, Board declared a final stock dividend of Rs 6.25 per unit FY 2012. This translates into a payout of 12.50 percent on the opening ex-div NAV of Rs 50.

For MSF, Board declared a final stock dividend of Rs 1.46 per unit on June 29, 2012. This is in addition to interim dividends of Rs 3.90 per unit, making a total payout of Rs 5.36 per unit for FY 2012.

For MCF, Board declared a final stock dividend of Rs 0.32 per unit on June 22, 2012. This is in addition to interim dividends of Rs 4.75 per unit, making a total payout of Rs 5.07 per unit for FY 2012.

Mohammad Shoaib, CFA, CEO of Al Meezan said Al Meezan has been awarded ‘Best Islamic Asset Management House in Pakistan’ for 2012 by Asset Triple-A Awards, Hong Kong for excellence in the industry. staff report

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