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The Namal Optima Fund will be opened on September 24 with its attractive offers of capital and income guarantee with tax benefits. The upside potential for higher returns is also available to investors. This fund offers three schemes from which investors could choose the scheme most suitable to them, a company spokesman said.

Guaranteed by the DFCC and Namal, the Optima Fund opens on September 24 and will close on September 28.

This fund which opens on the eve of Namal's 10th anniversary is yet another pioneering product from Namal to the investing public to meet their requirements to earn a higher income, combined with tax benefits on the income, the spokesman said.

"This fund will therefore provide downside protection on guaranteed schemes, together with tax effective returns, a unique feature indeed from the fixed income market," he said.

Under the first scheme which is guaranteed by the DFCC, the amount offered to the public is limited to Rs. 750 million. The DFCC provides a guarantee on capital investment and simple interest at 13% per annum to investors who will remain within the scheme until March 2003, while those who remain within the fund for over one year would realise gains that would be entirely tax free.

Two more schemes are available as part of the Optima Fund - one which is guaranteed by Namal and is limited to Rs. 250 million and the other without any guarantee. All schemes give investors the same tax advantage, provided they remain within the scheme for over one-year.

At a time when individuals pay as much as 35% tax, quoted companies 37% and unquoted companies 42%, with surcharge on their investment incomes, Namal's Optima Fund is bound to be a winner, the spokesman said.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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