KUALA LUMPUR, Aug 12: International fund manager Jardine Fleming's asset management joint venture in Malaysia on Friday launched its first domestic product, the JF Apex Malaysia Growth Trust.

The equity-related fund is being raised for investment in the Malaysian stock market, said Simon Crinage, chief executive of Jardine Fleming Apex Unit Trusts Bhd, which is a joint venture between Jardine Fleming and Apex Equity Holdings Bhd.

"This is the first unit trust to be approved under the new Securities Commission guidelines and the first to be launched by Jardine Fleming Apex Unit Trusts," he said.

The Malaysian markets regulator in May announced a more liberal operational environment for unit trusts.

The initial size of the fund was expected to be around 100 million ringgit.Crinage said it has approval to raise up to 500 million ringgit at five ringgit per unit. The fund will have a net asset value of 4.75 ringgit each during the initial offer period, which ends on August 26.

He said the fund was different from others in the Malaysian market.

This will be the first fund which will not pay any dividends. Investors wishing to realise gains can sell their units back to the fund manager at a price determined by the net asset value, he said.

"The fund's NAV will be calculated on a daily basis," Crinage said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.