PNB mulls ASB2 fund structure options
Permodalan Nasional Bhd (PNB) is looking at a suitable structure for the Skim Amanah Saham Bumiputera 2 (ASB2), whether it is to be a fixed price fund like Amanah Saham Bumiputera (ASB) or variable price, and hopes to launch the scheme soon.
"We are doing the research to ensure the product is more effective as our previous studies show most variable price products don't sell as well as fixed price ones," president and Group chief executive Tan Sri Hamad Kama Piah told reporters after announcing the income distribution for Amanah Saham 1Malaysia today.
Asked on the launch date, he said, "What is important is we want to do it as soon as possible.
"A suitable time is also important as a situation where the market index is too high could affect its performance."
Hamad Kama said PNB is also looking into the types of investment, approvals from the relevant authorities and the information technology system.
"We are grateful to the government for entrusting PNB with the launch of another large-scale product," he said.
On Saturday, Prime Minister Datuk Seri Najib Razak announced PNB would be entrusted with launching ASB2 with 10 billion units to further strengthen Bumiputera equity ownership in the private sector.
Hamad Kama said 110 billion units of ASB have been sold.
"This shows that all this while ASB in particular has been giving quite competitive returns to investors, and many investors have in fact asked us to increase the maximum size of 200,000 units, reflecting their keenness to invest in ASB," he said.
The ASB unit trust scheme was launched on January 2, 1990. Open only to Bumiputeras, it aims to generate long-term, consistent and competitive returns to unitholders at minimum risk.
It is a fixed price equity income fund with the price per unit fixed at RM1.00 and the maximum investment for each eligible adult individual limited to RM200,000.-- Bernama