'Golden Arrow' changes hands

The oldest Mutual Fund of Pakistan, 'Golden Arrow' with its head office in Karachi, has changed hands.
One of the stock market tycoons, Aqeel Dhedi, has finalised arrangements to take over the Fund. He has applied to the SECP for permission for formal take-over of the Fund.
The present paid-up capital of the Fund is reported to be Rs 100 million. The Fund had given 22 per cent dividend and 24 percent bonus last year.
It may be mentioned here that a large number of mutual funds have come on the market, which include those of Picic and Arif Habib. More mutual funds (companies) are expected shortly from different financial institutions, banks etc.