CEAT woos investors, shareholders via improved returns
The Managing Director, CEAT, Babatunde Tinubu, said this during the second general meeting of CEAT, while presenting its IFRS reports and financial statements for the year ended 30 June, 2017 in Lagos.
“As you must be aware, Capital Express Asset and Trust took over the management of the fund in 2016 and have strived to meet the objective of the fund, which is “to provide the investors and/or their beneficiaries with consistent income as well as an attractive total return in the medium to long term period,” he said.
Tinubu disclosed that the fund made 19 kobo and 20 kobo per unit holding in the 2018 and 2017 years respectively, a consistent net approximate return of 13 per cent for both years.
The fund, he added, had also ensured consistent yearly dividend payment by paying 15 kobo for year 2016 ‘the year of takeover’ and 5 kobo distribution for year 2017 in line with the consistent income objective.
During the meeting, a 5 kobo distribution was also tabled for approval for the year 2018.
“I can strongly assure you of the distribution of dividend to Unit-holders for the 2019 year sometime in October this year as already reflected in the performance of the Fund for the year,” he said.
The company, which was formerly BGL Sapphire Fund, is an actively managed open-ended collective fund, whose main objective is to provide investors with consistent income as well as an attractive total return in the medium to long term through investment in a variety of fixed income securities.
The Sapphire Fund was launched in October 2010, registered with the Securities and Exchange Commission of Nigeria and commenced investment activities in April 2011 under the management of BGL Asset Management Limited.
The fund’s management was subsequently transferred to Capital Express Asset and Trust Limited in February 2016.
United Capital Trustees Limited is a trustee to the Fund and UBA Plc (Global Investor Services) is custodian.
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