BusinessTimes
PUBLIC Bank’s wholly-owned subsidiary, Public Mutual will launch its first regional and telecommunications and infrastructure fund, Public Far-East Telco & Infrastructure Fund (PFETIF) on July 8.
The fund will enable investors to participate in the rollout of infrastructure services to meet the growing needs of the Far-East region.
Public Mutual’s chairman, Tan Sri Dr Teh Hong Piow said that investing in regional telecommunications and infrastructure stocks will enable investors to benefit from the resilient prospects of these sectors.
“Based on a CLSA Asia Pacific Markets report - Ramping Up Asia’s Infrastructure Stimulus - Asian countries are expected to spend an estimated US$1.8 trillion on construction of roads, railways, power plants, telecommunications and other infrastructure projects over the five-year period until 2012,” Teh said in a statement in Kuala Lumpur yesterday.
PFETIF is an equity fund that seeks to achieve capital growth over the medium-to-long-term period by investing in securities, mainly equities, in the telecommunications, infrastructure and utilities sector in Far-East markets.
Up to 98 per cent PFETIF’s net asset value (NAV) can be invested in selected foreign markets which include South Korea, China, Japan, Taiwan, Hong Kong, Philippines, Indonesia, Singapore, Thailand and other approved markets.
The equity exposure of PFETIF will generally range from 75 percent to 90 per cent of its NAV.
The offer price of the fund is 25 sen per unit during the 21-day initial offer period from July 8 to July 28.
During the offer period, a special promotional service charge of five percent of NAV per unit is extended to the purchase of units of PFETIF by investors.
Investors who opt for direct debit instruction with the fund during the offer period will also enjoy a special promotional service charge of 5.35 per cent of NAV per unit for as long as the direct debit is active.
The minimum initial investment for the fund is RM1,000 and the minimum additional investment is RM100. — Bernama
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