Clause 5.4 (g) of the offering document of the Meezan Islamic Fund provides that if the variation of the net asset value (NAV) at any time exceeds 2 percent of the NAV, the management company shall suspend any issuance and redemption of units and shall calculate forthwith a new offer and redemption price. The company had announced the offer and redemption prices applicable for May 2, 2005 as Rs76.31 and Rs74.78, respectively. On May 2, 2005, however, the NAV depreciated by more than 2 percent as compared to the previous day's NAV.
Accordingly, the company, hereby, suspends any issuance and redemption of units as on May 2, 2005. The new offer price applicable to funds realised on May 2, 2005 is Rs74.41 per unit and the new redemption price applicable on redemptions received on May 2, 2005 is Rs72.92 per unit.-PR
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