Pak Oman Asset Management Company Limited has announced the result of the IPO (initial public offering) of its first fund, Pak Oman Advantage Fund (POAF), which received subscriptions of Rs 259.885 million, against the IPO size of Rs 250 million.
The IPO was held from May 8 to 9, 2007 and the pro rata date is scheduled for May 18, 2007 by the Transfer Agent, THK Associates (Private) Limited. The pre-IPO of POAF was closed on April 13, 2007 and amounted to Rs 750 million.
POAF is a closed-end fund of Rs 1.0 billion, which will invest in high quality debt instruments. At least 75 percent of the fund will be invested in Tier-2 TFCs issued by commercial banks.
While the remaining 25 percent will be invested in other (non-bank) corporate TFCs (instruments with minimum investment grade rating), bank placements, reverse repurchase transactions (government or investment grade corporate bonds) and CFS. The fund has a life of 8 years and stability rating of 'AA-' by JCR-VIS.-PR
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