Worthy Idea but Poor Implementation

The news may be good for headlines but poor for the many disappointed applicants who had to endure long queues to purchase the ASM units.

Given that the stock market is full of rip off artists and other financial con men many older investors prefer to invest in a more secure vehicle like the ASM unit.

It seems that the PNB managers knew that this issue would also sell out quickly but they did not ensure a more equitable delivery as in public share issues.


It also reflects badly when the public have to crowd banks and queue for so long when we can easily adopt more equitable and efficient delivery systems.

By not restricting the amount or even allocating a portion as in public issues, those with large amounts have taken the bulk of the offer and left nothing for the smaller investors who really need the ASM more. For example a person who takes up RM100k will deprive 10 citizens who are applying for RM10k.

I suggest that applications should be open for perhaps one week and also over a weekend in order to give everyone a better chance to apply for the units.

Citizens are allowed to apply for any amount but those for smaller lots would be given preference.

Based on the response, the fund manager may apply to enlarge the size of the offer.

photo: New Straits Times