Absa Capital extends offer for SAs first BEE Exchange Traded Fund
Absa Capital and Vunani Capital have announced an extension of initial public offer for NewSA, South Africas first BEE Exchange Traded Fund (ETF) to the 12th of October 2007.
The closing date was originally set for September 19th 2007.
Vladimir Nedeljkovic, Head of Hybrids at Absa Capital says, "We've had a lot of interest in the NewSA ETF so in order to afford institutional investors further opportunity to obtain the mandates and/or authorisations necessary for investment, we have extended the closing date of the initial offer to 12 noon on the 12th of October 2007."
Private investors will of course also be able to take advantage of the extra time to apply.
NewSA is a portfolio in NewFunds Collective Investment Scheme, a 50/50 joint venture between BEE company Vunani Capital and Absa Capital and is the first investment product to give investors the opportunity to reward and recognise transformation.
The NewSA ETF will track the performance of the NewSA Index, a modified Top40 index, with the constituent weightings adjusted to reflect their respective BEE status, as determined using the Codes of Good Practice on Broad-Based Black Economic Empowerment, published by the Department of Trade and Industry.
It is aimed at institutional investors, fund and asset managers as well as high net worth individuals wanting to increase their exposure to blue-chip companies listed on the JSE with high black economic empowerment (BEE) ratings.
