PM launches 10b Amanah Saham 1Malaysia fund

Written by Chan Kok Leong
Friday, 31 July 2009 11:39

KUALA LUMPUR: The Prime Minister launched the Amanah Saham 1Malaysia fund managed by Permodalan Nasional Bhd (PNB) on July 31.

"Besides helping elevate the socio-economic status of fund investors, it is hoped that the fund can stimulate the economy," said Datuk Seri Najib Razak during the launch this morning.

The 10 billion unit fund is a fixed price equity priced at RM1 per unit, the biggest PNB fund so far.

The 1Malaysia fund, which will be available for sales for 30 days from Aug 5 to Sept 3, 2009.

To ensure wider participation, the maximum investment limit has been set at 50,000 units per account holder for those aged between 18 and 55.

The investment limit for those above 55 is set at 100,000 units. The maximum limit, however, will be void after the offer period. Redemption of units during the offer period is not permissible.

During the offer period, subscription of the units is subject to an allocation of 50% for Bumiputera, 30% for Chinese, 15% for Indians and the remainder for other minority groups.

Explaining the rationale, Najib said: "It is our desire to see the fund be made available to all Malaysians in accordance to the country's ethnic tabulation demography".

The fund will be made available at all ASNB, Pos Malaysia, Maybank, CIMB Bank and RHB Bank branches. There is no sales charge during the offer period.

PNB, Maybank, RHB Bank and Pos Malaysia will jointly contribute 100 free units to 50,000 first-year undergraduates at public higher learning institutions in the 2009 academic year.