Received black and white from PNB, ASW2020 for BUMI also fully subcribed!!

Some Bumi buying ASW2020, OD out, reinvest, overlapping until quota finished...Nowadays Bumi also very rich already....

PNB has just clarified in the newspaper that they are not using the funds from ASNB to build 100 storey highrise, they use other source to fund it. I think some investors panic abt the government decision. After all, PNB has no experience in construction/real estate field.

Less likely ASIM will be opened for all, ASW2020 and ASD are fully subsribed by bumi, AS1M is the only channel.

PNB won’t use money from investors or Govt


KUALA LUMPUR: Permodalan Nasional Berhad (PNB) will not use funds from unit trust investors or the Government to develop the Warisan Merdeka project which will incorporate a 100-storey building. Its chief executive officer and president Tan Sri Hamad Kama Piah Che Othman said PNB, was also a big holding company with interests in several listed companies like Sime Darby, UMW and Island & Peninsular, besides being a unit trust manager for various government funds.

“We have more than enough money to finance the entire RM5bil project on our own if need be,” he told a special briefing for media editors here yesterday. It was the first response from PNB following Prime Minister Datuk Seri Najib Tun Razak’s Budget announcement on Friday of the Warisan Merdeka project which sparked off a debate on its necessity.

The integrated development project will be located within the enclave of Stadium Merdeka and Stadium Negara and comprise three phases to be fully completed by 2020. Hamad Kama Piah explained that PNB had purchased the 13ha plot from Danaharta Nasional Bhd for RM320mil in 2000 and the mixed development project was approved by the PNB board four years later. He said PNB had studied market trends before deciding to embark on the project, adding that construction of the 100-storey tower would begin sometime next year.

Sources : http://thestar.com.my/news/story.asp?file=...0499&sec=nation

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Added on October 22, 2010, 12:25 amMega tower will affect PNB unit trust holders, says Mahfuz
By Clara ChooiOctober 21, 2010

KUALA LUMPUR, Oct 21 — A Pakatan Rakyat (PR) backbencher told Parliament today that Permodalan Nasional Bhd (PNB) would likely have to scrimp on dividends paid out to its unit trust holders to fund the RM5 billion 100-storey Warisan Merdeka tower.

Mahfuz: Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money. In his debate speech on Budget 2011, Datuk Mahfuz Omar (PAS-Pokok Sena) said dividend payments could be affected although PNB had claimed that money for the project would come from profits made through private investments.

“I would like to remind PNB that the total value of its unit trusts from Amanah Saham Nasional Bhd (ASNB), Amanah Saham Bumiputera, Amanah Saham 1 Malaysia and others, is RM115 billion. “Meaning that PNB’s profits is actually profits made from its investment of the RM115 billion,” he explained.

He added that it was “Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money,” he said. Mahfuz told a press conference later that it was “unfair” to use public money to construct the 100-storey tower, which many have predicted would eventually turn into a white elephant.

The PAS MP added that it was redundant for the government to build the iconic tower with its sights set on turning Kuala Lumpur into a world-class city when even Naza TTDI, the property arm of Naza Group, had already expressed its intention to construct a similar tower, touted to be 100-storey high or more. Last December, it was reported that Naza TTDI would build an iconic tower on a 25ha site near the proposed Matrade Centre here.
However, the tower’s height was yet to be finalised and the group’s managing director SM Faliq SM Nasimuddin was quoted as saying that it would depend on the amount of investments it could secure.

“If they get the land, they will build it and this means we will have one tower already,” said Mahfuz. He pointed to the current property glut in the country and how Malaysia would have an excess of 115 million square feet of office space by the year 2014. “This is excluding the PNB tower and Naza’s tower. So now we have an excess of office space although demand has dropped significantly,” he noted. Mahfuz added that even Menara Citibank had lowered the rental rate for its office space from its original over RM7 for each square feet to between RM6 and RM6.50. “This lowering of rate shows that the demand has dropped so much that they were forced to do it,” he said.

Mahfuz also suggested to House earlier to form a special parliamentary committee to study the matter as well as to examine all proposals by the government for the construction of mega projects. “These mega projects should go through an approval process before they are started. If all committee members agree with the projects then they can be approved,” he said.

Sources : http://www.themalaysianinsider.com/malaysi...rs-says-mahfuz/


This post has been edited by cheahcw2003: Oct 22 2010, 12:25 AM

am sure it will goes to someone's pocket....

Silent protest for PNB's decision to build 100 storey skscrapers?

Updates on what happened in Facebook recently...

There are around 210,000 facebook members, votes against Government/PNB decision to build the 100 storey skyscapper in Stadium Negara, the reason is PNB investors are worried that their funds could be misused and mismanaged, after all PNB has no experience in Construction/ real estate developement. When reporters questioned PM Najib on the 210,000 votes, he replied the reporters that he has 460,000 suppoertes in his facebook page, so conclude that those who support the 100 storey highrise is more than those who against it, so what do you think?

The thing is if the 100 storey building Wawasan Merdeka received 470,000 against votes, more than what our PM received, will PM pull back the developement plan??

What do u think as a PNB investor? shd they focus on the current investment portfolio or diversify to the property development?

PNB has clarified they do not use the fund from investors, they have special funds to build it, but till now PNB do not show us how they get the RM5bil fund, and how it will not affect the investors should the project fail??? what is your opinion?

To read more : http://malaysia-today.net/mtcolumns/newsco...eaches-sky-high

http://www.facebook.com/?flyingspaghettimonster=home#!/NoMegaTower?v=info



This post has been edited by cheahcw2003: Nov 1 2010, 11:40 AM

see how the government handle the budget of building up the Istana Negara then u know, it was budgetted at 635million, and ended up government need to pay rm935million. Expect many ppl get paid hansomely besides the contractor. The beauty of this case that they used back the same contractor that build a stadium in Trengganu that collasped after 1 year it was built. And the Istana construction contract were granted to the same contractor AFTER the collaspe of Trengganu Stadium....

The difference is now, PNB is the one that paying the 100 storey highrise, it is the investors money (directly or indirectly).....PNB may get the funding from CIMB but what is the collateral??? CIMB assess PNB strength based on what? Let us think.....

http://www.malaysiatoday.com/content.php/5...to-RM935million

for cimb/maybank if u withdraw and transfer to your own account, then no limit.

not true...ASN3 still available.

If I answer I am sure after 2 weeks there will be another newbies will post an old question is Any funds available for Chinese or indian or whatever. One shd study the basic info in asnb website 1st, the FAQ provide lots of good questions, we shd make this forum more vibrant not to repeat the same questions that frequently being asked. How to buy? where to buy? Availabilty of funds are all already answered more than zillion times already....

usually annouced in mid December and paid out in 1st week of Jan

AS1M annual report is out, downloadable at ASNB website.

Surprise to see that there are 416 investors holding more than 500,000 unit of AS1M, this group of investors holding total 519,350,588 units altogether. This translate into each investor in this group (those who hold >500units) averagely holding RM1.25million unit. Bravo !!

NO, it is not a deposit. It is considered a fixed price (ASB/ASW/ASD/AS1M)/ variable price (ASN, ASG series) mutual fund.
Mutual funds are not protected by PIDM

LHDN will only focus on big fish, not small flies

AS1M annual report is ready & downloadable at ASNB website. Here are my findings abt the reports:-

i) Out of RM10bil approved fund size, RM4.0bil being subsribed as at FYE 30 Sept

ii) the financial report is from 5 Aug 2009 to 30 Sept 2010, indicating 14 months return of 6.38%, so annualised return shd be 5.53%p.a. only, the report never indicate the annualised income of 5.53%, it is quite misleading

iii) Around 416 investors holding > RM500K units and above, total units held by this group is 519,350,588, this translate into each of the investors in this catagory hold RM1.27 mil per person in average.

iv) There is around 5% of investors (based on total number of investors) owning 50% of the AS1M funds. Depicting that rich ppl will getting richer....

v) around 20% of the funds are investing in banking stocks such as Maybank, Public Bank, so it is not shariah compliance, same as ASB. During the ASB dividend annoucement last week, PNB CHairman indicated that the main income contributor for ASB this year coming from Maybank.

And if u compare both ASB, and AS1M investment portfolio, u will find these 2 funds have the similar portfolio. But the question is why ASB pays 8.75%p.a (7.5%+1.25%) return whist AS1M only pay 5.53%p.a., is that because ASB only for Bumiputera? Apparently, AS1M return is 50% less than ASB.

vi) 68% of the AS1M fund invest in Equity whereas 32% in cash/ money market

Above are my findings, open for discussion.

Sometimes the truth is too ugly to reveal. Unfortunately our younger generations are just obedient and believe what is on the book, lacking of analytical skill. They just believe 100% the audited account. The reason i brought out this is for us to think, and not to finger pointing on anything or any party. Many has forgotten abt Enron Case, and there are so many GLC companies also. Aren't these companies are audited??? some are even audited by Big 4 AUdit firm.

Since ASB is making good profit for the last 15-20 years and so successful, why not other fund like AS1M, ASM just copied 100% the ASB's portfolio, so that it can get the same return, this is another questions worth to think abt it.

yes, i am an exitsing investors. That is why i care to ask those questions

But how do u explain ASB and AS1M has the similar portfolio, but AS1M pay 50% less dividend?

Fund size is not a reason why the dividend pay more or less, for example if the fund is small and only owned by 1 person, they invest in say i,e, 1 lot SimeDarby, 1 lot Maybank, if the fund is bigger, say owned buy 10 persons, then the fund will be invested in 10 lots of simedarby & 10 lots of Maybanks, and the profit will be divided by 10. so ended up the return shd be the same, but not 50% difference in the dividend.