Vanguard AML Rupali Bank Balanced Fund will seek unitholders’ approval to convert from a closed-end fund into an open-end fund, with the fund manager calling a Special General Meeting (SGM) on 26 October.
The fund’s asset manager, Vanguard Asset Management Limited, said trading of the fund’s units will be suspended from 4 October, two days earlier than the previously announced date of 7 October.
The suspension will begin on the Record Date and remain in place until further notice or until the fund communicates otherwise, according to a disclosure issued on Thursday.
The SGM will be held at 11:00am at RAOWA Convention Hall to consider the proposed conversion.
The proposal was submitted by Vanguard Asset Management after receiving approval from the Bangladesh Securities and Exchange Commission (BSEC).
The trustee committee of the fund later notified the SGM to obtain approval from unitholders for the conversion plan.
A closed-end fund’s units are traded on stock exchanges, while an open-end fund allows investors to buy and redeem units through the fund manager based on the fund’s net asset value.
The asset manager said the change in the trading suspension date was the only update to the SGM notice, while all other information remained unchanged.
