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| Wednesday, 4 August 2004 |
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Namal Income Fund declares dividend for first half National Asset Management Limited (NAMAL), declared a dividend of Rs 0.35 per unit to the unit holders of NAMAL Income Fund (NIF), for the first six months ended June 30, 2004. "Long term investors in NIF received 12.75 percent annualised return with their dividend reinvestment" a press release from NAMAL stated. As an income fund invests only in fixed income securities the return generated by the Fund shown in this period is in line with interest rates prevailed in the short term securities and money market. The yield on 12 months treasury bill improved from 7.24% in December 2003 to 7.75% in June 2004. Currently, in an increasing interest rate environment, NIF is well positioned to improve the yield to investors with higher level of liquidity. NIF had a liquidity of 90 percent in overnight repos and is positioned well to take advantage of a rising interest rate environment. This dividend of Rs 0.35 per unit is lower compared to the dividend of Rs 0.54 per unit paid in the same period last year. We believe the investors received a return better than similar form of return products in the market, said S. Jeyavarman CEO of NAMAL. NAMAL continuously monitors macro economic development in the country and resulting changes in the financial market to take best possible advantage for the investors in the fund, he said added. The dividend paid by NAMAL Income Fund is tax free in the hands of investors corporate and individuals. NAMAL Income Fund was launched in 1998 to create an investment option to investors to diversify into fixed income securities comprising government and corporate instruments, and to receive a market driven half yearly return. Accordingly, NIF has been distributing income in the form of dividends every six months in January and July. Investors have the choice to receive cash dividends or reinvest them in the same fund or other funds managed by NAMAL. We have been focussed to provide investment advice and host of other services to keep our investors satisfied, Jeyavarman said. NAMAL is the pioneer licensed Unit Trust Manager in Sri Lanka and manages National Equity Fund and NAMAL Growth Fund and NAMAL Income Fund to provide a choice of investment and saving opportunities to investors. |
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