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PRESS
RELEASE |
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In
a
press
conference
held
at
Bank
of
Beirut
s.a.l.
new
Head
Office,
on
Foch
Street,
Beirut
Central
District,
the
two
Banks
presented
the
new
Fund
to
a
large
number
of
Representatives,
from
the
local
and
international
media. Mr.
Salim
G.
Sfeir,
Chairman
General
Manager
of
Bank
of
Beirut
s.a.l.,
welcomed
the
partners
of
the
Fund
and
the
members
of
the
press.
He
also
reflected
on
the
importance
of
the
event,
in
that,
two
Lebanese
Banks
are,
for
the
first
time,
jointly
launching
an
investment
instrument
geared
toward
the
Lebanese
investors.
Mr.
George
E.
Zard
Abou
Jaoude,
Chairman
General
Manager
of
Lebanese
Canadian
Bank
S.A.L.,
shared
the
same
enthusiasm
and
confidence
of
this
Fund’s
success.
Mr.
Fouad
E.
El
Khoury,
Chairman
General
Manager
of
Midclear
S.A.L.,
reflected
on
Midclear’s
institutional
mission
and
services
and
extended
his
support
for
such
activities,
which
would
enrich
the
development
of
the
Lebanese
Financial
Markets. Michel
E.
Chikhani,
Manager
of
the
Asset
Management
Division
at
Bank
of
Beirut
s.a.l.,
briefed
the
audience
on
the
main
characteristics
of
this
new
Fund
and
responded
to
queries
and
questions. Beirut
Income
Fund
–
LBP
is
an
open-ended
Lebanese
investment
vehicle
for
a
limited
duration
of
five
years.
Shares
are
nominative.
The
Founder
of
the
Fund
is
Lebanese
Canadian
Bank
S.A.L.
The
Manager
and
Fiduciary
Agent
is
Bank
of
Beirut
s.a.l.
Midclear
S.A.L.
acts
as
Custodian
and
Administrative
Agent
for
this
Fund. The
Fund
is
denominated
in
the
Lebanese
Pound.
Investments
are
made
mainly
in
Lebanese
Treasury
Bills.
The
Fund
is
expected
to
out-perform
the
Lebanese
Treasury
Market
through
arbitrage
operations,
by
utilizing
the
limited
leverage
authorized
by
the
Central
Bank
of
Lebanon. The
objective
of
Beirut
Income
Fund
–
LBP
is
the
realization
of
steady
and
superior
performance,
with
a
targeted
return
exceeding
regular
deposits. The Fund offers the investor the following advantages:
The
initial
build-up
period
of
the
Fund
shall
close
on
November
29th,
2001,
and
the
minimum
subscription
is
one
share.
During
this
period,
the
share
price
is
LBP
10,000,000. Subscriptions / redemptions following the initial build-up period will be calculated on the basis of the Net Asset Value (NAV). The Net Asset Value will be calculated daily by the Custodian and Administrative Agent of the Fund, Midclear S.A.L., in conformity with the current Central Bank of Lebanon regulations. The shareholders’ register will be held by Bank of Beirut s.a.l. acting as Placement Agent. The Auditor of the Fund will be Deloitte and Touche. |
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Beirut s.a.l.
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