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GTB Asset's N1bn Offer Opens Oct

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GTB Asset's N1bn Offer Opens Oct

By Festus Akanbi , 09.14.2010 

The planned initial public offering (IPO) of a one billion units of N1 each by Asset Management Limited opens October 11. The offer got a fillip yesterday in Lagos as all the parties to the IPO formally signed the documents.The offer, which is christened “GTB Balanced Fund”, seeks long-term growth, consistent with preservation of capital and balanced by current income.

The prospectus to the offer described GTB Balanced Fund as an opened ended collective investment scheme. "One miilion units are being offered for subscription at the initial public offering of the fund. Upon the successful completion of the offer, the net proceeds will be held in trust for the beneficial interest of the unit holders and will constitute the fund,"the prospectus said.

The Chairman, GTB Asset Management,  Mr. Egbert Imomoh explained that the Fund will invest in a selection of growth and income assets comprising Nigerian equities, real estate-related assets, investment grade fixed income securities and cash/money market investments.

The offer is billed to close on November 17, this year.

Source: Thisday

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