Monday, March 1, 2010

UMNO excludes RM 10 Billion Amanah Saham 1 M’sia to Indians.

This RM 3.4 billion Amanah Saham 1 Malaysia in theory was open to all Malaysians with 244,117 investing since last year, 50% of these shares have been allocated to the Malay muslims. 89% of the 30% Chinese quota had been taken up (BH 25/2/2010 at page 4). The Malay muslims have the options to exclusively purchase ASN, ASB, ASM and ASD 2020.

But as for the 15% of the quota for the Indians it is not stated by PNBs’ Chief Executive Officer Tan Sri Hamed Kama Piah Che Othman as to how many percent was take up by the Indians. We estimate only a mere 1% of the Indians bought up this shares as they cannot afford or have the means to do so.

And neither did UMNO secure loans for Indians from Maybank or CIMB with 4% interest to purchase these Amanah Saham, and obtain at least 7% to 12% dividends from the saham, as done for the malay muslims.

P. Uthayakumar