Launch Of ASM Is Against Encouraging Spending?

PULAU PINANG, Dec 10 (Bernama) -- Permodalan Nasional Berhad (PNB) said that the launch of one billion additional units of Amanah Saham Malaysia (ASM) last week, was not against encouraging the people to spend.

PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman said that although the government was encouraging the people to spend, they were also advised to save for the long term.

"For those who have a lot of money, they can spend and at the same time also save by investing," he told reporters after delivering a lecture titled, Navigating the Rough Ocean, at the Unversiti Sains Malaysia (USM) here, Wednesday.

All one billion units of the ASM were fully subscribed four days after going on sale from Dec 1.

The maximum number of shares to be subscribed was set at 10,000 units to ensure wider and equal opportunities for every investor.

The ASM is a fixed income fund valued at RM1.00 and open to all Malaysians aged six months and above. Since its launch, the average income distribution for the ASM is 7.12 sen per unit.

He said that by ofering various unit trusts, PNB was giving the people an opportunity to use their money effectively.

"Actually, from time to time we look at the demand and needs to launch unit trusts.If we want to encourage people to invest, then we must also offer new products," he said in response to a question as to whether PNB would be offering new products.

He however declined to say if PNB would be launching new products in the new future.

-- BERNAMA