Golden Arrow requests extension in effective date for conversion into an Open End Scheme

MG News | June 27, 2019 at 10:44 AM GMT+05:00

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June 27, 2019 (MLN): Golden Arrow Selected Stocks Fund Limited has requested Securities and Exchange Commission of Pakistan (SECP) to extend the effective date for its conversion into an Open End Scheme, from July 1, 2019 to October 1, 2019.

A notice sent out by the Company on Thursday stated that the effective date for conversion of GASSFL into an Open End Scheme was supposed to be not later than July 1, 2019. However, due to time involved in finalization and execution of the Trust Deed and other formalities required to be fulfilled, including preparation of Offering Document (which is currently under Trustee’s review), it will not be possible to complete the conversion process by July 1, 2019.

“The company has requested SECP to extend the effective date of conversion from July 1, 2019 to October 1, 2019, in the public interest while providing the Management Company of the Fund to amicably ensure seamless transition into an Open-end Collective Investment Scheme” the notice said.

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