PNB plans RM3b closed-end fund

PERMODALAN Nasional Bhd (PNB) plans to set up a RM3 billion close-end structured fund, its chairman said.PNB Structured Investment Fund will invest in PNB's property trust and other financial instruments.It will be open to local and foreign investors, both individual and institutional. The fund will guarantee an investor's capital, provided the investment is held until maturity.PNB chairman Tan Sri Ahmad Sarji Abdul Hamid said the fund is in line with the group's plan to expand its coffers according to the principle of maqasid syariah.
He was speaking at the closing ceremony of PNB's Unit Trust Week held in Malacca yesterday. He did not say when the new fund will be launched nor did he provide details.Ahmad Sarji said PNB also plans to restructure three of its property companies and financial subsidiaries this year. Part of the plan is for PNB to increase its overseas investment in an effort to increase revenue."PNB needs to have more of a global reach to decrease its dependence on the local economy, minimising the impact of any downturn," Ahmad Sarji said.He said the three strategies are needed to ensure the continued success of PNB.In his speech Ahmad Sarji encouraged companies to give out loans to its staff to enable them to invest in unit trusts as part of its corporate social responsibility programme.He also suggested that companies and sport associations give out PNB unit trusts to winners of sport and recipients of Khidmat Cemerlang to encourage them to invest.Malaysia has a work force of 10.9 million, including 1.14 million civil servants.About RM5.99 billion worth of PNB unit trusts have not been subscribed by the public.Yesterday marked the end of a 10-day Unit Trust Week event organised by PNB which saw some 249,000 visitors walk through its doors.www.btimes.com.my