Meezan Gold Fund (MGF/ the Fund), in line with its objective, aims to provide investors with a maximum possible exposure to prices of Gold in a Shariah Compliant manner. This is done by investing a significant portion of the net assets of the Fund in deliverable gold based contracts that are available on Pakistan Mercantile Exchange (PMEX). However, due to the on-going pandemic situation created by COVID-19 outbreak that has affected all major business operations in Pakistan and on the globe, the supply of physical gold through PMEX has also been disrupted. As a result, the Fund has not been able to invest in physical gold through PMEX.
In order to protect the interests of existing unitholders, the Management Company in accordance with clause 4.13.2 of the Offering Document and clause 13.5.1 of the Trust Deed of the Fund, has upon intimation to Trustee and SECP, suspended fresh issuance of units of MGF till further notice.
We would however like to clarify that for the benefit of the unitholders, the Management Company shall continue to honor redemptions and conversions from the Fund, should any existing investor seek to do so.
It is clarified that only fresh issuance of units is temporarily suspended due to the reasons outlined above and the Management Company shall resume issuance of fresh units once there is consistent and normal level of supply of physical gold at PMEX.”