Ceylon Asset Management, Deutsche Bank tie-up: Ceylon Tourism Fund unveiled
It is the first ever tourism sector fund, structured as an open-ended, equity fund that lets investors invest and exit at any time.
The Fund will distribute tax-free income from profits on an annual basis. It captures over 70 percent market capitalization of the hotel and tourism sector of the CSE, including both Colombo hotels as well as resorts a company, a media release said.
On July 28, 2010 the Units will be offered at the IPO price of Rs 10 with a minimum investment of Rs. 10,000. Deutsche Bank, is the Trustee and Custodian of the fund.
The Ceylon Tourism Fund is licensed by the Securities and Exchange Commission of Sri Lanka.
The Ceylon Tourism Fund invests in ten key companies in the hotels and travel sector. The companies are Aitken Spence Hotels, John Keells Hotels, Asian Hotel and Properties, Taj Lanka Hotels, Ceylon Hotels Corporation, Hotel Services (Ceylon), Royal Palm Beach Hotels, Amaya Leisure (former Connaisance), Light House Hotel (managed by Jetwing) and the Fortress Resort PLC.
The Top 10 tourism companies posses the management skills, service standards, marketing relationships and the capital to leverage profits and expand market share in the near term.
Ceylon Asset Management has a ten-year track record in index fund management to offer stock market returns without speculative or trading risks. CAM also manages two other funds namely the Ceylon Index Fund and the Ceylon Income Fund.
CAM is an associate company of Sri Lanka Insurance Corporation.
source - www.dailynews.lk
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