Saham Amanah Sabah Announces 5 Per Cent Income Distribution

Sabah Chief Minister Datuk Seri Musa Aman announced Monday an income distribution of five per cent or five sen per unit for Saham Amanah Sabah (SAS) for 2009.

The total payout amounted to RM63.8 million based on the total of 1.276 billion units held by unitholders as at Dec 15, 2009, he told reporters after meeting the SAS board of directors at his office here.

Describing it as a positive achievement compared to last year when there was no income distribution, Musa said the main reason which enabled the payout was the good performance of Bursa Malaysia.

"The FTSE Bursa Malaysia Kuala Lumpur Composite Index hit a high of 1,279.95 points on Nov 17, 2009, which was up by 46 per cent compared to 879.75 points on Dec 31, 2008," he said.

Musa said the income distribution would be paid to 54,122 investors comprising 45,840 (84.7 per cent) individuals, 7,407 (13.7 per cent) holders under the Hardcore Poor Scheme, 827 (1.53 per cent) through bank loans and 48 (0.09 per cent) from the corporate sector.

He said this was the 10th time that income distribution was paid since SAS started 15 years ago, with the last payment of four per cent made in 2007.

Earlier, Musa said up to Dec 15, 2009, SAS had recorded a gross income of RM77.26 million, with the gains coming from the share market (85.29 per cent), income from dividends (10.6 per cent) and financial market (4.11 per cent).

Merry Christmas 聖誕禮物 2

Merry Christmas 聖誕禮物 1

PNB May Extend Deadline For Subscribing AS1M Units

Permodalan Nasional Bhd (PNB) may extend the period for subscribing the Amanah Saham 1Malaysia (AS1M) share trust units which has a December 31 deadline.

PNB Group Chief Executive and President, Tan Sri Hamad Kama Piah Che Othman, said the extension might be given as the allocated quota of units given according to the communities have not been taken up.

So far, 82 per cent of the quota given to the Chinese community has been subscribed, while another 20 per cent quota for Indian investors have been bought, and the units for Bumiputera meanwhile are largely still left.

Hamad Kama Piah said this when asked to comment on the latest development in the subscription of AS1M units, here Wednesday.

AS1M, a fixed price fund with a size of RM10 billion units, was launched on July 31 this year by Prime Minister Datuk Seri Najib Tun Razak.

It was opened to all Malaysians with an allocation of 50 per cent for Bumiputera, 30 per cent for the Chinese community, 15 per cent for the Indian community and five per cent for others.

Todate, a total of 2.96 billion units of the AS1M have been subscribed by 235,032 investors.

On the proposed multi-development project around the Stadium Negara and Stadium Merdeka, Hamad Kama Piah said the group was in the final stages of making a decision on the project.

PNB Announces 5.2 Sen Per Unit Income Distribution For ASN

Amanah Saham Nasional Bhd (ASNB), a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), today announced a 5.2 sen per unit income distribution for Amanah Saham Nasional (ASN) for the financial year ending Dec 31, 2009.

The income distribution will involve RM81.52 million in total payout as against RM79.9 million in financial year 2008.

PNB chairman Tun Ahmad Sarji Abdul Hamid said the payout was expected to benefit 1.19 million unitholders who had invested in over 1.57 billion ASN shares.

Ahmad Sarji said based on the net asset value (NAV) of RM0.7586 per unit as on Dec 22, 2009, the yield derived from the 5.2 per unit income distribution was 7.36 per cent while the returns was 25.75 per cent.

"Therefore, based on the increase in NAV of the ASN from RM0.5619 per unit on Dec 31, 2008, to RM0.7586 per unit on Dec 22, 2009, the total returns recorded by ASN was 35.01 per cent," he said at a media briefing here.

Ahmad Sarji said as at Dec 22, 2009, ASN had recorded a gross income of RM87.91 million.

Of the amount, the sale of shares contributed RM55.46 million or 63.09 per cent, followed by dividend income from invested companies at RM23.75 million or 27.02 per cent.

In addition, income from short-term investments contributed RM8.70 million or 9.89 per cent, he said.

Ahmad Sarji said all transactions for ASN would be suspended from today until Jan 3, 2010, for the calculation of income distribution.

He said unitholders could update their accounts at the offices of ASNB or its agents nationwide from Jan 4, 2010.

ASN is a growth fund launched on April 20, 1981. Its aim is to generate a reasonable level of income distribution and capital appreciation through a diversified portfolio of investments.

Credit card tax for existing users to start on anniversary date

KUALA LUMPUR: Applicants issued with new cre­dit and charge cards next year will have to pay the RM50 service tax upfront.

For existing card holders, the charge will be im­­posed on the anniversary date of cards.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, who confirmed this with The Star yesterday, said the Government would impose the service tax for credit and charge cards from next year.

“Existing cardholders will only be charged the ser­vice tax through their issuing banks upon the aniversary date of the card.

“For example, if the card’s anniversary date is in January, then you pay the tax in January. But if the date is in April, then you only pay the tax in April,” he added.

The minister’s clarification puts to rest nagging doubts among the millions of credit card holders in the country who have been raising queries since Prime Minister Datuk Seri Najib Tun Razak an­­nounced the new tax when he unveiled Budget 2010 in October.

Najib, who is also the Finance Minister, had said that a RM50 service tax for principal credit and charge cards and a RM25 for supplementary cards would be imposed from January.

This has led to card holders asking if the charges will be imposed from Jan 1 or on the anniversary dates of the cards, which are usually issued for a three-year period.

Those holding a string of cards were most eager to know before deciding to cancel some of their ac­­counts.

A check with the customer service departments of several commercial banks showed that they had yet to receive any definite confirmation.

Some banks said they were still awaiting for a directive from Bank Negara, while others think the tax would be imposed on the anniversary dates.

A third group of banks has also offered to absorb the tax for the cardholders, on condition a certain amount of money was spent within a certain timeframe.

Cardholder Y.L. Sim, who called up the bank to cancel his credit card, said the bank advised him “not to be hasty.”

“The officer said that they had yet to receive a formal directive from Bank Negara (on when to impose the tax). But I was worried as the New Year was nearing,” he said.

Deputy Finance Minister Datuk Chor Chee Heung, when contacted, advised cardholders to plan accordingly, saying holding two credit cards was enough.

““Even I intend to hold only two credit cards,” he added.

He urged those who had large outstanding credit card debts to stop using the cards and meet the issuing banks to work out a repayment mechanism.

There are some 11 million credit cards circulating in the country.

Malaysia On Track To Achieve RM20 Billion Targeted FDI

Malaysia is still on track to achieve a targeted RM20 billion in foreign direct investment (FDI) this year despite the global economic downturn, said Deputy International Trade and Industry (MITI) Minister, Datuk Mukhriz Mahathir.

He said the country had shown a positive economic climate with a total FDI of RM12.6 billion having been collected until the third quarter of this year.

"The FDI figure is encouraging as we must take into consideration that Malaysia is no longer the main country for foreign investors, given the emergence of new competing countries, such as Vietnam," he said.

Mukhriz was speaking to reporters after launching a forum on "Generating Technopreneurs In The Era of New Economic Model and Liberalisation", involving 200 Universiti Teknologi Malaysia (UTM) students at the university's campus here on Saturday.

He said that the country was still attracting FDI, especially in the electrical and electronic, as well as chemical industries.

He also said the government was focusing on attracting quality FDI from industries that were capital intensive and of high technology with high value-added.

According to Mukhriz, apart from the potential foreign investors, incentives are also being offered to existing foreign companies in Malaysia to prevent them from taking their businesses elsewhere.

On another matter, he said the country had to achieve an annual six per cent economic growth to realise its vision of becoming a developed nation in 2020.

"Hence, the dire need for quality FDI," he added.

On the recent meeting between Prime Minister Datuk Seri Najib Tun Razak and local industry players, Mukhriz said that local companies must also be given priority, in order to prosper.

"The local players felt that they also need to be given the same incentives as foreigners, such as tax cuts," he disclosed.

Toll Discount During Christmas Holiday

Plus Expressways Berhad (PLUS) is giving an additional of almost 20 per cent discount on toll rates for Class 1 vehicles exiting from the North-South Expressway and the ELITE Expressway between midnight and 7am from Dec 22 until 30 in conjunction with the Christmas celebration.

PLUS managing director Norizah Abd Hamid said the additional discount would be on top of the existing 10 per cent discount for Class 1 vehicles using both the highways outside peak hours.

The discounts were part of the incentives aimed at distributing traffic flow outside peak hours to give highway users a more comfortable and smoother trip, she said in a statement here on Sunday.

For Class 1 vehicles from the Sungai Besi toll plaza (Kuala Lumpur) to Skudai (Johor), the motorist will only pay RM33.60 if they exit from the highway between midnight and 7am on the days concerned, compared with RM41.30 on normal days.

PNB Unit Trust Investors Can't Name Beneficiaries

Investors in unit trusts managed by Permodalan Nasional Berhad (PNB) cannot name their beneficiaries as regulations stipulated by Malaysia's Securities Commission does not allow the naming of beneficiaries.

"We are now finding ways of meeting the investors' wishes without going against the regulations set by Malaysia's Securities Commission," said chief executive officer of the PNB Group, Tan Sri Hamad Kama Piah Che Othman.

He said this when asked by reporters after launching the Amanah Saham 1Malaysia (AS1M) Promotion at the state level, here on Wednesday.

During the question-and-answer session with the public during the launch, Hamad was asked whether investors in unit trusts managed by PNB could name their beneficiaries as what was done by the Employees Provident Fund (EPF) and Tabung Haji.

He said when the deceased left shares worth RM600,000 or less, the beneficiaries could apply for the division of his estate under the Small Estates (Distribution) Act 1955 at the Land Administrator's Office.

If the amount was higher, the beneficiaries could apply for the distribution of the estate at the Estate Administrator's Office, the High Court or the Public Trustee.

ASNB Declares Dividend Of 8.55Sen Per Unit For ASB

Amanah Saham Nasional Bhd (ASNB), a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), has announced an income distribution of 7.30 sen per unit and a bonus of 1.25 sen per unit for Skim Amanah Saham Bumiputera (ASB), for the financial year ending Dec 31, 2009.

Last year, the government-owned fund manager declared an income distribution of 7.0 sen per unit and a bonus of 1.75 sen per unit.

Announcing the dividend and bonus for ASB on Monday, PNB chairman Tun Ahmad Sarji Abdul Hamid said the income distribution would involve a total payout of RM4.95 billion by ASNB, an increase of 19.56 per cent from the RM4.14 billion paid out in 2008.

The bonus portion, meanwhile, would involve a total payout of RM537.65 million by PNB.

The payment will benefit 6.78 million unit holders who currently hold more than 70 billion ASB units.

"Although the total numbers (dividend and bonus) looks lower this year at 8.55 sen per unit from 8.75 sen per unit last year, but in terms of total amount that we are paying out, it is higher at RM5.48 billion from RM4.79 billion last year," said PNB group chief executive and president Tan Sri Hamad Kama Piah Che Othman.

Hamad Kama Piah said PNB was in a strong position and would make sure of continued dividend payouts.

"Based on our fund reserve, our capacity is more than 11 sen per unit but we are just paying 7.30 sen per unit and bringing forward the balance of 3.70 sen for 2010.

"This is a long term fund and we want to make sure that we are able to use the money to buy more shares and do more investment because at the end of the day, we still have to pay again," he added.

ASB recorded a gross income of RM5.46 billion up to Dec 10, an increase of 3.4 per cent from RM5.28 billion in the corresponding period last year.

Dividend income from investee companies contributed RM1.48 billion, or 27 per cent of the gross income.

Profit from the sale of shares contributed RM3.67 billion, or 67 per cent, while the remaining RM309 million or 6.0 per cent came from investments in short-term instruments and other investments.

The income distribution and bonus will be automatically credited into the unit holders' accounts.

All transactions for ASB will be suspended from Dec 21 until January 3 to enable the calculation of income distribution and bonus. Unit holders will be able to update their accounts from January 4.

ASB is a fixed price equity income fund, opened for Bumiputera aged 12 years and above. It is aimed at generating long term, consistent and competitive returns to the unit holders.

Wake up call‏

Perhaps, like me, you will discover that friends and relatives around you are getting fewer and fewer. We used to have tight schedules for all sorts of new year gatherings in the past, but things seem to quiet down a lot this year.

Even on a normal day phone calls are getting rarer, and not too many people for us to meet nowadays. Perhaps everyone is engrossed with his own stuff, or perhaps people are beginning to adopt “homeward” lifestyle and avoid unnecessary trips.

Not so!

Many of my old friends and relatives are no longer around. Don’t get me wrong, they are still very much alive and kicking, only they have chosen to leave this land.

John has set up a factory in mainland China; Peter has quit his rewarding engineering job to run a small food stall in Australia; Robert quits local university to lecture in Hong Kong; Dave is in Taiwan to explore his career while some others have gone to the States, UK, and... oh yes, Indonesia.

I used to think this is just an isolated case. I slowly discover that such thing happens to other people around me as well. This is not an isolated case, but a widespread social phenomenon.
It involves not just a handful of people, but quite a multitude of them.

Some recent statistics disclosed by the foreign ministry have testified the fact that this phenomenon has been very real and close. From last March to this September, around 300,000 Malaysians looked for greener pastures beyond our shores, two thirds of them did so in the first eight months of this year alone.

The cumulative number of emigrating Malaysians has now exceeded two million, close to the number of Indonesian workers in this country.

The different thing is: those who have left the country are mostly middle-class professionals.
They are have a host of reasons to stay away from this country: to pursue further career advancements, to seek brighter future for their kids, to enjoy more freedom... In short, they have all grown disappointed with Malaysia.

50 years ago, everyone said Malaysia was the best, even better than Hong Kong and Japan.
30 years ago, they said Malaysia was not that bad, at least we were as good as Korea and Taiwan (Hong Kong and Japan were no longer mentioned by them).
20 years ago, they said Malaysia was still quite okay, at least we were better than China and Thailand (Taiwan and Korea were no longer in the same league).
10 years ago, they said Malaysia could never be like Vietnam or Indonesia, no matter how terrible it was (China was not in the same category any more).
Today, Vietnam and Indonesia have far outpaced Malaysia in economic development, the gap is fast closing in.

What to worry? We still have Philippines, Cambodia and Myanmar!

An economist who recently visited the Philippines said Malaysia could overtake her neighbour as the prime exporter of domestic maids in 20 years’ time.

Over the past half a century, Malaysia has been locking itself inside a huge courtyard house, distributing its wealth in antiquated ways and exhausting its rich social resources, forcing its best talents to look elsewhere. The country shuns competitiveness, ignores productivity and abhors meritocracy.

When the regional financial crisis struck, we locked ourselves in and escaped the massive destruction. Some people have taken delight in that, thinking we were geniuses.

But when other countries walked out of the crisis, they implemented substantial reforms and made bold advances ahead while our country stays largely stagnant.

It’s time to wake up, Malaysia.

FROM: mysinchew.com