"Investors applied for more than Tk 57 crore against an offer of Tk 7 crore," said Md Fayekuzzaman, chairman of ICB Asset Management Company Ltd, at a press briefing in Dhaka yesterday.

Of the Tk 10 crore total mutual fund, Tk 3 crore went to pre-IPO placement and shares worth Tk 7 crore were offered for the general investors. Of Tk 57 crore worth application for shares, non-resident Bangladeshis deposited Tk 13 crore.

Islamic Mutual Fund is the second such fund the ICB AMCL floated. Now, the company is managing 1st ICB AMCL Mutual Fund.

Meanwhile, the Investment Corporation of Bangladesh (ICB) declared 10 percent dividends for the FY 2003-2004 out of its net profit of Tk 16.66 crore.

ICB Managing Director Ziaul Haque Khondker made the declaration at a press conference in Dhaka yesterday.

The shareholders approved the dividend package at the 28th annual general meeting of the ICB yesterday, presided over by Chairman M Hasinur Rahman .

At the meeting, the shareholders discussed at length various aspects of the annual report and audited accounts as well as the activities of the investment corporation during 2003-2004. They also made observations on the audited accounts of ICB subsidiaries.

The net profit earned in 2003-2004 is 56 percent higher than that of previous year. The corporation had earlier declared handsome dividends on its Eight Mutual Funds and on the Unit Fund, the highest being 200 percent on the first Mutual Fund, the ICB management said.

During the past year, the corporation committed a net financial assistance of Tk 45.51 crore to 17 projects in the form of pre-IPO placement, lease financing, equity participation, investment in bonds and purchase of preference shares and debentures.

The corporation recovered an amount of Tk 113.81 crore from margin and project loans during the year, which is 68 percent higher than that of previous year.

It has offered a wide range of financial relief or benefit to those investment accounts which suffered badly due to abnormal market fluctuations in 1996.

A large number of investment accountholders availed these facilities and rehabilitated or restructured their accounts for fresh participation in the securities market. Under this scheme, up to June 30, 2004, the ICB has waived interest amounting to Tk 31.78 crore against 12,814 investment accounts.

Under the investors' scheme, during 2003-2004, an amount of Tk 27.31 crore was received as margin deposit, Tk 58.73 crore was disbursed as margin loan and Tk 62.91 crore invested in listed securities, resulting in a total investment of Tk 642.56 crore up to June 30, 2004 on behalf of investment account holders.

"Portfolio position of each of the ICB, Mutual Funds and Unit Fund strengthened considerably during the year," the announcement said.