PNB's success is BN's success, says Zahid

BATU PAHAT: Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has described Permodalan Nasional Bhd's (PNB) success today, 40 years after its establishment, as the success of Barisan Nasional (BN).
"PNB is managed professionally. Its management is very good, fully committed, determined and sincere.This is the success we can see today," he said when officiating the closing of the Malaysia Unit Trust Week (MSAM) at the Stadium Batu Pahat here today.
Also present was Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin, PNB Group Chairman, Tan Sri Abdul Wahid Omar and President and PNB Group Chief Executive, Datuk Abdul Rahman Ahmad.
"Bumiputera economic ownership is being realised professionally. It began with the establishment of the Yayasan Pelaburan Bumiputra (YPB), followed by PNB as an investment company and subsequently as a unit trust management entity," he added.
PNB was formed on March 17, 1978 as a key instrument of the government's New Economic Policy to encourage the ownership of shares in the corporate sector among Bumiputeras, and to give opportunities to the group of qualified Bumiputera professionals to create and participate in wealth management.
Ahmad Zahid said looking back 40 years whether directly or indirectly, the BN government has contributed to the progress of PNB.
He said, around the 70s when the equity ownership among Bumiputeras was at just 2.4%, the government decided on setting the immediate objective of 30%.
"Efforts were initiated (to achieve the objective) with PNB being tasked to attract investments through shareholdings," he added.
PNB launched its first unit trust scheme, namely Amanah Saham Nasional (ASN), on April 20, 1981.
"Many were sceptical due to the previous failure in terms of unit trust fund management. I will not name the company. However, this sceptical view was overcome through success, proof that it can be achieved through serious efforts," he added.
Ahmad Zahid said he "could not smell", whatmore hear negative news related to misappropriation by the PNB management or companies under it.
"The culture of integrity set by the PNB founders must be fully followed,' he added.
He urged PNB and its subsidiaries involved in the plantation sector to continue with their corporate social responsibility.
"I will greatly appreciate it if this company can compromise a little by initiating development in those areas that were overlooked 60 years ago," he said.
Zahid also expressed the hope that the sales price of projects will not follow the market price in the area. but be set below it. — Bernama