Additional 1.5b units of AS 1Malaysia to be offered to Indian community

PUTRAJAYA: An additional 1.5 billion units of Amanah Saham 1Malaysia (AS 1Malaysia) by Amanah Saham Nasional Berhad (ASNB), will be offered for subscription by the Malaysian Indian community from Jan 29 onwards.
MIC president Datuk Seri Dr S Subramaniam said this initiative was to encourage the Indian community to invest in unit trust funds.
"The initiative under Budget 2018 demonstrates the government's commitment to resolve issues pertaining to the Indian community on a long term basis,
"With these additional 1.5 billion units for the Indian community, it would further increase the opportunity for equity participation by the Indians," Subramaniam said during a press conference held at Menara Usahawan here.
Also present at the conference was Permodalan Nasional Bhd (PNB) group chairman Tan Sri Wahid Omar and Socio Economic Development of the Indian Community (Sedic) director general Prof Datuk Dr NS Rajendran.
Subramaniam said the initiatives will benefit more than 50,000 Indians in the country.
The AS 1Malaysia was first launched in 2009 and seeks to provide regular and consistent income, while preserving the unit holder's capital over a long term period through diversified portfolio investments.
Investors can subscribe the additional 1.5 billion units by visiting the nearest ASNB branches or its agents which include Maybank, CIMB, RHB, POS Malaysia, Affin Bank, Alliance Bank, AmBank and Bank Muamalat.
Existing AS 1Malaysia account holders can also top up their investments through www.myasnb.com.my.
Subramaniam, who is also Health Minister said, besides the additional units, the government has also allocated a special funding of RM500 million over a period of 5 years in the form of interest-free loan schemes.
"The qualified B40 Indians will be provided with an interest free loan of RM5000 per household, which will then be invested in AS 1Malaysia.
"The investment scheme would eventually supplement the savings of 100,000 participants from the B40 group," he said.
Subramaniam added that this scheme will be launched by Prime Minister Datuk Seri Najib Abdul Razak in February.