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Open up unsold ASM shares to all

PETALING JAYA, 27 April 2009: The remaining Amanah Saham Malaysia (ASM) shares allocated for bumiputera and Indian Malaysians which have not yet been bought should be opened up to all Malaysians, suggests Kedah Gerakan Youth chief Tan Keng Liang.

He said the ASM units for bumiputera may not be attractive because of other products that were being offered exclusively by Permodalan Nasional Berhad for the community, such as Amanah Saham Bumiputera.

Tan suggested that after six months from launching the sale, unsold ASM units should be made available to all Malaysians. He said this six-month period should apply to similar products such as Amanah Saham Wawasan in the future, whereby all Malaysians would be eligible to buy unsold units upon the expiry date.

He said it would not prevent bumiputera from still purchasing the units.

“The opening up of the unsold portion after the expiry of six months from the launch of sale would still permit bumiputera to purchase the said units,” he said in a press statement.

However, Tan said he agreed that the investment limit of up to 20,000 units per person should be maintained, even for those who wanted to buy more units after his proposed expiry period.

Tan was commenting on news reports that all 999 million units of ASM allocated for Chinese Malaysians had been snapped up within three days after launching on 20 April.

Today, Deputy Prime Minister Tan Sri Muhyiddin Yassin urged bumiputera and Indian Malaysian investors to buy up the remaining ASM shares allocated for them.

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23 Responses to “Open up unsold ASM shares to all”

  1. Jason says:

    I fully agree. Why should we keep something for something that people don’t want to buy?

  2. Desmond says:

    i think DPM cannot just force bumi and indian to buy. Let’s open up this Racial Investment Product

  3. Vikram says:

    Quoted from a very interesting comment from a blog.

    I’m all for this, in fact whoever wants my “Indian” portion of this can have it. I’m gladly giving up my Rm50k allocation for anyone to buy it.

    I would feel ashamed that I could buy this “Golden” investment without having to line up simply because I was Indian. That’s like getting a job because my father was the boss (literally). I would feel too ashamed to that, and for MIC to suggest Indians need 25% when Indians can’t even buy the quota they have …. is STUPID.

  4. OPP says:

    I think such a racist investment product should not exist in the country in the first place.

  5. Thiru says:

    Please lah! … at last after 51 years there is something allocated for the Indians and even that you guys want it. Wait till the end of the expiry day and stop making ridiculous premature comments … brudder!

  6. Suresh says:

    Thiru, if after 6 months still don’t want to buy, then opening up is fair.

    Actually, it would be better to open up after 3 months … 6 months too long la!

  7. A Sad Statement from UMNO says:

    “Pemuda Gerakan Kedah minta saham bumiputera sebagai tamak – Syed Ali”

    http://umnobahagiancheras.blogspot.com/2009/04/pemuda-gerakan-kedah-minta-saham.html

    I am very to sad to see some stupid racist statement by some Umno people again … this is Ahmad Ismail the second!

  8. Shanti says:

    Luckily Syed Ali is not our PM!

  9. just speaking says:

    I think it is not a good idea because we don’t want people to claim it is unfair just because other minorities want some time to gather funds to buy. Some ppl are rich so they can buy, others need time to buy…so don’t be so greedylah…pls give others a chance to save firstlah…

  10. Fikri Roslan says:

    Well, we all should learn how to live in this multiracial society. I agree with Syed Ali. Give others a chance to raise their funds. Chinese Malaysians have a lot of cash and are very rich. They have controlled many aspects of businesses. Am I racist to say this?

  11. Jason says:

    Even Syed Ali’s own Umno people have already whacked him in his blog for his statement calling Tan Keng Liang “TAMAK”. I think it is Syed Ali who is “TAMAK”

  12. Andrew I says:

    Well, it seems that if you don’t have the pendatang’s vote, you can still get to their money.

    That should serve as a little comfort to those who feel uncomfortable.

    Kind of renders all those boycotts a joke, doesn’t it?

    And we wonder how such a great nation as China fell to communism.

  13. karensim says:

    Hope there are offers/launches of more additional/new units for investors.

  14. Eric says:

    @Fikri Roslan

    “Chinese Malaysians have a lot of cash and are very rich. They have controlled many aspects of businesses. Am I racist to say this?”

    You are not racist at all. Want evidence: everyone knows French people never shower, all British men are gay, Germans are all blond.

    Time to fikir a bit and go out of stereotypes. Go to Chan Sow Lin: you’ll see a lot of “rich Chinese” in low-cost flats, go to PWTC’s car park during Umno’s AGM and you’ll see a lot of poor Malays with with their brand-new mercs, benz and other European cars.

    Look at the Gini ratio in Malaysia rather than rehashing long worn-out clichés.

  15. andy says:

    Give the Indians and bumis some time to buy the ASM units … Not all are rich ok … Okay maybe bumis won’t buy (because there is ASB which gives average 10%+++ dividend), even I won’t buy this [email protected] dividend (ASM) if I’m a bumi … so think … maybe Indians do not have a lot money, they put small amount of money like say around RM3,000 – RM10,000 only … but the Chinese will put max RM20,000 … so sure finished in only 2 days!

  16. suresh says:

    “Just Speaking” : It is like sellling a car. There is a booking period, and after the booking period expires, you can sell to other people. And for the ASM, it was suggested by Tan to have 6 months booking period. Isn’t that fair to bumis already?

    If I am Tan, I would just suggest 3 months. 6 months is just too long.

  17. suresh says:

    Eric,

    We may be difference race,s but I agree with you. Not all Chinese are rich.

    Some people just don’t get the point which is, open up the ASM and ASW because the bumi just don’t want it. Let other people to buy lah if they don’t want. Malays would rather buy ASN. That’s a fact which PNB cannot deny!

  18. Fikri Roslan says:

    @Eric,

    “Chinese Malaysians have a lot of cash and are very rich. They have controlled many aspects of businesses”

    “Time to fikir a bit and go out of stereotypes”.

    Yes as my name is fikr, then I spent a lot of time berfikir and do the analysis. These statements, related to Malaysia, are not stereotypes, but real. Your examples for the Malays and perhaps the Chinese are also true, but could be considered, statistically, as outliers.

  19. Vikraman says:

    @Fikri, Eric, Anyone who thinks along racial lines.

    Instead of allocations for the Chinese, Indians and Malays respectively why not have allocations for the poor regardless of race? That would circumvent your entire argument of certain groups of individuals being “statistical outliers” i.e. (according to your argument at least), “poor” Chinese and “rich” Malays.

    How about the entire ASW/ASN/AS”x” be dedicated to people who have a proven income below RM24,000 a year? Hence as long as your net income after tax is below RM24,000 a year, you’re eligible to purchase said AS”x” and priority is given to the person with the lowest net income. That would prevent “rich” Malays from competing with “poor” Chinese and “poor” Malays from needing to compete with “rich” Chinese for the purchase of said AS”x”. The proverbial killing multiple birds with one stone.

    (PS I use terms, Malays, Chinese etc to make my arguments more clear to the racially stratified Malaysian minds. I hope in the future I can dispense with those meaningless terms.)

  20. Vicky Koo says:

    Tan, we need a future leader like you in Barisan Nasional. I feel you chose the wrong party. Why you want to enter Gerakan? I think better you go into MCA.

  21. sincere Malaysian says:

    Not all Chinese are rich and not all bumis are poor.

  22. Johnson says:

    Open or not open, i will not buy this racist investment product.

  23. Jason says:

    Better for us to go and buy Public Mutual Fund. I think this is more Malaysian type of investment product


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