NAMAL Acuity Value Fund oversubscribed

Charumini DE SILVA

National Asset Management Limited (NAMAL) has informed the Colombo Stock Exchange (CSE), that the Initial Public Offering (IPO) of the NAMAL Acuity Value Fund to the value of Rs. 1 billion was oversubscribed on the opening date of the IPO.

"We are exercising the oversubscription option to issue up to a further 10 million units to enable outstation based applicants to send in their applications on time and we shall keep the offer open until 4.30 p.m. today," said CEO National Asset Management Limited (NAMAL) S. Jeyavarman. It is an ideal opportunity invest in the CSE since their investments are being managed by NAMAL. As the majority of the investors are neither experts nor do they have much time to attend to their shares in the stock market, investing in a fund managed company is a great opportunity, he said.

"People should seize the opportunity that has been offered. The public should use the methods to invest in shares and we hope that this system will be popular among the public", Jeyavarman said.

He said this would facilitate listed companies to raise funds for their projects as the companies will have more investors to fund. The capital market share will improve too since it is a long-term investment and eventually it will develop the country's economy.