News in brief

BSEC approves Capitec Popular Life Unit Fund

The stock market regulator has approved an open-end mutual fund named Capitec Popular Life Unit Fund.

The primary target of the fund is to generate Tk 25 crore, of which Tk 5 crore will be provided by its sponsor, Popular Life Insurance, while the rest from general investors.

Capitec Asset Management Company is the fund’s asset manager.

Bank Asia bond gets go-ahead

The Bangladesh Securities and Exchange Commission (BSEC) has approved a proposal that sought to issue non-convertible subordinated bonds of Bank Asia worth Tk 500 crore.

The fully redeemable and floating rated bonds will have a tenure of seven years. The offer price of each bond will be Tk 1 crore. The fund raised will be used to strengthen the bank’s tier 2 capital base.