Good Response For AS1M Units

The sale of Amanah Saham 1Malaysia (AS 1Malaysia) shares got off to an Overwhelming start on Wednesday.

As Permodalan Nasional Bhd (PNB) in Jalan Tun Razak here opened its doors for business at 8am, more than 250 people were already lining up to subscribe to the 10 billion shares on offer to Malaysians.

PNB chief executive officer Tan Sri Hamad Kama Piah Che Othman described the initial response as a good beginning.

"You can see the (crowd)...See for yourself but what's more important is the acceptance. We must make sure the opportunity is given to everybody," he told reporters at the launch.

This is the first time the PNB, the country's largest fund manager, handling funds totalling more than RM19.2 billion, has allocated 50 per cent of the shares for Bumiputeras, Chinese (30 per cent), Indians (15 per cent) and the remaining five per cent to other minority ethnic groups.

The quota-based share subscription is fixed for 30 days until Sept 3. Thereafter, the unsold units will be opened to all races.