News hotlines: 08111813019, 08025868561
Email: firstname.lastname@example.org, email@example.com
Stanbic IBTC Asset Management Limited, on Tuesday, listed US$5,000,000.00 of the Stanbic IBTC Dollar Fund on the floor of the Nigerian Stock Exchange (NSE).
Business Hilights gathered that the listing followed a successful Initial Public Offer (IPO) of 5,000,000 Units of US$1 each at par in the Fund.
Speaking at the Closing Gong ceremony to mark the listing of the fund on the Exchange, Mrs. Ifeamo Esiri, Acting Chairman, Stanbic IBTC Asset Management, noted that “the Stanbic IBTC Dollar Fund will aid diversification of portfolios and investments in currency terms, which in turn would help in the preservation and appreciation of wealth for investors”.
“The fund seeks to provide investors with an avenue to gain exposure to US dollar denominated securities whilst ensuring dollar cash flows and optimization of returns. We are therefore happy to list this fund on the NSE to provide more visibility and credibility for the Fund to both local and foreign investors alike, which aligns with of the goals of the Exchange to deepen the Nigerian capital market”.
The Stanbic IBTC Dollar Fund is an open-ended unit trust scheme that will invest in US dollar denominated securities domiciled in Nigeria. The fund seeks to provide investors with bias for dollar denominated securities access to such securities which ordinarily would be inaccessible to them by virtue of the minimum amount required to make such investments. It also provides portfolio managers access to diversify their income stream and portfolio whilst providing for long term capital appreciation.
Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.