Saham Amanah Sabah (SAS) recorded millions in losses last year and the opposition wants the board to explain how this happened.
KOTA KINABALU: Opposition, Sabah Progressive Peoples Party (SAPP) wants the Umno-led state government to explain a terminology used in the Saham Amanah Sabah (SAS) Annual Report 2011 in relation to the almost RM20 million in losses last year allegedly due to poor investment decisions.
SAPP Youth wing official Clemet Lee said the government must explain the term “Realized Loss on sale of Investment”. Some RM 19,870,833.00 has been listed under this term.
Lee said an explanation is also due on another “Realized Loss on sale of Investment”, amounting to over RM 31 million (RM 31,124,228) which is also stated in the same report.
“There is no details provided for this “Realized Loss on sale of Investment” in this report..so the government must explain,” he said.
He also questioned SAS experience in investing abroad.
“Does the SAS investment team have any expertise in investing in foreign securities like Singapore, Hong Kong, Indonesia, and Thailand markets?” he asked.
Lee also took to task Sabah deputy chief minister Dr. Yee Moh Chai, for the still unexplained plunge in the value of the SAS fund during the late 1990s that caused thousands of investors to lose their saving, for remaining silent on the failure to improve the value of the fund.
The BN government must explain why it has failed to increase the value of the fund even after the course of 14 years despite the additional RM200 million government grant injected into it in recent years as announced by Sabah Chief Minister Musa Aman, he said.
SAPP has meanwhile promised to solve the problem that was blamed on the Asian Financial Crisis in 1997-1998 and is being borne by over 50,000 SAS investors.
Lee said the SAPP would also issue a White Paper that would help pinpoint the cause of the SAS crash if the party wins in the coming general election and forms the state government.
“We will also assist in elevating SAS to its original value, or even let it appreciate higher to a value that it so rightfully deserves,” he added.
Poor management should be avoided.
ReplyDeleteSAPP should stay away from this.
ReplyDeleteSAS walaupn belum mencapai keuntungan tinggim namun ia mampu bertahan dan makin stabil sejak YTL menyebabkan ia rugi.
ReplyDeleteJika SAPP cuba membangkitkan SAS sudah semestinya perkara ini agak berkaitan dengan President SAPP sendiri.
ReplyDeletePengurusan Yong lebih teruk berbanding dengan apa yang ada sekarang ini.
ReplyDeletehow can you ask the government of the day to explain about the loss of SAS when your chief leader unable to explain the loss during his tenure as chief minister of Sabah??
ReplyDeleteI assume that this statement merely to cover SAPP past mistakes..
ReplyDeleteSAS has reported a gross income of RM27,155,786 as at March 15 this year.
ReplyDeleteIncome derived from SAS’s investment in the stock market (84.61%), dividend income (5.32%), money market (1.18%) and forex forward contract (8.89%).
ReplyDeleteAfter deducting manager’s expenses and provision for taxation, the distributable income amounted to RM24,109,627.
ReplyDeleteSaham Sabah Berhad Chairman, Datuk Maijol Mahap declare an interim income distribution of 1.9% or 1.90 sen net per unit for 2012.
ReplyDeleteThis income distribution would involve a total payment of RM23,480,162 and the calculation was based on 1,235,798,000 units held as at March 15 this year.
ReplyDeleteThe total income distribution represented a yield of 5.89% investment return based on the net asset value (NAV) per unit of RM0.3228 as at March 15.
ReplyDeletePerformance for the first two and a half months of this year had been positive with the Bursa Malaysia FBM KLCI closing higher at 1,579.38 points, which represented an increase of 3.18% in comparison to 1,530.73 points as at December 31, 2011.
ReplyDeletePerformance of MSCI All Country Asia ex Japan index increased by 11.73%.
ReplyDeleteIncome distribution would be paid to 53,998 investors comprising 46,089 individual investors (85.4%), 7,407 investors under the Hardcore Poor Scheme (13.7%), 455 investors with bank loans (0.8%) as well as corporate investors (0.1%).
ReplyDeleteIncome distribution would be paid through the issuance of warrants by April 15 this year.
ReplyDeleteSince its inception 17 years ago, inclusive of the interim 2012 distribution, SAS had declared 12 distributions involving payments amounting to RM404,119,371 net or 71.22%.
Investors under the Hardcore Poor Scheme will be paid cash through their Amanah Saham Bumiputra (ASB) accounts. The amount paid to PPRT investors, he said, would be determined at a later date once the PPRT accounts have been updated.
ReplyDelete