SIGS1 starts distributing 15% cash dividend from today

ShareSansar, September 29:

Siddhartha Investment Growth Scheme-1, a closed-end 5 years mutual fund scheme managed by Siddhartha Capital Limited, has started distributing 15 percent cash dividend to its unit holders for the last fiscal year 2070/71.

The unit holders of SIGS1 can directly approach Siddhartha Capital Limited at Siddhartha Insurance Bhawan, Babarmahal, Kathmandu to collect the dividend which is being distributed between 10:00 AM and 3:00 PM, according to a notice published by the company today.

Siddhartha Capital has urged the unit holders to bring their authentic ID cards along with them while coming to collect the dividend.

A meeting of Board of Directors of Siddhartha Capital had taken the decision to this effect on September, according to its Chief Executive Officer Dhurva Timilsina.

“We could have actually pledged up to 20 percent cash dividend, but it is prudent to keep some of the distributable profit in reserve so that we can pledge attractive dividend for this year, too,” he said, adding that they have kept aside 5 percent dividend for the current fiscal year.

SIG1 had posted an impressive net profit of Rs 51 crore in the last fiscal year.

He further said that the unit holders can expect at least similar dividend for the current fiscal year, too.

It should be noted here that no mutual fund operators pledge bonus share to its unit holders as per the law of the land and accepted practice elsewhere.

SIG1 had pledged 4.5 percent dividend to its unit holders last year, but the dividend was from just the six months of the previous fiscal year as the scheme was launched toward the middle of that fiscal year.