AmBank expects to start offering ASB units next month

KUALA LUMPUR: AmBank Group is expected to start offering the fixed-price fund Amanah Saham Bumiputera (ASB) units by next month, according to its group CEO Datuk Sulaiman Mohd Tahir.
Speaking to reporters at its official launch as an authorised distributor of Amanah Hartanah Bumiputera (AHB) by Pelaburan Hartanah Bhd yesterday, Sulaiman said the bank has completed its discussions with Amanah Saham Nasional Bhd (ASNB), which currently manages ASB.
“We expect to launch it (ASB) sometime in September. Now we are working on the systems and processes, in terms of how we will launch it and what are the products available for the customers,” he said.
Sulaiman said investors will have wider options when banking with the bank and the opportunity to diversify their investments, with the two additional offerings of ASB and AHB.
“As you know, ASB invests in the stock market, whereas AHB is a chance (for investors) to invest in property. So it depends on the customers (needs),” he added.
ASB, which was launched in 1990, is designed as a fixed-price equity income fund where the price per unit of the fund is fixed at RM1 with no sale charges and no fees for redemption of units.
Investors are free to decide on the amount to invest at any time, and they can top-up or subscribe additional units through ASB agents.
Currently, the agent banks for ASB are Malayan Banking Bhd, Affin Bank Bhd, RHB Bank and CIMB Bank, while the non-bank agent is Pos Malaysia Bhd.
ASNB is wholly owned by Permodalan Nasional Bhd (PNB), which is Malaysia’s biggest fund management company. From 36 billion units in year 2000, funds managed by PNB have expanded over the years and have surpassed 200 billion units.
Commenting on AHB, Sulaiman said AmBank has been allocated 200 million units, priced at RM1 each, and he is confident that the units will be fully taken up within the next one to two months.
The sponsor of the fund is Pelaburan Hartanah Bumiputera (PHB), which is managed by Maybank Asset Management Sdn Bhd.
PHB group managing director and CEO Datuk Kamalul Arifin Othman said the real estate investment firm injected 1.5 billion new units into the fund last April, bringing the total fund size to 3.5 billion units since its launch in 2010.
“With the appointment of AmBank as new distributor for AHB, and joining forces with Maybank, we are confident that all these units will be fully taken up by year-end,” Kamalul said, noting that there are only 400 million units left in the market currently.
He added that the fund would continue to attract investors’ interest, based on its good track record and syariah-compliant feature, adding that properties under its portfolio are providing good yield and enjoy an occupancy rate which exceeds 90%.
Currently, PHB’s assets total 16 buildings, including Menara 1 Sentrum, Wisma Consplant, Jaya33, Nu Sentral and Gleneagles Hospital.