The IPO ran from March 1 through 31 this year, attracting 593bn/- and has now graduated from primary to secondary market this Monday since it was closed two weeks ago.
UTT acting Chief Operating Officer Asset Management and Investors Services Rashid Mchatta said the amount was a good sign that the market receives the LF well. “We had set the target of the amount to collect,” Mr Mchatta said, adding: “We were looking for idle funds that are looking for short term investment.”
The information posted at the UTT website shows that the sale and repurchase price remains unchanged. The sale per unit was 100/- while repurchase price per unit was also 100/- as per closing day of IPO.
Tanzania Securities Chief Executive Officer Mr Moremi Marwa told the ‘Daily News’ that they received little calls for the fund during IPOs but they expect to capitalise on secondary market.
The LF is a short-term open-ended investment vehicle to the market, attracting neither entry nor exit fees. The fund, according to UTT, targets potential investors with idle funds.
The LF is a short-term open-ended investment vehicle to the market, attracting neither entry nor exit fees. The fund, according to UTT, targets potential investors with idle funds.
Speaking of the Liquid Fund, Zan Securities Chief Executive Officer Mr Raphael Masumbuko said the fund caters for a certain segment of liquid investors without a short-term investment window.
“Yes. Investors of open-ended schemes can cash in their units on any business day and receive the current market value on their investments within a short period,” he said. According to UTT, the product initial investment is 5m/- and the unit value is 100/-during the offer period.
The yield rates are benchmarked at the 35 day Treasury bill rates. The fund matures in less than one year.
Source: The Daily News, www.dailynews.co.tz, reported by Abduel Elinaza in Dar es Salaam
“Yes. Investors of open-ended schemes can cash in their units on any business day and receive the current market value on their investments within a short period,” he said. According to UTT, the product initial investment is 5m/- and the unit value is 100/-during the offer period.
The yield rates are benchmarked at the 35 day Treasury bill rates. The fund matures in less than one year.
Source: The Daily News, www.dailynews.co.tz, reported by Abduel Elinaza in Dar es Salaam
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