Friday, July 31, 2009

First year students to get 100 units of ASM

12:50 AM by Afzairulzailey · 0 comments

KUALA LUMPUR: Some 50,000 fresh undergraduates of local public institutions of higher learning will get 100 units of the newly launched Amanah Saham 1Malaysia.

Prime Minister Datuk Seri Najib Tun Razak announced the incentives at the launch of the new trust fund, which has a size of 10 billion units, with each unit going at RM1.

Amanah Saham 1Malaysia is the biggest trust fund in the country, and will go on sale from Aug 5.

“As a special consideration, the government has agreed that every student that enrolled in public institutions of higher learning, who are in their first year this year, will receive 100 units of Amanah Saham 1Malaysia for free,” he said.

The students eligible are those who had enrolled for their first degree recently in the mid-year intake.

“As they represent the country’s future, we want to see the young generation obtain education, at least up to a degree, so that they become citizens who are visionaries and progressive,” he said.

The free units for the students, totaling RM5mil, were contributed by Permodalan Nasional Berhad (PNB) and Amanah Saham Nasional Berhad (ASNB) agents - Malayan Banking Berhad, CIMB Bank Berhad, RHB Bank Berhad and Pos Malaysia Berhad.

To ensure that the units were fairly distributed, Najib said that for the first 30 days of sale (Aug 5 to Sept 3), 50% of the units had been allocated to Bumiputras, 30% to the Chinese, 15% to the Indians and 5% to other races.

In the 30-day period, the maximum investment for an investor below 55 is 50,000 units, while investors above 55 can purchase a maximum of 100,000 units.

After the period, the cap on purchase on unsold units would be lifted, and the sale would be open to all Malaysians above 18, regardless of race.

Najib said he was confident the units would be sold out fast, citing Amanah Saham Malaysia which sold out within 45 minutes after its opening in 2006.

“With a fund size of 10 billion, Amanah Saham 1Malaysia will be able to boost the equity market and act as a catalyst to the country’s economy,” he said.

Investors can buy the units at ASNB offices and post offices from 8am to 5pm from Aug 5, and at Maybank, CIMB Bank and RHB Bank during the operating hours of the banks.

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