Equity-laced fund gets SEC permit
MANILA, Philippines—The Securities and Exchange Commission has approved the registration of a new equity-laced fund, Soldivo Strategic Growth Fund Inc., led by property consulting veteran David Leechiu.
Soldivo has an authorized capital stock of P500 million and a net asset value per share of P0.9682 based on its end-2013 financial statements.
With the approval from the SEC, Soldivo is allowed to operate as an investment company and offer shares to the public for a minimum investment of P5,000 and increments of P1,000 thereafter.
The fund was set up by Kaiser International Healthgroup Inc., which holds 80-percent ownership, and investment management group Rampver Financials and Insurance Agency Inc., which owns 20 percent and also act as the investment manager of the fund.
Soldivo is chaired by Leechiu, a property consulting veteran, an international director at Jones Lang La Salle and also the head of the Philippine unit. The seven-member board includes Richard Kho, Jose Emmanuel Jalandoni, registered financial planners Randell Tiongson and Henry Ong, Tranquil Salvador and Elizabeth Ison.
Based on its regulatory filing, all investment income derived by the fund will be distributed proportionately among the shareholders. Dividends may be declared from the surplus profits of the company.
On the portfolio mix, Soldivo is seen investing mostly in securities listed on the primary board of the Philippine Stock Exchange. It may also invest in companies listed on the secondary board but this may not exceed 20 percent of its assets.
The fund may also invest in SEC-registered debt paper or other certificates of indebtedness whose issuers have been determined as financially sound and approved by its investment committee. The fund can also trade in medium- to long-term government securities.
At least 10 percent of the fund’s assets must be allocated to short-term government securities, bonds or other evidence of indebtedness issued by the Philippine government or any of its instrumentalities and savings or time deposits with commercial banks.—Doris C. Dumlao
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