PICIC Growth Fund (PGF) is a closed end scheme and its principal business is to invest in listed equity securities with an objective to generate capital growth. The Fund is managed in accordance with the provisions of The Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC Rules, 2003) and the certificates of the Fund are listed on all Stock Exchanges of Pakistan viz: Karachi, Lahore and Islamabad.
PICIC Limited acquired the rights to manage the affairs of ICP State Enterprises Mutual Fund (SEMF) on May 03, 2003 from Investment Corporation of Pakistan through Privatization Commission in accordance with the Management Right Transfer Agreement, thereafter the management rights of ICP - SEMF were transferred from PICIC Limited to PICIC Asset Management Company Limited on June 28, 2004.
ICP-SEMF was a closed end mutual fund operating under the ICP Ordinance 1966, subsequently reorganized and renamed as PICIC Growth Fund into a closed end scheme effective from July 30, 2004 in accordance with the provision of the NBFC Rules, 2003.
9,997,584 shares of Pakistan State Oil Company Limited and 8,581,166 shares of Sui Northern Gas Pipelines Limited are frozen/blocked by an order of the Government of Pakistan as the same form part of a strategic shareholding under the control of the Government of Pakistan.
During FY-2006 5,380,000 shares of National Refinery Limited earlier frozen/blocked were derecognized being part of the privatization by the Government of Pakistan.