There we were last night scratching our heads (well OK, not quite that bad) to come up with ideas where to ”stash our cash” after the ASW 2020 debacle. And I still have to come up with my second instalment to that particular post.
Meanwhile……..over at the PNB offices, a statement has been issued by their VP to render their side of the story. Lil Mom told me about it over the phone today and I manage to lift it from today’s Star. And it goes like this:
“WE AT Permodalan Nasional Bhd and Amanah Saham Nasional Bhd would like to thank Malaysians for their continued support of our unit trust products, particularly the most recent one involving the offer of additional units of Amanah Saham Wawasan 2020.
The additional one billion units of ASW 2020, of which 49% was allocated to non-bumiputra unit holders, saw an overwhelming response at all 1,500 ASNB branches and agents nationwide, resulting in many having to leave empty handed.
We are concerned about the plight of the many people who could not get the chance to invest in the additional units.
We also take note of the issues raised by the public and would like to make certain clarifications with regard to the issues.
To ensure all ASW 2020 units are sold in a fair manner, ASNB had taken steps for all transactions to be conducted online and simultaneously at 9.30am at all 1,500 branches and agents nationwide.
All applications, regardless of the geographical location of the transactions, were treated on a first-come-first-served basis.
Even the ASNB Main Counter at the PNB Building in Jalan Tun Razak and branches had to compete with agents and their branches in securing units for customers.
In spite of the 280 queue numbers given out at the ASNB Main Counter on that day, only 23 queue numbers were served before the units were sold out.
Our records show that the bulk of the unit holders, at 58.8%, hold less than 10,000 units. 33.8% of them hold between 10,001 and 100,000 units.
Only 0.7% cent of the unit holders hold above 500,000 units.
We would like to highlight that ASNB’s computer network connects ASNB headquarters and the agents’ headquarters, namely, Pos Malaysia, Malayan Banking Bhd, RHB Bank Bhd and Bumiputra Commerce Bank Bhd.
The system connecting the agents’ headquarters and their branches are entirely under the control of the respective agents.
All transactions at the ASNB Main Counter and its branches ran smoothly and did not experience any breakdown on that day.
PNB will hold discussions with its agents to formulate ways to enhance procedures on the conduct of transacting future sales.
The public are advised to contact ASNB should there be any issues that need to be
clarified or discussed at the ASNB Customer Service Hotlines 03-2050 5131, 03-2050 5124 and 03-2050 5577
MOHAMMAD BIN HUSSIN, Vice President II, Corporate Communications Department, Permodalan Nasional Berhad, Kuala Lumpur. ”
Well, it all sounds pretty reasonable and fair if the percentages given are accurate.If you think about it RM 490 million isn’t really a whole lot relative to the RM206 billion that’s tucked away in F.D.’s and the sheer number of F.D. investors hankering for better returns. It’s really a case of demand exceeding supply.
But I bet even En. Mohammad himself doesn’t relish the thought of having to explain this personally to the hordes who had taken leave to start queueing up at 7.30 am in the morning…or those who had to contend with the agent bank’s systems going down that day…
Maybe they can come up with a system similar to that for IPO’s instead.