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Business News of Saturday, 22 November 2008

Source: GNA

Anidaso Mutual Fund increases Assets

Kumasi, Nov. 22, GNA - Total net assets of Anidaso Mutual Fund grew from GH¢179,566 in 2006 to GH¢297,254 in 2007, representing 65.5 per cent increase.

The Fund's share price on the Ghana Stock Exchange (GSE) also appreciated by 32.7 percent in 2007 as against 11.7 percent in 2006. Mr. Albert Kweigyah, Equity's Research Officer of the New Generation Investment Limited Managers of the Anidaso Mutual Fund, made these known at the second Annual General Meeting of stakeholders of the Fund in Kumasi on Friday.

He said the Fund had invested in thirteen companies in Ghana which listed on the GSE, adding that, the top five leading establishments were the Ghana Commercial Bank (GCB), SG-SSB, Enterprise Insurance Company (EIC), Uniliver and Guinness Ghana Breweries Limited.

Mr. Kweigyah said that the Fund targeted to increase its liquidity from GH¢300,000 to at least GH¢800,000 with a projected year to date gain of 40 per cent by December 31, 2008, adding that as of October 31, 2008, the net assets value stood at GH¢680,301.83 with a year to date gain of 36.17 percent.

He said that the Fund's share price now stood at GH¢0.2005 with a year to date gain of 32.34 per cent, and that "it is important to note that all signs favour the achievement of the year's target of 40 per cent."

He commended staff of New Generation Investment Service Limited for excellent customer service and praised shareholders for releasing their moneys to Anidaso Mutual Fund to manage. He called on new Board members of the Fund to work hard so that it could create more wealth. Right Reverend Daniel Yinkah Sarfo, Board Chairman, commended the staff of the Fund for the dedicated work, which had helped increased its assets within a short period. 22 Nov. 08

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