BusinessTimes
PUBLIC Mutual Bhd, a wholly-owned unit of Public Bank Bhd, launched a new Southeast Asia equity fund yesterday, giving investors the opportunity to ride on the growth of the region's market.
The Public South-East Asia Select Fund (PSEASF), which will mainly invest in the region's equity markets, can invest up to 70 per cent of its net asset value in regional markets like Indonesia, the Philippines, Singapore, Thailand, Vietnam and others.
The equity exposure of the fund will be in the range of 75 per cent to 95 per cent of its net asset value.
"The South-East Asian economies have vast growth prospects. The region continues to be driven by strong export performance from its efficient and flexible manufacturing base, while its relatively young population of 573 million people represents a large and rapidly growing consumer market."
Since 2000, the South-East Asian region has forged ahead to expand its nominal gross domestic product at a robust pace of averaging 9 per cent annually," Public Mutual chairman Tan Sri Dr Teh Hong Piow said in a statement yesterday.
According to Teh, the region's real GDP growth is projected to range from 4.5 per cent to 8.4 per cent in 2007/2008, and is confident that consumer spending in the region will grow as the region's residents aspire to achieve a more comfortable lifestyle.
The fund, which Teh said is suitable for aggressive investors, has an issue price of 25 sen a unit during the 21-day initial offer period - that will end on October 22. During the offer period, a special promotional service charge of 5.45 per cent of net asset value per unit is extended to the purchase of units of PSEASF by investors.
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