Philam Strategic Fund to register additional shares

MANILA, Philippines - Philam Strategic Growth Fund, Inc. got the approval of the Securities and Exchange Commission en banc to register an additional 3.45 million common shares that represent the latest increase in its authorized capital stock to P920.3 million from P575 million. In its prospectus, Philam Strategic Growth Fund said the proceeds from the sale of its shares would be used to build up its investments in equities of companies listed in the first and second boards of the Philippine Stock Exchange (PSE). "The primary investment objective of the fund is capital growth with returns and inflows derived out of investments in equity securities. Management earnings potential, strong balance sheet and attractive valuations will be the primary criteria for stock selection," it added. Each share has a par value of P100 and a net asset value of P277.94 as of March 18, 2008. Philam Strategic Growth Fund tapped Philam Asset Management Inc. as investment manager and Citibank NA as custodian bank. Bank of the Philippine Islands is the stock transfer agent. "Changes in the macroeconomic conditions can also dictate the equities that the fund will invest in. Temporary shifts to cash or fixed income instruments may be done as a defensive move. "The fund considers medium- to long-term investment horizon for its shareholders," it said adding its investment objective is classified as moderate to high risk. - Ruby Anne M. Rubio, BusinessWorld