Sri Lanka pioneer closed-end fund raises Rs1.0bn

L to R: Samantha Ranatunga, Chairman, HVA Foods PLC; Jan Müggenburg, Chief Executive Officer, Müggenburg Group; Graham Stork, Chief Executive Officer, HVA Foods PLC; Sarva Ameresekere, Group Chairman, George Steuart & Co. Ltd.

Sep 16, 2009 (LBO) - Sri Lanka's first listed closed-ended fund, NAMAL Acuity Fund had been oversubscribed on the opening day and managers said an option to issue additional units will be exercised.
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Its managers said Wednesday it will issue 10 million units to raise 500 million rupees.
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The firm was planning to issue 10 million shares with an option to issue a further 10 million shares.
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The firm said subscriptions will be kept open till 4.30 pm on September 17. The fund is promoted by National Asset Management, a pioneer in open ended mutual funds in Sri Lanka and Acuity Partners, an investment bank.

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Corrected - total is

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