Unit-holders of Vanguard AML Rupali Bank Balanced Fund have rejected a proposal to convert the closed-end mutual fund into an open-end fund, putting it on course for liquidation at maturity.
At a special general meeting in Dhaka on Monday, 92.95 per cent of the unit-holders present voted against the conversion, according to a statement from Investment Corporation of Bangladesh, the trustee of the fund.
The vote means the fund’s winding-up at maturity has been approved by unit-holders under Rule 64 of the Bangladesh Securities and Exchange Commission (Mutual Fund) Rules, 2001.
Investment Corporation of Bangladesh acts as trustee and custodian of the fund, while Vanguard Asset Management Limited manages it.
The fund trades under the code VAMLRBBF, with scrip code 12198.
Trading in the fund will continue on the stock exchanges from 27 October through 9 November, the statement said.
The special general meeting was held at the RAOWA Convention Hall in Mohakhali DOHS.
The proposal before investors was whether the fund should continue beyond its existing term by converting from a closed-end structure to an open-end one. The vote rejected that option, leaving expiry and liquidation as the approved course.
