News From : DagangHalal.com (04 Jun 2009)
CIMB-Principal Asset Management Bhd’s new fund, CIMB Islamic Greater China Equity Fund, will tap high-growth sectors in China which will benefit from the economic powerhouse’s stimulus package.
Its chief executive officer, J. Campbell Tupling, said as investors are keen to invest in China for potential higher gains, the company wants to offer the opportunity for a different type of investment.
“Our focus will be on a broad range of investors looking at long-term investments.
“As China is in the midst of recovery boosted by its US$585 billion stimulus packages, this is an opportunity for investors to participate in the market,” he told reporters after the launch of the fund today.
Meanwhile, its chief investment officer, Raymond Tang, said there is vast potential to be tapped, especially in infrastructure, as 60 per cent of China’s stimulus packages goes to this sector.
He said the surge in liquidity would continue to support the stock market.
“The fund will invest in mid- to large-capitalised companies trading at attractive valuation as well as growth stocks,” he said.
The open-ended fund, which has an approved size of 600 million units, will invest up to 98 per cent of its net asset value in syariah-compliant equities and syariah-compliant equity-related securities of companies based in China, with the remaining in syariah-compliant liquid assets.
The initial offer price is 25 sen per unit and the minimum initial investment is RM1,000. — Bernama
Source:Business Times