ASM 1.6 billion sold out on first day

KUALA LUMPUR, July 22 — All 3.33 billion quota-based Amanah Saham Malaysia (ASM) units offered for sale by Permodalan Nasional Bhd (PNB) have been sold out, said PNB, Malaysia's largest fund manager.

PNB offered the balance of 1.6 billion unsubscribed ASM units including the Bumiputera quota to all Malaysians yesterday.

The units were part of the 3.33 billion additional ASM units announced by Prime Minister Datuk Seri Najib Tun Razak when launching the Malaysia Unit Trust Week in Johor Baru on April 20.

This is the first time a race-based quota system was introduced for the ASM unit trust scheme. — Bernama