The Availability And Uptake Of Amanah Saham Malaysia (ASM) Units

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The Availability And Uptake Of Amanah Saham Malaysia (ASM) Units

Kuala Lumpur, May 5th 2009 – The Association of Banks in Malaysia (ABM) has collated some feedback from our member banks on the alleged withholding of sale of Amanah Saham Malaysia (ASM) unites to members of the public including Malaysian Indians, highlighted by certain newspapers last week. ABM wishes to clarify as follows:-

Allocation, control, sale and distribution of all ASM units were made via an on-line and real time system under Amanah Saham Nasional Berhad. Our member banks involved, RHB Bank, Maybank and CIMB Bank, acted merely as distribution agents.

Accordingly, bank branches concerned would be in no position to block-book ASM units for certain groups or individuals at the expense of the queing public as alleged because the on-line system made it impossible for banks and employees to "reserve" units for certain groups or individuals. Any unauthorised action or attempt to manipulate by any party accessing the on-line system would be barred.

If members of the public are able to purchase the units at one point of sale on account of a system 'hang', they can still purchase the units at other participating bank branches and authorized agents (Please note however that as distribution agents, the member banks concerned are unable to confirm if ASM units are still available).

ABM would also like to state that member banks concerned have taken all relevant steps to ensure that the distribution of the ASM units are conducted on a first come first served basis professionally, smoothly and in accordance with policies and procedures.

Be that as it may, ABM views the allegations seriously and members of public are encouraged to contact ABM through its ABMConnect directly in strictest confidence with further and better particulars of any personal experience.

Updated List of Chargees for Executing Form 42B