Master Prospectus

Transcription

Master Prospectus

This Master Prospectus of Mayban Family of Funds encompasses:
Mayban Unit Trust Fund (MUTF)
Mayban Balanced Trust Fund (MBTF)
Mayban Income Trust Fund (MITF)
Mayban Dana Yakin (MDY)
Mayban Index-Linked Trust Fund (MILTF)
Mayban Dana Ikhlas (MDI)
Mayban Ethical Trust Fund (METF)
Mayban Value Trust Fund (MVTF) and
Mayban Enhanced Bond Trust Fund (MEBTF)
Responsibility Statement
This Prospectus has been seen and approved by the directors of Mayban Unit Trust Berhad, and they
collectively and individually accept full responsibility for the accuracy of all information contained herein
and confirm, having made all enquiries which are reasonable in the circumstances, and to the best of
their knowledge and belief, there are no other facts the omission of which would make any statement
herein misleading.
Statement of Disclaimer
The Securities Commission has approved the issue, offer or invitation in respect of the unit trust funds
the subject of this Prospectus, and that the approval shall not be taken to indicate that the Securities
Commission recommends the investment.
The Securities Commission shall not be liable for any non-disclosure on the part of the management
company and takes no responsibility for the contents of the prospectus, makes no representation as to
its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever
arising from or in reliance upon the whole or any part of the contents of this prospectus.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS
OF THE INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT
AS TO THE ACTION TO BE TAKEN SHOULD CONSULT THEIR PROFESSIONAL ADVISERS
IMMEDIATELY.
A copy of this prospectus has been registered by, and lodged with, the Securities Commission.
Additional Statement
No units will be issued or sold on the basis of the Prospectus later than one (1) year after the date of this
Prospectus.
Contents
PAGE
Glossary Of Terms/Abbreviation ....................................................................................... 4 – 7
Corporate Information ........................................................................................................ 8 – 9
1.0
Summary Of Key Features ............................................................................... 10 – 21
1.1
1.2
1.3
1.4
General Information .......................................................................................................................... 10
Fees And Charges ............................................................................................................................ 15
Information On Transaction .............................................................................................................. 18
Distribution Policy ............................................................................................................................. 20
–
–
–
–
14
17
19
21
2.0
Introduction To Unit Trust ................................................................................ 22 – 30
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
2.10
2.11
Understanding Unit Trust ......................................................................................................................... 22
The Regulatory Framework ...................................................................................................................... 22
Benefits of Investing in Unit Trusts .......................................................................................................... 23
Specific Benefits of Investing in the Funds .............................................................................................. 24
The Principle of Dollar Cost Averaging .................................................................................................... 25
Risks in Investing in Unit Trusts ....................................................................................................... 25 – 26
Available Investment Alternatives ............................................................................................................ 27
Unit Trust Investor Profile in General ....................................................................................................... 28
Investor Profile of Mayban Family of Funds ............................................................................................ 28
Fees and Charges ............................................................................................................................ 28 – 29
Understanding Performance Indicators/ Information ....................................................................... 29 – 30
3.0
Customizing Your Investment Portfolio .......................................................... 31 – 32
3.1
3.2
How does our Funds Serve Your Preference? ................................................................................ 31 – 32
Mayban Family of Funds .......................................................................................................................... 32
4.0
Detailed Information On Mayban Family Of Funds ........................................ 33 – 59
Mayban Unit Trust Fund ................................................................................................................... 33 – 34
Mayban Balanced Trust Fund .......................................................................................................... 35 – 36
Mayban Income Trust Fund ............................................................................................................. 37 – 38
Mayban Dana Yakin ......................................................................................................................... 39 – 40
Mayban Index-Linked Trust Fund .................................................................................................... 41 – 43
Mayban Dana Ikhlas ......................................................................................................................... 44 – 45
Mayban Ethical Trust Fund ............................................................................................................... 46 – 51
Mayban Value Trust Fund ................................................................................................................. 52 – 55
Mayban Enhanced Bond Trust Fund ................................................................................................ 56 – 59
5.0
Investment Process of Mayban Family of Funds ...........................................60 – 64
5.1
5.2
Investment Philosophy of Mayban Family of Funds ........................................................................ 60 – 61
Investment Process of Mayban Family of Funds ............................................................................. 61 – 64
6.0
Investment Policies of Mayban Family of Funds ........................................... 65 – 77
6.1
6.2
6.3
6.4
Investment Power of Mayban Family of Funds ................................................................................ 65 – 75
Exclusion Applicable To All Funds ........................................................................................................... 75
Bases of Valuation of Investments ........................................................................................................... 76
Policy on Gearing and liquid Assets ........................................................................................................ 77
1
Master Prospectus 2003
7.0
Performance of Mayban Family of Funds ....................................................... 78 – 93
Mayban
Mayban
Mayban
Mayban
Mayban
Mayban
Mayban
Mayban
Mayban
Unit Trust Fund ................................................................................................................... 78 – 80
Balanced Trust Fund .......................................................................................................... 81 – 82
Income Trust Fund ............................................................................................................. 83 – 84
Dana Yakin ......................................................................................................................... 85 – 86
Index-Linked Trust Fund .................................................................................................... 87 – 88
Dana Ikhlas ......................................................................................................................... 89 – 90
Ethical Trust Fund ...................................................................................................................... 91
Value Trust Fund ........................................................................................................................ 92
Enhanced Bond Trust Fund ....................................................................................................... 93
8.0
Understanding Fees and Expenses ................................................................ 94 – 98
8.1
8.2
8.3
8.4
8.5
8.6
8.7
8.8
8.9
8.10
8.11
8.12
8.13
Service Charge ......................................................................................................................................... 94
Manager’s Fees ................................................................................................................................ 94 – 95
Redemption Fee ....................................................................................................................................... 95
Commission .............................................................................................................................................. 95
Trustee’s Fees .................................................................................................................................. 95 – 96
Custodian Fee .......................................................................................................................................... 96
Fund Expenses ......................................................................................................................................... 96
Transfer of Units ....................................................................................................................................... 96
Switching ................................................................................................................................................... 96
Management Expense Ratio (MER) ................................................................................................ 96 – 97
Portfolio Turnover Ratio (PTR) ................................................................................................................. 97
Total Annual Expenses Incurred by Mayban Family of Funds of The Latest Financial Year ................ 98
Policy On Brokerage Rebates And Soft Commissions ............................................................................ 98
9.0
Sale And Purchase Of Units ........................................................................... 99 – 103
9.1
9.2
9.3
9.4
9.5
9.6
9.7
9.8
9.9
9.10
9.11
9.12
Valuation Of Units ..................................................................................................................................... 99
Sale and Repurchase Of Units ................................................................................................................. 99
Approved Size .......................................................................................................................................... 99
Basis Of Determining The Buying And Selling Prices ................................................................... 99 – 100
Minimum Balance Of Investment ........................................................................................................... 100
Cooling-Off Right .................................................................................................................................... 101
How To Purchase and Redeem Units of the Fund ................................................................................ 101
Where to Purchase and Redeem ........................................................................................................... 102
Invest Your EPF Savings ....................................................................................................................... 102
Who are eligible under the EPF Investment Scheme? .......................................................................... 102
Transfer of Units ..................................................................................................................................... 102
The Flexibility to Switch Your Investment .................................................................................... 102 – 103
10.0
Understanding Income Distribution and Reinvestment Plan ................... 104 – 107
10.1
10.2
10.3
10.4
10.5
10.6
10.7
Distribution Policy ................................................................................................................................... 104
What Comprises Income Distribution? ................................................................................................... 104
How Are Income Distribution Calculated? ............................................................................................. 104
Impact of Distribution on Unit Price .............................................................................................. 104 – 105
When Will Income Distribution Be Paid? ............................................................................................... 105
What Option Do I Have In Receiving An Income Distribution? ............................................................. 106
Policy On Unclaimed Monies ................................................................................................................. 107
11.0
Communication With Unit Holders ........................................................................ 108
11.1
11.2
11.3
Customer Information Service ................................................................................................................ 108
Regular Report On Your Investment ...................................................................................................... 108
Register of Unit Holder ........................................................................................................................... 108
2
12.0
Unit Holders’ Rights and Liabilities ....................................................................... 109
12.1
12.2
Unit Holders’ Right and Limitations ........................................................................................................ 109
Unit Holders’ Liability .............................................................................................................................. 109
13.0
The Management and Administration of Funds ......................................... 110 – 122
13.1
13.2
13.3
13.4
13.5
13.6
13.7
13.7.1
13.7.2
13.8
13.9
13.9.1
13.9.2
13.10
13.10.1
13.10.2
13.11
13.12
13.13
Corporate Profile of the Manager ........................................................................................................... 110
Organisation of MUTB .................................................................................................................. 110 – 111
Past Performance of MUTB ................................................................................................................... 111
Profile of The Board of Directors .................................................................................................. 111 – 112
Profile of The Key Management Staff of MUTB ........................................................................... 113 – 114
The Investment Committee .................................................................................................................... 114
Profile of The Investment / External Fund Manager .............................................................................. 115
Mayban Investment Management Sendirian Berhad (MIM) ........................................................ 115 – 116
UOB-OSK Asset Management Sendirian Berhad (UOB-OSKAM) .............................................. 116 – 118
Investment Management of the Funds ........................................................................................ 118 – 119
The Syariah Adviser ............................................................................................................................... 119
Roles and Responsibilities of the Syariah Adviser ................................................................................ 119
Syariah Advisory Panel ................................................................................................................ 119 – 120
The Ethical Panel of Advisers ................................................................................................................ 120
Roles and Responsibilities of the Ethical Panel of Advisers ................................................................. 120
Ethical Panel of Advisers ....................................................................................................................... 121
Conflict of Interest ................................................................................................................................... 122
Retirement of the Manager ..................................................................................................................... 122
Power of the Manager to Replace the Trustee ...................................................................................... 122
14.0
The Trustee .................................................................................................... 123 – 130
14.1
14.2
14.3
14.4
14.5
14.6
14.7
14.8
Profile Of Universal Trustee (Malaysia) Berhad (UTMB) ............................................................ 123 – 124
Profile Of Amanah Raya Berhad (ARB) ....................................................................................... 124 – 126
Profile Of HSBC (Malaysia) Trustee Berhad (HSBC) .................................................................. 126 – 127
Profile Of Malaysian Trustees Berhad (MTB) .............................................................................. 127 – 129
Trustees’ Statement of Responsibility ................................................................................................... 129
Duties and Obligations of the Trustees ........................................................................................ 129 – 130
Retirement or Removal or Replacement of the Trustee ........................................................................ 130
Power of the Trustee to Remove, Retire or Replace the Manager ....................................................... 130
15.0
Tax Advisor’s Letter on Taxation of The Trusts And Unit Holders .......... 131 – 137
16.0
Accountant’s Report ..................................................................................... 138 – 157
17.0
Disclosure and Consents ....................................................................................... 158
18.0
Exemptions/ Variation Granted by the Securities Commission ......................... 159
19.0
Documents Available for Inspection ..................................................................... 160
20.0
Directors’ Declaration ............................................................................................. 161
21.0
Directory of Maybank and Mayban Finance Branches .............................. 162 – 173
21.1
21.2
Maybank Distribution Branches ................................................................................................... 162 – 171
Mayban Finance Distribution Branches ....................................................................................... 171 – 173
3
Glossary Of Terms / Abbreviation
The following words or abbreviations shall have the following meaning in the current Prospectus unless
otherwise stated:
“ARB”
Amanah Raya Berhad
“Business Day(s)”
A day on which the KLSE is open for normal business.
“Cooling-off Right”
The right during which Unit Holder can change his mind and cancel an
investment in the Fund within 6 Business Days, commencing from the
date of purchase, without having to incur any service charge.
“Cooling-off Period”
The cooling-off period of the Fund is six (6) business days commencing
from the date of purchase i.e the date on which the manager receives the
application form and the investment amount.
“Deed”
The Deed made between the Manager, the Trustee and the Unit Holders.
“Distribution Branches”
Any branches, outlets or any other premises of the IUTA used as
distribution channels for the purpose of marketing and distribution of unit
trusts.
“Ethical Panel of Advisers”
Ethical Panel of Advisers appointed by the Manager.
“External Fund Manager”
MIM and UOB-OSKAM
“FMUTM”
The Federation of Malaysian Unit Trust Managers.
“FOMCA”
Federation of Malaysian Consumers Association
“Forward pricing”
The NAV per unit of the Fund used for the purpose of calculating a price
is the NAV per unit as at the next valuation point after an instruction or a
request is received.
“Funds”
Mayban Family of Funds
“ Guidelines”
The Guidelines on Unit Trust Funds issued by the SC.
“HSBC”
HSBC (Malaysia) Trustee Berhad
“Investment Committee”
The Investment Committee of the Manager primarily responsible for
formulating, implementing and monitoring the investment management
strategies of the Fund in accordance with the respective investment
objectives of the Fund. The Investment Committee is also responsible for
the overall performance of the Fund by ensuring that the Fund is managed
professionally. In addition, the Investment Committee shall review and
approve the portfolio strategies recommended by the Investment Manager,
subject to the endorsement of the Board of Directors of the Manager.
4
“Investment Management
“Agreement”
This agreement sets out the terms and conditions upon which the External
Fund Manager has been appointed and has agreed to act as the External
Fund Manager for the Manager in respect of the Fund.
“IPOs”
IPOs or Initial public offerings, which means offer by a company to the
public to buy its shares before listing on KLSE.
“IUTA”
Institutional Unit Trust Agent which is an institution, a corporation or an
organisation that is registered with FMUTM in accordance with their
guidelines.
“KLSE”
Kuala Lumpur Stock Exchange
“KLCI”
KLSE Composite Index
“Manager”
Mayban Unit Trust Berhad (MUTB)
“Management Expense
“Ratio or MER”
The ratio of the sum of the fees and the recovered expenses of the Fund
to the average value of the Fund calculated on a daily basis, i.e.:
Fees of the Fund + recovered expenses of the Fund x100
Average value of the Fund calculated on a daily basis
Where:
“Maybank”
Fees
=
All ongoing fees deducted/deductible directly from
the Fund in respect of the period covered by the
management expense ratio expressed, as a fixed
amount calculated on a daily basis. This would
include the annual management fee, the annual
trustee fee and any other fees deducted/ deductible
directly from the Fund;
Recovered
expenses
=
All expenses recovered from/charged to the Fund
as a result of the expenses incurred by the operation
of the Fund, expressed as a fixed amount. This
should not include expenses that would otherwise
be incurred by an individual investor (e.g. brokerage,
taxes and levies); and
Average
value of the
Fund
=
The NAV of the Fund, including net value income
less expenses on an accrued basis, in respect of
the period covered by the management expense
ratio, calculated on a daily basis;
Malayan Banking Berhad
5
“Mayban Family of Funds”
Mayban Unit Trust Fund
Mayban Balanced Trust Fund
Mayban Income Trust Fund
Mayban Dana Yakin
Mayban Index-Linked Trust Fund
Mayban Dana Ikhlas
Mayban Ethical Trust Fund
Mayban Value Trust Fund
Mayban Enhanced Bond Trust Fund
(MUTF)
(MBTF)
(MITF)
(MDY)
(MILTF)
(MDI)
(METF)
(MVTF)
(MEBTF)
“MESDAQ”
Malaysian Exchange for Securities Dealings and Automated Quotation.
“MICG”
Malaysian Institute of Corporate Governance
“MIM”
Mayban Investment Management Sdn Bhd
“MTB”
Malaysian Trustees Berhad
“Net Asset Value (NAV)
“of a fund”
The NAV of the Fund is determined by deducting the value of all the Fund’s
liabilities from the value of all the Fund’s assets, at the valuation point. For
the purpose of computing the annual management fee and annual trustee
fee, the NAV of the Fund should be inclusive of the management fee and
trustee fee for the relevant day.
“Net Asset Value (NAV)
“per unit”
The NAV of the Fund divided by the number of units in circulation, at the
valuation point.
“Non-Trustee Securities”
Securities of the kind which is not permissible referred to in Section 5 of
the Trustee Act 1949 Act 208
“Portfolio Turnover Ratio
“or PTR”
The ratio of the average of the acquisitions and disposals of the Fund for
the year to the average value of the Fund for the year calculated on a
daily basis, i.e.:
[Total acquisitions of the Fund for the year + Total disposals of the Fund forthe year] / 2
Average value of the Fund for the year calculated on a daily basis
“RM”
Ringgit Malaysia
“SC”
Securities Commission
“Selling Price for units”
The price payable by the investors for the purchase of a unit in Fund
calculated at NAV per unit plus service charge.
“SOEM”
Society of Occupational and Environmental Medicine
“Syariah Advisory Panel”
Syariah Advisory panel appointed by the Manager
6
“The Act”
The Securities Commission Act 1993 including all amendments thereto
and all regulations rules and guidelines issued in connection therewith.
“Trustees”
UTMB, ARB, HSBC and MTB
“Unit Holder”
A person registered as holder of a unit or units of the Fund and whose
name appears in the Register of Unit Holders.
“Units in circulation”
A unit created and fully paid.
“UOB-OSKAM”
UOB-OSK Asset Management Sendirian Berhad
“UTMB”
Universal Trustee (Malaysia) Berhad
Definitions or meanings of word or words not otherwise expressed above shall follow the meaning
or interpretation as ascribed in the Guidelines on Unit Trust Funds issued by the Securities
Commission and any other relevant laws governing unit trust funds.
7
Corporate Information
MANAGER
EXTERNAL FUND MANAGER
Mayban Unit Trust Berhad (195414-U)
(Formerly known as Mayban Management Berhad)
Mayban Investment Management Sdn Bhd
(421779-M)
Level 13, MaybanLife Tower
Dataran Maybank
No.1, Jalan Maarof
59000 Kuala Lumpur
Tel : 03-2297 7888
Registered Office
Dataran Maybank
No.1, Jalan Maarof
59000 Kuala Lumpur
Telephone : 03-2287 2818
Facsimile : 03-2287 6818
Website
: http://www.maybanunittrust.com.my
Maybank Group Call Centre : 1-800-88-3076
: 03-2287 9868
UOB-OSK Asset Management Sendirian Berhad
(219478X)
Level 13 Menara UOB
Jalan Raja Laut
50350 Kuala Lumpur
Tel : 03-2732 1181
BOARD OF DIRECTORS
•
Y Bhg. Dato’ Richard Ho Ung Hun
(Non-Executive Chairman)
•
Dr Khoo Kah Lin
(Independent Non-Executive Director)
•
Tuan Haji Mohd Hashir Hj Abdullah
•
Encik Md. Yusof bin Hussin
•
Encik Md. Agil bin Mohd Natt
(Non-Executive Director)
•
Encik Johar bin Che Mat
(Non-Executive Director)
INVESTMENT COMMITTEE MEMBERS
Encik Md. Yusof bin Hussin
(Independent Non-Executive Chairman)
Encik Wong Yew Fai
(Independent)
Encik Zulkifli bin Hamzah
Encik Nik Nasir bin Abdul Majid
Encik Ismail Bin Mohd Yusof
(CEO)
COMPANY SECRETARY
Encik Chay Ching Keat
MAICSA 7009279
Maybank
Corporate Services
14th Floor, Menara Maybank
100 Jalan Tun Perak
50050 Kuala Lumpur
8
SYARIAH ADVISORY PANEL
•
Associate Prof. Dr. Mohd Daud Bakar
•
Y. Bhg Datuk Hj Md Hashim Haji Yahaya
•
Y. Bhg Dato’ Haji Hassan Haji Ahmad
ETHICAL PANEL OF ADVISERS
•
Encik Philip Koh Tong Ngee
(A Representative from MICG)
•
Encik Marimuthu Nadason
(A Representative from FOMCA)
•
Dr. Abed bin Onn
(A Representative from SOEM)
TRUSTEE
AUDITOR
Universal Trustee (Malaysia) Berhad (17540-D)
No. 1, 3rd Floor
Jalan Ampang
50450 Kuala Lumpur
Telephone : (603) –2070 8050
Facsimile : (603) –2031 8715/ 2032 3194
Email Address: utmb@po.jaring.my
Ernst & Young
Chartered Accountants
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Amanah Raya Berhad (344986-V)
UL,9th & 10th Floor, Wisma Amanah Raya
No. 15, Jalan Sri Semantan 1
Off Jalan Semantan
50490 Kuala Lumpur
Telephone : (603) –2095 3232
Facsimile : (603) –2095 3311
Email Address: araya@po.jaring.my
TAX ADVISER
HSBC (Malaysia) Trustee Berhad (001281-T)
Level 1, Annexe Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone : (603) -2090 5999
Facsimile : (603) -2092 1572/ 2092 1576
Email Address :hsbcklt@po.jaring.my
HSBC’s Delegate
HSBC Nominees (Tempatan) Sdn Bhd (258854-D)
No. 2, Leboh Ampang
50100 Kuala Lumpur
Telephone : (603)-2070 0744
Facsimile : (603) -2070 6944
Website:http ://www.hsbc.com.my
Malaysian Trustees Berhad (21666-V)
Level 3, Menara Prudential
No. 10, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2176 1066
Fax : 03-2032 1222
Malaysian Trustees Berhad’s Delegate
Mayban Custody & Services
3rd Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
PricewaterhouseCoopers Taxation Services Sdn
Bhd
11th Floor, Wisma Sime Darby
Jalan Raja Laut
50706 Kuala Lumpur
Ernst & Young Tax Consultants Sendirian Berhad
Jalan Damanlela
50490 Kuala Lumpur
BANKER
Malayan Banking Berhad (3813-K)
Kuala Lumpur Main Office
50050 Kuala Lumpur
SOLICITOR
Othman Hashim & Co (MUTF, MBTF, MITF and MDY)
Suite 18.04
18th Floor, Wisma MAA
12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Raja, Darryl & Loh (MILTF, MDI, METF and MVTF)
18th Floor, Wisma Sime Darby,
Jalan Raja Laut
50350 Kuala Lumpur
Rashid & Lee (MEBTF)
Level 12 & 13, Menara Milenium,
8, Jalan Damanlela,
Damansara Heights,
50490 Kuala Lumpur
9
Summary of Key Features
of Mayban Family of Funds
1
1.1 General Information
Manager
Investment Manager
No
Mayban Investment Management Sdn Bhd (421779-M)
Fund
Abbreviation
Trustee
01
MUTF
Universal Trustee (M) Berhad (17540-D)
02
MBTF
03
MITF
MDY
04
Mayban Dana Yakin
05
06
Mayban Dana Ikhlas
MILTF
MDI
MUTF
Features
MBTF
Category of Fund
Equity Fund
Balanced Fund
Type of Fund
Growth Fund
Growth and Income Fund
Objective of the Fund
To achieve a steady long-term (over five
years) income and capital growth through
a diversified portfolio of larger capitalisation
equity investments.
(Refer to page 33 for details of investment
objective of the Fund)
To provide a balance between income and
long-term (over five years) capital
appreciation.
Investment Strategy
The Fund invest primarily in blue chip and
high growth stocks that can increase the
potential for better long-term returns.
strategy of the Fund)
The Fund invest in a wide variety of assets,
balancing its investment between
potentially high yielding share investment
aiming to increase long term returns.
Asset Allocation
• Max 90% in Equities
• Min 40% in Equities
• 10% in Liquid Asset
(Refer to page 34 for details of asset
allocation of the Fund)
•
•
Principal risks of
investing in the Fund
The Principal risk of investing in the Fund
are as follows: • Market risk
• Credit/ Default risk
• Interest Rate risk
• Liquidity Risk
(Refer to page 34 for details of potential
risk associated with the Fund)
• Liquidity Risk
Investor Profile
The Fund is suitable for all investors whose
primary interest is in investments for the
long-term and capital growth of their
investment. It is for those who are seeking
investment in larger blue chip and growth
stocks.
The Fund is suitable for all investors who
are seeking a fully managed and balanced
portfolio of investments and who have an
investment horizon of five years or more.
Commencement
of Fund
March 26, 1992
September 19, 1994
Financial Year End
June 30
September 30
Approved Size
of Fund
1.5 billion units
1.15 billion units
Units in Circulation
as at 03.09.2003
921,316,886.55
648,967,885.34
10
Min 40% max 60% in Equities
Min 40% max 60% in Fixed Income
Securities
• Min 10% in Liquid Assets
Features
MDY
MITF
Category of Fund
Bond Fund
Equity Fund
Type of Fund
Income Fund
Growth Fund
To maximise returns over the medium term
(over two years) and while at the same time
offer stability of capital and regular
consistent income.
To achieve a steady capital growth over
the medium to long term period (two years
to five years) through investments
permissible under the Syariah Principles.
Investment Strategy
The Fund investment strategy is to create
a prudent mix in its portfolio to comply with
its investment objective and to provide
professional assessment of investment
prospects by its fund managers in line with
the economic outlook.
The Fund investment strategy is to
enhance the value of the Fund through
diversification of stocks that complies with
syariah principles within the permitted
investment parameters.
Asset Allocation
•
Min 40% max 90% in Fixed Income
Securities
• Up to 60% in Cash and Money Market
• Max 90% in Equities
• Min 40% in Equities
• Min 10% in Liquid Assets
Principal risks of
• Liquidity Risk
• Liquidity Risk
Investor Profile
The Fund is suitable for investors seeking
a medium to long-term investment with
regular interest income and some potential
for moderate capital growth.
The Fund is suitable for an investor who:
• Is looking for investments of a
diversified Portfolio of assets that
conforms to the Syariah Principles
• Has medium to long-term investment
horizon of 3 years and above.
Commencement
of Fund
June 19, 1996
November 24, 2000
Financial Year End
June 30
April 30
Approved Size
of Fund
600 million units
400 million units
as at 03.09.2003
360,944,987.04
214,822,000.00
11
Features
MDI
MILTF
Category of Fund
Equity Fund
Balanced Fund
Type of Fund
Index Fund
Income and Growth Fund
To achieve an investment result that tracks
the performance of the benchmark KLSE
Composite Index (KLCI).
To attain a mix of regular income stream
and possible capital growth via investments
into listed equities, debt instruments and
other assets that are permissible under the
Syariah Principles.
Investment Strategy
The Fund’s Policy to remain fully invested
at all times to minimize the tracking error.
MDI invests in a wide range of assets that
conforms to Syariah Principles.
Asset Allocation
• 90.0% to 99.5% in Equities
• 0.5% to 10.0% in Liquid Assets
The percentage is based on portfolio
valuation.
•
•
Principal risks of
Investor Profile
The Fund is suitable for investor who: • Desire returns that are consistent with
the performance of the KLCI.
• Has a medium to high-risk tolerance.
The Fund is suitable for all investors who
are seeking a fully managed and balanced
portfolio of investments that conforms to
the Syariah Principles and has an
investment horizon of five years or more.
Commencement
of Fund
May 16, 2002
September 17, 2002
Financial Year End
October 31
November 30
Approved Size
of Fund
400 million units
400 million units
as at 03.09.2003
180,919,000.00
138,970,000.00
12
Min 20% to max 70% in Equities
Min 20% to max 70% in Debt
Instrument
• Min 10% in Cash
Manager
External Fund Manager
No
UOB-OSK Asset Management Sendirian Berhad (219478X)
Fund
Abbreviation
Trustee
07
METF
08
MVTF
09
Features
MEBTF
Malaysian Trustees Berhad (21666-V)
METF
MVTF
Category of Fund
Equity Fund
Equity Fund
Type of Fund
Income and Capital Growth Fund
Capital Growth Fund
To provide investors with income and
capital growth for medium to long term
through investments that comply with
Ethical Principles as defined in this Fund.
To provide investors with capital growth
through investments into securities that is
trading at a discount to their intrinsic
values, while minimizing the risk in the
medium to long term.
Investment Strategy
The Fund seeks to maximize total returns
by providing investors with capital
appreciation while reducing risk through
diversified investments mainly in equities
listed in the Kuala Lumpur Stock Exchange.
The Fund seeks to maximize total returns
by providing investors with capital
appreciation while reducing risk through
diversified investments mainly in equities
listed in the Kuala Lumpur Stock Exchange.
Asset Allocation
•
•
90% to 98% in Equities and/or Bonds
2% to 10% in Short Term Money
Market Instruments
•
Principal risks of
Investor Profile
The Fund is suitable for investor who: • desires income and capital returns
from the equity markets.
• would like to channel their resources
to companies that demonstrate socially
responsible practices relating to the
environment and community.
• has an investment horizon exceeding
5 years.
The Fund is suitable for investor who: • is willing to accept risks for returns
presented by the stock market
• want to capitalize on the Value
Investment approach when investing
in equity markets
• has an investment horizon in excess
of 5 years
Commencement of
Fund
January 7, 2003
January 7, 2003
Financial Year End
August 31
August 31
Approved Size
of Fund
300 million units
300 million units
as at 03.09.2003
81,761,500.00
29,301,500.00
90% to 98% in Equities and/or Debt
Instruments
• 2% to 10% in Cash/Money Market
Instruments
• Min 50% in Equities and/or Bonds
13
Features
MEBTF
Category of Fund
Bond Fund
Type of Fund
Income and Growth
The investment objective of the MEBTF is
to provide a stable income stream and an
opportunity for capital appreciation over the
medium to long -term horizon.
Investment Strategy
The Fund seeks to achieve its objective
through a policy of diversified investment
in convertible debt securities, redeemable
debt securities, government backed bonds/
securities, rated private debt securities,
money market instruments and equities.
Asset Allocation
The Fund may invest a minimum of 85%
of its Net Asset Value in fixed income
securities and money market and no more
than 15% in IPOs. If no availability of quality
IPOs, then the Fund will have all its assets
in fixed income securities and money
market.
Principal risks of
The principal risk of investing in the fund
are as follows: • Market Risk
• Interest Rate Risk
• Liquidity Risk
Investor Profile
The Fund is suitable for investors with the
following profile: • preference for a conservative
investment approach but willing to
exploit opportunities presented in the
capital markets.
• possess an investment horizon in
excess of 5 years.
Commencement
of Fund
May 27, 2003
Financial Year End
March 31
Approved Size
of Fund
500 million units
as at 03.09.2003
397,242,000.00
14
1.2 Fees and Charges
“This table describes the charges that you may incur when you buy or sell units of the fund”.
Charges
Service Charge per unit
%/RM
Repurchase Charge per unit
%/RM
(i)
MUTF
5% - 10% of NAV
N/A
(ii)
MBTF
5% - 10% of NAV
N/A
(iii)
MITF
2% - 7% of NAV
N/A
(iv)
MDY
5% - 10% of NAV
N/A
(v)
MILTF
3% - 5% of NAV
N/A
(vi)
MDI
4% - 7% of NAV
N/A
(vii)
METF
5% - 8% of NAV
N/A
(viii)
MVTF
5% - 8% of NAV
N/A
(ix)
MEBTF
1% - 2% of NAV
N/A
“This table describes the fees that you may incur when you invest in the fund”.
Fees and
Expenses
Annual
Management Fee
Annual
Trustee Fee
Custodian Fee
Management
Expense Ratio
(i)
MUTF
1.00% to 1.50%
of NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis.
(Refer to page 94
for more details)
0.02% depending
on the NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis
(annualized to
30/6/03)
(Refer to page 95
for more details)
0.035% per annum
of the value of the
stock and shares
portfolio subject to
a minimum of
RM40,000 per
annum and a
maximum of
RM120,000 per
annum.
(Refer to page 96
for more details)
1.07% for year
ended 30 June
2003.
(Refer to page 96
for more details)
(ii)
MBTF
0.75% to 1.50%
of NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis.
(Refer to page 94
for more details)
0.02% per annum
depending on the
NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis
(annualized to
30/9/02)
(Refer to page 95
for more details)
0.035% per annum
of the value of the
stock and shares
portfolio subject to
a minimum of
RM60,000 per
annum and a
maximum of
RM150,000 per
annum.
(Refer to page 96
for more details)
0.92% for year
ended 30
September 2002.
(Refer to page 96
for more details)
(iii)
MITF
1.00% to 1.50%
of NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis.
(Refer to page 94
for more details)
0.02% depending
NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis for
financial year end
30/6/03.
(Refer to page 95
for more details)
N/A
1.05% for year
ended 30 June
2003.
(Refer to page 96
for more details)
15
Fees and
Expenses
Annual
Management Fee
Annual
Trustee Fee
Custodian Fee
Management
Expense Ratio
(iv)
MDY
1.50% of NAV
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
(Refer to page 94
for more details)
0.08% p.a. of the
NAV before
deducting annual
management fee
and trustee fee for
the day, subject to
a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 95
for more details)
N/A
1.63% for the
financial period
ended on 30 April
2003.
(Refer to page 96
for more details)
(v)
MILTF
1.00% of NAV
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
(Refer to page 94
for more details)
0.08% of the NAV
before deducting
annual management
fee and trustee fee
for the day, subject
to a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 95
for more details)
N/A
0.54% for the
financial period
ended on 31
October 2002.
(Refer to page 96
for more details)
MDI
1.10% to 1.35% of
NAV before
deducting annual
management fee
and trustee fee for
the day, calculated
on a daily basis.
(Refer to page 94
for more details)
0.08% of the NAV
before deducting
annual management
fee and trustee fee
to a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 95
for more details)
N/A
(vi)
0.27% for the
financial period
ended on 30
November 2002.
(Refer to page 96
for more details)
(v)
METF
1.50% of NAV
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
(Refer to page 94
for more details)
0.08% of the NAV
before deducting
annual management
fee and trustee fee
to a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 95
for more details)
N/A
As at the
commencement
date, the MER is nil.
(Refer to page 96
for more details)
(vi)
MVTF
1.50% of NAV
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
(Refer to page 94
for more details)
0.08% p.a. of the
NAV before
deducting annual
management fee
and trustee fee for
the day, subject to
a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 95
for more details)
N/A
As at the
commencement
(Refer to page 96
for more details)
16
(vii)
Fees and
Expenses
Annual
Management Fee
MEBTF
The Fund shall
generally comprise
of Bond instruments
thereby its base
annual management
fee is the standard
1.0% p.a.
Bond Portion
1.0% p.a. of the
NAV of the Fund,
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
Annual
Trustee Fee
0.07% p.a. of the
NAV before
deducting annual
management fee
and trustee fee for
the day, subject to
a minimum of
RM18,000 per
annum calculated
on a daily basis.
(Refer to page 96
for more details)
Custodian Fee
N/A
Management
Expense Ratio
As at the
commencement
(Refer to page 96
for more details)
Equity Portion
*1.75% p.a. of the
NAV of the Fund,
before deducting
annual management
fee and trustee fee
for the day,
calculated on a
daily basis.
*The portion of the
portfolio that is
channeled to IPOs
is levied an
additional charge of
0.75% on top of
1.0% to cover the
in depth IPO
research expenses.
(Refer to page 95
for more details)
There are fees and charges involved and investors are advised to consider the fees and charges
before investing in the fund.
17
1.3 Information on Transaction
Minimum Initial Investment
Application for units must be for a minimum of one thousand ringgit
(RM1,000) for MUTF, MBTF, MITF and MEBTF and five hundred
ringgit (RM500) for MDY, MILTF, MDI, and METF and MVTF at point
of issue.
Minimum Subsequent Investment
Subsequent additional investments can be made at a minimum of
one hundred ringgit (RM 100) for MUTF, MBTF, MITF, MDY, MILTF,
MDI, METF and MVTF and five hundred ringgit (RM 500) for MEBTF.
Selling Price
The price payable by the investors for the purchase of a unit in Fund
calculated at NAV per unit plus service charge.
In determining the Selling Price, the following are the percentage of
the service charge of the NAV of the respective Fund per unit
(including rounding up adjustments), which is added to the NAV of
the Fund.
MUTF, MBTF and MDY = 5% - 10% of NAV
MITF = 2% - 7% of NAV
MILTF = 3% - 5% of NAV
MDI = 4% - 7% of NAV
METF and MVTF = 5% - 8% of NAV
MEBTF = 1 % - 2% of NAV
Selling Price = NAV + Service Charge
Selling Price as at 3 September 2003
MUTF
0.6405
MBTF
0.6913
MITF
0.9634
MDY
0.5406
MILTF
0.4997
MDI
0.5472
METF
0.5860
MVTF
0.5778
MEBTF
0.5080
The Selling Price is computed on a “forward pricing” basis and
published daily in major newspapers. *
(Refer to page 99 for more details)
Buying Price/Repurchase Price
The price payable to the Unit Holders on repurchase is the NAV per
unit at the repurchase date.
Buying Price = NAV
Buying Price as at 3 September 2003
MUTF
0.6014
MBTF
0.6491
MITF
0.9445
MDY
0.5148
MILTF
0.4805
MDI
0.5212
METF
0.5502
MVTF
0.5426
MEBTF
0.4980
The Buying Price is determined on a “forward pricing” basis.
18
Cooling-off Period
Within six (6) business days commencing from the date of purchase
i.e the date on which the manager receives the application form and
the investment amount.
(Refer to page 101 for details)
Redemption Period
The Manager will pay the redemption proceeds to Unit Holders within
ten (10) days upon receipt of the request to redeem.
Minimum Redemption Amount
There is no minimum redemption amount imposed on a Unit Holder.
However, for partial redemption, the minimum balance of units
remaining in the account must always be 100 units.
Frequency of Redemption
There is no restriction on the frequency of redemption.
Redemption Fee
There is no fee applicable on redemption for the fund.
(Refer to page 95 for details on fees and expenses of the Funds.)
Switching
Unit Holders may switch their investments between Funds. There is
an administration fee of RM25-00 per transaction of switch. Units
switched are transacted at Selling Price less service charge (NAV).
No commission is paid to Maybank or Mayban Finance branches for
facilitating such a switch. The minimum investment that may be
switched per transaction is 1000 units.
Transfer Of Units
A Unit Holder may fully or partially transfer his units in a fund to
another Unit Holder. However, for partial transfer, the minimum
balance of units remaining in the account must always be 100 units.
An administrative fee of RM3 will be charged for the transfer
transaction.
Dealing Days
All Business day
Note:
•
The Manager will ensure that the prices forwarded to the press for publications are accurate. However, the
Manager cannot be held liable for any error in prices finally published in the press. Investors may contact any of
our Maybank or Mayban Finance Distribution Branches to further confirm the unit prices.
Free Insurance For MUTF and MBTF
Eligible Unit Holders (natural person) aged between 18 – 69 years with a minimum investment of 10,000
units of MUTF and MBTF will be given free Group Personal Accident Insurance with Total Permanent
Disability. This coverage provides an accident protection up to a maximum of RM10,000 per Unit Holder of
either fund.
(Refer to page 24 for more details.)
Free Takaful (Insurance) For MDY
Eligible unit holders (natural persons) of Mayban Dana Yakin will be given free Personal Accident Insurance
cover. Unit holders holding a minimum of 2,000 units and above will automatically be covered under Personal
Accident Takaful. The sum covered would be RM1,000.00 for every 2,000 units held subject to a minimum
investment of 2,000 units and maximum coverage of RM200,000 per unit holder.
Free Takaful (Insurance) For MDI
Eligible unit holders (natural persons) of Mayban Dana Ikhlas will be given free Personal Accident Insurance
Accident Takaful. The sum covered would be RM0.50 for every unit held subject to a minimum investment
of 2,000 units and maximum coverage of RM200,000.
19
1.4 Distributions Policy
Income Distribution to Unit Holders is declared by way of distribution paid or the creation of additional
units at the end of financial year for the respective funds.
Unit Holders of MUTF, MBTF and MITF may choose to receive their distribution in the form of cheques or
to re-invest the distribution by selecting the proper option in the Application Form. However, all distribution
declared to Unit Holders of MDY, MILTF, MDI, METF, MVTF and MEBTF will be automatically reinvested for
additional units on behalf of the Unit Holders.
The unit price of all distribution reinvestments will be based on the repurchase price, which shall be calculated
at the valuation point of the Business Day falling one (1) month after the declaration date.
MUTF
MBTF
MITF
MDY
MILTF
Distribution of income*
30.06.2003
30.09.2002
30.06.2003
30.04.2003
N/A
Net Distribution
Percentage of
Components on
Net Distribution:Profit on
Mudharabah Deposit
Income from Fixed
Income Securities
Interest Income
Dividend Income
Other Income
Realised Capital
Gain/(Loss)
Expenses & Taxation
Gross Distribution
per unit (Sen)
Net Distribution
per unit (Sen)
Form of Distribution
RM25.87m
RM25.98m
RM17.38m
RM6.57m
N/A
–
–
–
6.16%
N/A
–
10.32%
50.06%
45.12%
–
30.05%
31.16%
18.59%
–
71.86%
–
11.28%
1.90%
–
25.24%
61.76%
N/A
N/A
N/A
N/A
25.32%
(30.82%)
40.96%
(20.76%)
37.77%
(20.91%)
26.11%
(21.17%)
N/A
N/A
3.00
4.20
6.00
6.00
N/A
2.72
Cash
3.94
Cash
6.00
Cash
20
5.70
N/A
Reinvestment Reinvestment
MDI
METF
MVTF
MEBTF
Distribution of income*
N/A
N/A
N/A
N/A
Net Distribution
N/A
N/A
N/A
N/A
Percentage of
Components on
Net Distribution:Profit on
Mudharabah Deposit
N/A
N/A
N/A
N/A
Income from Fixed
Income Securities
N/A
N/A
N/A
N/A
Interest Income
N/A
N/A
N/A
N/A
Dividend Income
N/A
N/A
N/A
N/A
Other Income
N/A
N/A
N/A
N/A
Realised Capital
Gain/(Loss)
N/A
N/A
N/A
N/A
Expenses & Taxation
N/A
N/A
N/A
N/A
Gross Distribution
per unit (Sen)
N/A
N/A
N/A
N/A
Net Distribution
per unit
N/A
N/A
N/A
N/A
Reinvestment Reinvestment Reinvestment Reinvestment
* Please refer to Chapter 10 Understanding Income Distribution And Reinvestment Plan for details on
income distribution.
Past earnings or the Fund’s distribution record is not a guarantee or reflection of the Fund’s
future earnings/distributions.
Prospective Unit Holders should read and understand the contents of the prospectus and, if
necessary, consult their adviser(s);
Unit prices and distribution payable, if any, may go down as well as up.
21
2
Introductions To Unit Trust
2.1 Understanding Unit Trust
Concept Of Unit Trust
Unit Holders
Unit Trust
Fund
Trustee
Manager
Invests
Permitted Investments of the Fund
Possible Capital Gains and Distribution of Income
A Unit Trust Fund is a collective investment scheme where money from many investors is pooled together
for collective investments, and is invested towards a specified goal as stated in the investment objective of
the fund.
A unit trust scheme can be illustrated as a tripartite relationship between the manager, the trustee and the
unit holders. This tripartite relationship is governed by the deed registered with the Securities Commission
(SC). The manager of the fund is responsible for the management and operations of the trust fund, distribution
of income and computation of unit prices. The trustee is appointed to act as the custodian for all the assets
of the fund and to ensure that the manager adheres strictly to the provisions of the deed.
2.2 The Regulatory Framework
The unit trust industry is governed and regulated by the SC. The SC is empowered to ensure compliance
with the Securities Commission Act 1993 (Act) and the Guidelines On Unit Trust Funds. The Act and Guidelines
govern the operations and administration of unit trust fund and protect the interest of Unit Holders. All
parties involved in a unit trust scheme must comply with the Act and Guidelines including all relevant laws.
A unit trust fund is also governed by a deed of the fund. The deed incorporates the covenants required by
the Act and the Guidelines on Unit Trust Funds. The deed is a legal document that spells out in detail the
manner in which the scheme is to be administered, the valuation and pricing of units, the keeping of proper
accounts and records, the collection and distribution of income, the rights of unit holders, the duties and
responsibilities of the manager and trustee with regard to the operations of the scheme, and the protection
of unit holders’ interests.
The appointment of the trustee, the directors and chief executive officer of the manager, investment committee
members and syariah committee members of the fund must receive the approval of the SC.
22
2.3 Benefits of Investing in Unit Trusts
Diversification
The old saying goes: “Don’t put all your eggs in one basket.” This certainly holds true for investments. A unit
trust facilitates this by providing small investors the opportunity to pool their resources together for the
purchase of a diversified portfolio of authorized investments. By pooling your funds you gain access to
investment opportunities, which are normally unavailable to individual investors.
Therefore, diversification involves spreading your investments around so that you have a variety of assets in
your portfolio. Spreading your money within and across different asset sectors may produce better, more
consistent returns and reduce risks. Diversification gives you the opportunity to benefit from the growth
potential of many investments. It reduces the risks associated with holding just one investment.
Professional Investment Services
You will gain access to the expertise of experienced full time professional fund managers to manage your
investments, which is not generally available to individual investors with a small amount of money to invest.
Fund managers possess experience and expertise, and continuously monitor the performance of your
fund’s investments. Through a disciplined process, they will manage the assets of the fund and ensure that
the money is well invested. They also adopt an active investment approach with careful risk management to
ensure that the funds are managed professionally and efficiently.
Liquidity
Units can be readily redeemed with the manager anytime on a business day, at the ‘buying price’ at the end
of the business day on which the written request to repurchase is received by the manager. You must
however, remember that an investment in unit trust is for the medium to long-term, and that you may not
achieve any gains if you redeem too soon.
Simpler Way of Investing
Unit trust offers investors a simpler, more convenient, less time-consuming method of investing in securities
than trading individually. You will be relieved from the burden of administrative paper work, investment research
and analysis of the investment portfolio. All administrative work is done by the manager and does not require
any active participation on the part of the Unit Holder.
Reduced Risks
Investors in unit trust will gain access to a broader range of securities as compared to if they invest on their
own. By spreading the investments in a diversified portfolio, this will reduce the investors’ risk exposure.
Capital Growth
When you invest in a unit trust fund, you are allocated a number of units in accordance with the size of your
investment at the prevailing unit price. The value of your units, or the unit price, varies according to the
underlying value of the assets, which the trust holds. The assets of all funds are valued on a daily basis, with
fluctuations reflected in the unit price. As the value of the assets rise or fall, the value of your investment will
rise or fall accordingly.
While the value of growth assets such as shares and property investments may fluctuate in the short term,
they have the potential over the long term, to achieve capital gains and outperform inflation. This is in
contrast to fixed term deposits, which generally achieve a lower rate of return on capital.
23
2.4 Specific Benefits of Investing in the Funds
Free Insurance Protection Coverage
Eligible Unit Holders (natural person) of Mayban Unit Trust Fund and Mayban Balanced Trust Fund will be
given free Personal Accident (PA) and Total Permanent Disability (TPD) Insurance cover. Unit Holders
holding a minimum of 10,000 units and above will automatically be covered under the PA and TPD Insurance
Coverage. Coverage ceases automatically if the number of unit holding is reduced to less than 10,000 units.
Eligible Unit Holders must be aged between 18 to 69 years old. The PA coverage ceases automatically
when you attain the age of 70 years old. Only eligible principal Unit Holders will be covered under the PA
Insurance Coverage.
Free Takaful (Insurance) Protection Coverage
Eligible Unit Holders (natural persons) of Mayban Dana Yakin will be given free Personal Accident Insurance
cover. Unit Holders holding a minimum of 2,000 units and above will automatically be covered under Personal
Accident Takaful. The sum covered would be RM1,000.00 for every 2,000 units held subject to a minimum
investment of 2,000 units and maximum coverage of RM200,000 per unit holder.
Eligible unit holders (natural persons) of Mayban Dana Ikhlas will be given free Personal Accident Insurance
Accident Takaful. The sum covered would be RM0.50 for every unit held subject to a minimum investment of
2,000 units and maximum coverage of RM200,000.
The PA Insurance Coverage covers:
(i)
Death due to accidental causes only;
(ii) TPD due to accidental causes;
(iii) The funeral expenses will be paid according to the following expenses.
Units
1,000 to 49,999
50,000 and above
Funeral Expenses
RM1,000
RM2,000
While the certificate is in force, the amount of coverage shall be based on the amount of units purchased at
the time of claim incurred.
Eligible Unit Holders must be aged between 18 to 69 years old. The PA coverage ceases automatically
when you attain the age of 70 years old. Eligible principal Unit Holder and jointholder(s) will be covered
under the PA Insurance Coverage but the sum covered will be shared equally.
Strict adherence to the Syariah Principles
MDY and MDI has been specially designed with adherence to the Syariah Principles. A panel of experienced
Islamic experts monitors the activities of the fund.
Investment Through Diversification
MDY and MDI manages and aims to minimise your risks by investing in a diversified range of halal stocks.
Regular Savings Plan
You have the opportunity to invest on a fixed monthly basis through Maybank or Mayban Finance’s Standing
Instruction. This plan makes regular savings easy and allows you to arrange transfers from your bank
account to any of the Mayban Family of Funds.
24
Affordability
Investors can invest by just RM1,000 (MUTF, MBTF, MITF and MEBTF) and RM500 for MDY, MILTF,
MDI, METF and MVTF as initial investment and subsequent investments can be made at a minimum of
RM100 units (MUTF, MBTF, MITF, MDY, MILTF, MDI, METF and MVTF) and RM500 (MEBTF).
Accessibility
Mayban Unit Trust Berhad is a subsidiary of Maybank, the leading financial services group in Malaysia with
a network of over 354 branches across the country (as at 31 August 2003), as well as branches in Singapore,
Brunei Darussalam, Hong Kong, London, New York, The People’s Republic of China, Cambodia, Vietnam
and Bahrain.
EPF Members Investment Scheme
Mayban Unit Trust Berhad is a unit trust management company under the EPF Investment Scheme. You
may withdraw a portion of your EPF savings to invest in one of our Mayban Family of Funds, which may
provide you the opportunity to reap capital growth, thus increase the value of your EPF Account 1 Retirement
Savings.
To be eligible, you must be below 55 years of age and your EPF Account 1 must have a balance of not less
than RM55,000.
2.5 The Principle of Dollar Cost Averaging
The Principle of Dollar-Cost Averaging is a disciplined regular investment method that may be applied to
maximize the effect in unit trust investment. It is a simple and prudent investment technique that an investor
may invest a regular (monthly) fixed sum with a selected unit trust fund over a period of time. By investing a
fixed sum of money regularly, the investor does not have to worry about market timing, shares prices or
interest rates. His regular investment amount will get fewer units when the unit price is high, but more units
when the unit price is low. Over a period of time, the investor will accumulate the units at their lowest average
price.
2.6 Risks of Investing in Unit Trusts
All investments carry some form of risks. It is important to note that when you invest you should be prepared
to accept a degree of risk, as most investments are affected by ever changing market conditions, some of
which impact positively and some negatively. Therefore, no matter how experienced fund manager may be,
certain factors, which will affect the value of investments, may be beyond their control. So, the value of your
investments may go down as well as up. One should consider the following when investing in a unit trust
fund:-
Stock Market Risk
For unit trust funds that have stocks in its portfolio, fluctuations in the market performance due to factors
such as fluctuation in interest rates, changes in economic climate, political and social environment that will
affect the stock market as a whole, will also affect the value of equity related funds either in a positive or
negative way.
Individual Stock Risk
The performance of a fund that invests in stocks is affected by every individual stock that the said fund has
invested. The volatility of prices in each stock will affect the fund’s value daily.
25
Compliance Risk
The risk that the manager and others associated with the scheme will not follow the rules set out in the
scheme’s constitution and internal policies, or the law that governs the scheme, or will act fraudulently or
dishonestly. Non-compliance may expose the fund to higher risks that may result a fall in the value of the unit
trust funds. However, this risk is greatly reduced via stringent internal controls and constant cross-departmental
checking employed by the manager. In addition, a yearly or any unscheduled internal audit exercise will be
conducted to check any compliance matters that might have been inadvertently overlooked by compliance
department.
Inflation Risk
Ideally the purpose of any investment is to secure returns that are greater than the inflation rate. While a
fund will constantly seek to maximize returns and exceed inflation rate, it may occasionally experience
losses which result in returns that will not keep pace with inflation in the short run.
Liquidity Risk
The various securities that are purchased by a fund may encounter liquidity risk. Liquidity risks relates to the
fund’s ability to quickly and easily trade, at a reasonable price, in and out of positions. Should a fund comprise
a security that has become temporarily or permanently illiquid or difficult to sell, the fund manager may need
to sell the security at a discount to its fair value, which eventually affects the fund’s value.
Management Risk
Performance of the fund depends on the experience, expertise, knowledge and investment techniques of
the fund manager. Poor management of a fund can cause considerable losses to the fund, which in turn may
affect the capital invested.
Returns Not Guaranteed
As a result of market risks, the manager is not able to guarantee the distribution payout to Unit Holders or
the investment returns of the fund. However, the manager will take reasonable steps to ensure that this risk
is minimised through a prudent investment approach, which is centered on fundamental stocks and market
analysis.
Loan Financing Risk
Investors who take end-financing loans to purchase units in a unit trust fund must be prepared to accept
gearing risks as the prices of the units can go down as well as up. The investor may be required to top up the
difference in the event the unit price goes below the margin of advance.
Interest Rate Risk
Fixed income securities and bonds are particularly sensitive to movements in interest rates. When interest
rates rise, the value of fixed income securities and bond prices fall and vice versa, thus affecting the NAV of
the fund.
Credit Risk
Credit risk refers to the possibility that the issuer of a fixed income security or bond may not be able to make
interest payments or repay the principal in a timely manner. This will translate to losses that will reduce the
value of a fund.
26
2.7 Available Investment Alternatives
Cash & Fixed Deposits
Investing in unit trust funds in general would yield a higher return compared to return of deposits with the
banks. However, the investment risk is higher for unit trust funds than that of the bank deposits. The range of
deposit products available is quite extensive, ranging from simple overnight deposits at a cash rate, to more
long term, structured deposits, like a two-year fixed deposit. Whilst deposits with a financial institution can
be considered almost risk-free, there can be a risk of default. The major problem with cash and fixed deposits
is their unsuitability for medium to long-term investments.
Direct Share Investments
Owning and trading shares directly has been exteremely popular with the average Malaysian investors.
Holding a direct investment portfolio of shares can easily be misconceived by some retail investors who
think that they can make their fortune overnight by investing in a portfolio of shares. The problem arises
when retail investors have to choose which stocks to purchase. Given the large number of individual stocks
on the exchange, both main and second boards, where does the small investor start? He/She does not
have enough funds to hold a small portion of everything, so he/she must put his money into one or two
stocks and hope for the best.
Holding a small portfolio of direct investments does not provide the benefit of diversification offered by unit
trust investments. The investor has “all his eggs in one basket” and is therefore exposed to the risk of either
making or losing a fortune. The return in direct shares is only attractive if the investors can hold shares for a
longer term and invests only in fundamentally sound companies.
Direct Property
Many investors have enjoyed the benefits of making a direct investment in property. Many have also
experienced the downturns in the property market over the years and have understood the cyclical nature of
the property market.
Whilst property can be a good long term “store house” of wealth, it is generally difficult for the retail investors
to gain access to, given that large amounts of capital either have to be on hand or borrowed before an
investment property can be purchased. In addition, the property market can be extremely illiquid at times, so
is realizing the gain (or loss).
Unit trust, which has exposure to properties, can often be a viable alternative for the small investors. With a
small capital outlay, investors can obtain exposure to the property market. They can rely indirectly on the
skills of professional money managers, experienced in the management and development of property
Offshore Investment
Seasoned marketing staff for global investment products will always maintain and focus their destination for
investment on their home markets. Therefore, these investors are losing out on 99% of the world’s investment
opportunities.
Whilst offshore investments can provide a suitable haven in times of difficulty with the local investment
markets, there are some considerations, which need to be kept in mind:
•
Tax and other regulations affecting the investment of funds offshore
•
Managing and taking into account the currency exposure of an offshore investment
•
Where to begin the 99% of market opportunities (i.e. the need for information is even greater with
offshore investments)
27
Financial Derivative Products
Another development avenue for investments is the derivative market in Malaysia. It can provide an avenue
to earn very high returns (losses) without large capital outlays. The problem is that the “man in the street” is
not really equipped to analyse financial derivative products. He needs to have sound knowledge and
understanding of the products before he invests.
2.8 Unit Trust Investor Profile in General
Unit trust investment is not suitable for traders or speculators. It is designed for medium to long-term investors
and is suitable for investors who do not have the time or the expertise to manage their own investments.
2.9 Investor Profile of Mayban Family of Funds
Mayban Family of Funds is suited to investors with a long-term investment horizon of 3 years and above.
These Funds will suit investors who are attracted to the sharemarket by the prospect of capital gains and
distributions but are daunted by the need to keep abreast of market developments and the need to constantly
supervise their investment. Investors of Mayban Family of Funds are likely to seek long-term capital growth
on their investments at an acceptable level of risk and with minimum volatility to their investments.
2.10 Fees and Charges
It is important that investors fully understand the costs and charges associated with an investment in a unit
trust product. Like all financial services, they are delivered to the investor at a cost.
Before making a decision, the fees, charges and expected return must be considered to assess the pros
and cons of investing in a particular Unit Trust Scheme. There are a number of major expenses categories,
which are borne directly by the customer and come out of her individual account, others which are paid out
of the pool of funds. This section deals only with the individual account costs and shows the impact that
these charges have on the overall investment return.
Initial Service Charge
The first cost that an investor normally becomes aware of when contemplating an investment in unit trusts
is the initial service charge, or “up-front” charge. This is the fee levied by the manager on the investor to
cover the costs of distributing (i.e. selling) the unit trust.
Ongoing Management Fee
The fund manager by virtue of the Deed is entitled to receive an annual management fee, calculated on the
basis of the value of the units held by the investors. The fees are there to cover the management expenses
incurred by the manager in managing the fund. The management expenses will include management fees,
trustees fees, audit fees, and administrative expenses involved in operating the fund. The management fees
are deducted directly from the investor’s unit trust account and impact directly on the investment return
achieved in any one period. The fees might vary between different categories of unit trusts.
28
Advisory Fees
In some markets, and even starting here in Malaysia, investors are charged on advisory fee by the financial
planner/investment advisor. These are professional individuals of franchisees who specialized in advising
investors on where to invest their funds in order to achieve their desired investment outcomes. These fees
can either be related to time or the size of the portfolio of the funds in question. If they are related to time,
then obviously the longer the amount of time spent on advising a client, the higher the charge. Likewise, a
larger portfolio will attract a higher fee than a smaller one, if the basis for charging is size of fund under
management.
Management Expense Ratio (MER)
Management expenses ratio is derived from the figures of allowable expenses of the fund which are fees for
manager, trustee, auditor, legal fee, cost of sending reports to unitholders, issuing of distribution warrants
and other direct costs relating to the management and administration of the fund. The management fee is
calculated as follow:
MER =
Fees of the Fund + recovered expenses of the Fund
x 100
Do note that a newly launched Unit Trust Scheme will have no MER value. When comparing the performance
of a fund over a period of time, the decreasing MER will indicate that the Unit Trust Management Company
is managing the total fees and expenses well.
2.11 Understanding Performance Indicators/ Information
An important element of investment performance is the measurement of that performance. Analysis of
performance can be made difficult due to the many different ways investment performance is measured and
recorded. It is important therefore, when making comparisons of performance, to ensure that the same
methodology and terminology has been applied to the expression of investment performance.
Expressing Return
Rate of return on investments can be expressed in terms of single period, annualised, semi-annualised,
quarterly, monthly, and sometimes daily. The most common forms of expressing investment return in relation
to unit trust investments are:
Raw Return
This is the return, which shows the total return achieved by holding the investment over the entire period
between buying and selling. The problem with this form of performance measurement is that it makes
performance comparison difficult, because there is no time dimension added to the measurement.
Annualised Return
This form of expression is superior to the raw return measurement in that it adds a time dimension to the
investment performance measurement. Also, most people are familiar and comfortable with the term and
concept: per cent per annum. Most interest rates for deposit and loan products are expressed as rates per
annum.
29
Annualised return shows the average annual return achieved by the investment over the holding period i.e.
the average annual return would be 7.13% per annum (or per year) over the 20-year period, or 11.8%
(significantly higher) per annum over the ten-year period. This demonstrates that by using a common
measurement tool or expression, we are comparing “apples with apples” and thus, reduces the confusion
surrounding different expression used. Also, benchmarks like KLCI, the one-year fixed deposit rate, etc are
generally expressed as an annualised return, making comparisons meaningful. Annualised returns are
therefore, useful tools in attempting to express investment performance.
Use of Performance Tables
Overall performance of unit trust industries and individual unit trust managers is generally summarized in
the form of an investment performance table. Performance tables are extremely useful in that they summarise
the performance of the whole industry, as well as the performance of various benchmarks and of course,
the individual unit trust managers.
Investment performance tables generally look at a number of areas including:
•
Performance over various time periods.
•
Rankings and quartiles
•
Funds under management
•
Use of other benchmarks.
Use of Benchmarks
The use of benchmarks when assessing investment performance can be extremely useful. It is an ideal way
to compare the performance of a particular investment to a consistent base or standard. The use of benchmark
is however, generally more sophisticated than simply the cash-earning rate. It is sometimes difficult to
choose the most appropriate benchmark against which to compare and analyse investment performance,
especially the more complicated unit trust product. For instance, equity (or shares) based on Unit Trust
Schemes would tend to use the share market index as a benchmark (e.g. the KLSE’s various indices).
However a balanced product with elements of cash, bonds, shares and property would make the selection
of a benchmark more difficult.
There are a number of other very important dimensions, which need to be taken into account. Investment
returns in isolation of other factors such as consistency and risk can be very misleading. All financial
measurement involves a concept known as periodicity. The investors need to look for consistency of
performance over a range of time periods. When selecting Unit Trust Scheme, an investor should be looking
for a fund manager who has consistently outperformed the relevant benchmark and their fund manager
peers or competitors. The risk element, which needs to be assessed and considered are the fund manager’s
credibility, fund management styles and service risks.
It is important to note that the performance of the fund is not guaranteed, and the investor must
examine the risk profile of the respective funds before making an investment decision.
30
3
Customising Your
Investment Portfolio
It is unlikely that one investment sector will satisfy all your investment needs. By
spreading your investment between different Funds, you can create a portfolio,
which controls risk and generates returns, as well as ones, which will closely
match your financial requirements.
3.1 How does our Funds Serve Your Preference?
Before deciding which Fund to invest in, it is important to define your investment goals. More specifically,
you must determine:
•
How long do you want to hold the investment?
•
How much risk do you want to take?
•
Given your level of risk tolerance, what sort of returns are you looking for?
•
Do you want your returns in the form of capital growth or income?
By spreading your investment across a number of Trust Funds, you can create a portfolio to meet your
investment objectives. Should your needs change, you can adjust the portfolio simply by switching between
Funds.
31
By using a mix of Mayban Family of Funds, you have the opportunity to spread your money over a diversified
portfolio of assets, which otherwise may not be possible on your own. As the asset allocation of MUTF,
MBTF, MITF, MDY, MILTF, MDI, METF, MVTF and MEBTF varies according to prevailing economic and
market conditions, having them as part of your total portfolio may involve some degree of automatic portfolio
reweighing.
At Mayban Unit Trust Berhad, our Financial Executives can assist you through the myriad of investment
options. The starting point is normally to develop a personal financial plan that takes into account your
goals, financial situation and life style requirements. It is then a matter of choosing those investment products,
which best match, your needs for security, income, capital growth and effective tax returns.
3.2 Mayban Family of Funds
Regardless of what your financial goals may be, Mayban Family of Funds offers 9 different investment
choices. You have the choice of investing in any of the Mayban Family of Funds, leaving the asset allocation
to us. Our range of Funds is shown on page 33.
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4
Detailed Information On
Mayban Family Of Funds
Introduction
The key distinguishing features of the nine (9) Funds under the management of MUTB are shown below in
order to assist the investors in making an informed judgement of the distinctive features of each fund in
relation to their personal investment and financial goals.
Profile Of The Funds
Type of Fund
Growth Fund
Fund Category
Equity Fund
Investment Philosophy
Mayban Unit Trust Fund (MUTF) is an equity fund that consists of a diversified portfolio of blue chip and
high growth stocks listed on the Kuala Lumpur Stock Exchange.
By investing in a diversified portfolio of blue chip and high growth stocks in Malaysia, MUTF provides a
better spread of investments than could be achieved by investors with a small amount of money to invest.
Investment Objective
The primary objective of MUTF is to achieve a long-term income (over 5 years) and capital growth through
a diversified portfolio of equity investments in larger capitalised stocks (prime focus on main board and
liquid stocks).
Any changes to the investment objectives of the fund would require Unit Holders’ approval.
Approved Fund Size of MUTF
The approved fund size for MUTF is 1.5 billion units.
Investor Profile
MUTF is particularly suited to investors who are seeking a diversified portfolio of equity investment. Our
investment team aims to maintain a portfolio of stocks listed on the KLSE, which have a strong potential for
growth.
MUTF is appropriate for investors who are attracted to the share market by the prospect of capital gains
and dividends but are discouraged by the need to be kept informed of market developments and constant
monitoring of their investments. The Fund is suited to an investor who has an investment horizon of 5 years
or more.
Benefits for Investors
Shares historically provided returns superior to other investment instruments over the long term. The
volatility of returns associated with this type of investment is reduced by diversifying the Fund’s investments
across a variety of companies operating in different industries.
33
Potential Risks Associated with MUTF
MUTF is subject to the volatility of price in the sharemarket. The performance of individual stocks, which
makes up the portfolio, will fluctuate according to changes in the market value of the investments. The
fluctuations can be significant in the short-term. This accounts for the market risk when investing in this
fund. However, this impact is minimised through the investment process of portfolio diversification by our
Investment Manager.
Investment Policy/Approach
Under normal circumstances, the fund will endeavour to be fully invested in Malaysian equities, unless the
equity market outlook is less attractive.
Investment Strategy/ Investment Mechanism
MUTF invests primarily in blue chip and high growth stocks that can increase the potential for better longterm returns by focusing on corporations with the following characteristics:
Industry leader, good earnings track records, potential strong growth and strength of management.
In times of actual or anticipated stock market weakness, the equity portfolio may be reduced accordingly.
There are, however, no restrictions on the proportions that can be held in fixed income investments.
The Fund’s fixed income investments comprise short term Private Debt Securities (PDS) and money
market instruments to achieve a prudent mix in the portfolio and also to provide a steady income stream.
The asset allocation between the various investment assets referred to above and the decision to invest,
sell or trade is based on the decision of the Fund Manager who will adopt an active fund management
approach.
Policy and Strategy on Listed and Unlisted Securities
MUTF policy and strategy is to concentrate on quality listed equities that can increase the potential for
better long-term returns, by focusing on securing capital growth for Unit Holders, with income considered
incidental to the investment process.
The investment process for unlisted securities is similar to the process used for the listed securities. Decisions
will be made after thorough assessment on the companies, using in-house fundamental research supported
by external research and company’s prospectus.
Asset Allocation
•
•
•
Max 90% in Equities
Min 40% in Equities
10% in Liquid Asset
The Equity allocation may be reduced to below the minimum levels indicated at the discretion of the manager
only during exceptional circumstances. Exceptional circumstances would include situations:
i)
ii)
iii)
Where there is an expected sharp downturn in the equity market
When there is insufficient liquidity in equity for the Fund to transact efficiently and/ or
When there is redemption affecting the liquidity position of the Fund
Performance Benchmark
The Performance of MUTF is measured by comparing to the Fund’s NAV return against the benchmark’s
(KLCI) return.
Please refer to page 104 for details of Distribution Policy of the Funds.
34
Type of Fund
Fund Category
Balanced Fund
Mayban Balanced Trust Fund (MBTF) aims to provide the investor with a broad exposure to different asset
classes including shares with less fluctuation in value and fixed income securities. This is a growth and
income fund that pursues steady income and long-term growth through diversified investments in equities,
bonds, convertibles, warrants and short-term money market instruments.
The objective of MBTF is to provide a balance between income and long-term (over five years) capital
appreciation.
Approved Fund Size Of MBTF
The approved fund size of MBTF is 1.15 billion units.
Investor Profile
MBTF is appropriate for investors who are seeking a fully managed balanced portfolio of investments with
an investment horizon of five years or more. MBTF aims to provide investors with a combination of income
and capital gains over the medium to long term.
Diversification
When structuring an investment portfolio, diversification is one of the main tools used to reduce investment
risk and enhance returns. Diversification should be within investment sectors (investing in a diverse range
of shares) as well as across a variety of investment instruments (for example shares, fixed income securities
and short-term money market instruments). In this manner, investors can usually access a broader range
of securities than they could have by investing on their own. Such a diversified portfolio reduces risks, as
should some investments drop in value there may be increases in value of other investments thus mitigating
the downside risk.
Because of the diversified nature of MBTF, risks associated with a downturn in a particular investment are
reduced.
Potential Risks Associated with MBTF
MBTF invests in fixed income securities, thus its portfolio is subject to credit risk. This is the risk that the
issuer of the security may default and not be able to make timely principal and interest payments on the
security. The lower-rated corporate debt securities will normally have greater risk of defaults.
The other categories of risks that affect the price of securities generally are inflation, interest rates and
other market conditions. To reduce the overall risk exposure, our Fund Manager adopts an investment
strategy by diversifying the investments into different assets classes. By investing in different market
segments and by staggering the maturity dates of fixed income securities, the overall portfolio risk is
significantly reduced.
35
To create a prudent mix of primarily equities and fixed income securities which is in line with the fund’s
objectives.
Investment Strategy/Investment Mechanism
Equities
MBTF invests in potentially high yielding blue-chip stocks, aiming to increase long-term returns by focusing
on corporations with good earnings track records, sound management and having strong growth potential.
Fixed Income
MBTF invests in a variety of fixed interest investments. They range from investments in high quality, shortterm government and corporate debt securities and money market instruments to longer-dated government
and corporate bonds.
MBTF balances its investments between potentially high yielding share investments and lower risk fixed
interest investments. Specific investments are chosen, mainly those that offer good potentials for income
and growth. The Fund Manager will change the Fund’s asset allocation mix depending on the prevailing
economic condition and market outlook for both equity and bond. This strategy aims to reduce risk and
achieve consistency of returns.
MBTF would focus on attaining a balance between long-term income and capital growth. It would invest
partly in equities and partly in fixed income securities. MBTF’s strategy provides a careful selection of
quality listed equities and listed/unlisted bonds, carrying at least BBB rating by Rating Agency of Malaysia
Berhad (RAM) or an equivalent rating by Malaysian Rating Corporation Berhad (MARC).
The investment process for unlisted securities is similar to the process used for the listed securities.
Decisions will be made after thorough assessment on the companies, using in-house fundamental research
supported by external research and company’s prospectus.
Asset Allocation
•
•
•
Min 40% max 60% in Equities
Min 40% max 60% Fixed Income Securities
Min 10% in Liquid Assets
The Equity and fixed income allocation may be reduced to below the minimum levels indicated at the
discretion of the manager only during exceptional circumstances. Exceptional circumstances would include
situations:
i)
ii)
iii)
iv)
When there is high risk of capital loss on fixed income instruments due to interest rate fluctuations
When there is insufficient liquidity in either equity or fixed income instruments for the Fund to
transact efficiently and/ or
The performance of MBTF is measured by comparing the Fund’s NAV return against the benchmark’s
return, which is based on 60% of the performance of the KLCI and 40% of the 12-month fixed deposit rate.
36
Type of Fund
Income Fund
Fund Category
Bond Fund
Mayban Income Trust Fund (MITF) is an income-oriented fund, which invests primarily in a portfolio of
fixed income securities. It is structured to earn income on a regular basis and to achieve capital appreciation
through interest rate fluctuations. The unit price will change to reflect movements in the value of the Fund’s
assets.
The primary objective of MITF is to maximise returns over the medium term (over two years) and at the
same time offer stability of capital and regular income.
Approved Fund Size of MITF
The approved fund size of MITF is 600 million units.
Investor Profile
Fixed income investments are an essential part of any diversified investment portfolio. MITF is an appropriate
investment vehicle for investors looking for a medium to long-term investment with regular interest income
and some potential for moderate capital growth. The Fund is suited to investor who has an investment
horizon of 3 to 5 years.
Generally, returns from fixed income investments are lower than shares over the medium to longer term.
Because income streams from fixed income securities are generally secure, income as a proportion of
MITF’s total return is usually high, especially when interest rates are high.
Potential Risks Associated with MITF
Firstly, MITF is subject to credit risks. This is the risk that the issuer of the fixed income security may default
and be unable to make timely principal and interest payments on the security.
Secondly, bonds are particularly sensitive to movements in interest rates. Typically, as interest rates fall,
the price of bonds will rise and when interest rates rise, the price of bonds will fall. This is often referred to
as price/market risk.
MITF, however maintains a diversified portfolio of income securities, with varying maturity dates, which
will help reduce its overall exposure to these risks.
The Fund invests in fixed income securities and money market instruments to meet its objectives of providing
a steady stream of interest income and potential long-term capital gains. Its fixed income securities
investments comprise government bonds, private debt securities, which are rated by RAM and MARC, and
money market instruments, which will ensure a regular income yield to MITF.
37
MITF’s investment strategy is to create a prudent mix in its portfolio to meet its investment objective and to
provide professional assessment of investment prospects by its fund managers in line with the economic
outlook. Longer-term fixed income securities such as bonds are also attractive because the rate of interest
payable is generally higher than that available from cash or short-term deposits. Bonds are traded in
financial markets at prices, which are determined by the level of interest rate (‘yields’).
The profile of the MITF portfolio, and the asset allocation between the longer and shorter term fixed income
securities are subject to change, depending on the prevailing economic and market conditions.
MITF is to concentrate on investing in quality listed/unlisted fixed income securities, which provide high
yield, for the medium to long-term period.
Asset Allocation
•
•
Min 40% max 90% in Fixed Income Securities
Up to 60% in Cash and Money Market
The fixed income allocation may be reduced to below the minimum levels indicated at the discretion of the
manager only during exceptional circumstances. Exceptional circumstances would include situations:
i)
ii)
iii)
When there is insufficient liquidity in fixed income instruments for the Fund to transact efficiently
and/ or
The performance of the fund will be benchmarked against 12-month Fixed Deposit Rate (%) from commercial
banks, which is a commonly used industry practice.
38
Mayban Dana Yakin
Type of Fund
Growth Fund
Fund Category
Equity Fund
Mayban Dana Yakin (MDY) is an equity fund that offers investors an opportunity to invest in a diversified
portfolio of assets managed under investment policies that adhere with the Syariah Principles.
By investing in a diversified portfolio of ‘halal’ shares in Malaysia, MDY provides investors with a better
spread of investments than could be achieved by investors with a small amount of money to invest.
The objective of the fund is to achieve a steady capital growth over the medium to long-term period (two
years to five years) through investments permissible under the Syariah Principles.
Approved Fund Size of MDY
The approved fund size for MDY is 400 million units.
Investor Profile
MDY is suited to investors who are looking for investments of a diversified portfolio of assets that conforms
to the Syariah Principles and have an investment horizon of three years or more.
Mayban Dana Yakin has been specially designed with adherence to the Syariah Principles. Through
diversification process, the risk associate with the investments are spread over the portfolio of stocks and
this will bring returns at lower risks to investors compared to investing directly in stocks market. Investors
can also benefit from the expertise and resources of the professional fund managers managing the Fund
at an affordable cost.
Potential Risks Associated with MDY
MDY is subject to the volatility of price in the share market. The performance of individual stocks, which
makes up the portfolio, will fluctuate according to changes in the market value of the investments. The
fluctuations can be significant in the short-term. This is termed as market risk. This impact is minimised
through the investment process of portfolio diversification by our investment managers.
To attain the Fund’s objective of achieving steady capital growth through investments in a diversified portfolio
of equities and debt instruments which conform to the Syariah Principles.
39
The investment strategy of MDY is to enhance the value of the Fund through diversification of stocks that
complies with Syariah Principles within the permitted investment parameters. The emphasis is given to
companies with reasonable good earnings growth prospect in the medium to longer-term horizon, quality
management and good earnings track records.
The Investment Manager will determine the allocation between equity and debt securities to reflect the
prevailing investment climate. However, the fund will maintain a minimum of 10% in cash. In a bull market,
the Investment Manager may invest more in equity and in a bearish market, the equity portion may be
scaled down accordingly.
The asset allocation between the various instrument assets referred to above and the decision to invest,
sell or trade are based on the decision of the investment managers.
MDY will focus in the equity market, with more focus given to stocks with growth potential that complies
with Syariah Principles within the permitted parameters. The Investment Manager may invest up to 10% of
the Net Asset Value of the Fund in securities that are not traded in or under the rules of an eligible market.
Asset Allocation
•
•
•
Min 90% in Equities
Min 40% in Equities
Min 10% in Liquid Assets
i)
ii)
iii)
The Performance of MDY is measured by comparing the Fund’s NAV return against the benchmark’s
(KLSI) return.
40
Type Of Fund
Index Fund
Fund Category
Equity Fund
Mayban Index-Linked Trust Fund (MILTF) is an open-ended indexed Fund that invests in the KLCI component
stocks that will closely mirror the KLCI movements.
To achieve an investment result that tracks the performance of the benchmark KLSE Composite Index.
Approved Fund Size of MILTF
The approved fund size for MILTF is 400 million units.
Investors’ Profile
The Fund is expected to appeal to individuals or institutions, which desire returns that are consistent with
the performance of the KLCI.
As such investors of this Fund are expected to possess a moderate to high-risk tolerance and have an
investment horizon exceeding 5 years to withstand the business cycles capital markets are exposed to.
The Fund is an affordable avenue for investors to have an indirect participation in the Malaysian equity
markets through ownership of component stocks that make up the KLCI. As the Fund’s investment results
closely correspond to the KLCI, investors are capable of gauging their investment performance with relative
ease.
Since MILTF adopts a passive management philosophy, the fees levied for managing the Fund is lower
when compared to an actively managed fund. This allows the MILTF to be both an attractive and economical
equity investment alternative.
Potential Risks Associated with MILTF
Due to the Fund’s passive management philosophy, investors should understand that while it is possible to
obtain returns during a market upturn, it is equally likely that losses can be incurred during its downturns.
This is due to the Fund’s high concentration of investment in the equity markets.
The Fund invests primarily in securities listed on the KLSE, which will enable it to track the movement of
the KLCI. As such investments consist of the KLCI component stocks that will closely mirror the KLCI’s
performance. The investment horizon is medium term with the view to benefit from capital appreciation as
the Malaysian economy recovers. The NAV of the Fund will therefore, fluctuate with the KLCI.
41
It is the Fund’s policy to remain fully invested at all times to minimize the tracking error. The Fund under
normal circumstances will be up to 99.5% invested. However, there are periods when the Fund needs to
liquidate its holding of equities to meet redemption by unit holders. The heavy investment in equities is to
ensure that the performance of the Fund reflects or mirrors that of the index as closely as possible.
The underlying index, which the fund tracks or replicates and the description of the market
or sector the index represents
The Fund (MILTF) is designed to track or replicate the performance of the underlying Kuala Lumpur
Composite Index (KLCI). Excluding the cash portion, the Fund focuses on 8 sectors namely Trading/
Services, Finance, Consumer Products, Industrial Products, Plantation, Construction, Technology and
Infrastructure Project Company (IPC).
The Fund’s investment strategy and how the representative sample is constituted
Unlike the traditional way of investing in all of the component stocks, the Fund solely invests in a
representative sample of the underlying component stocks of the KLCI. At any one time, the parameter of
equity investment exposure stands at 90% to 99.5% of the Fund with the balance in cash. The representative
sample consists of only 39 stocks compared to 100 stocks in the underlying KLCI. The weightings of the
representative sample are derived by increasing the weightings of the representative sample stocks
proportionately with the reduced numbers of the adjusted component stocks.
Circumstances that lead to tracking error and strategies to minimize the error
Tracking error happens when the replicating portfolio does not perfectly match the performance of the
underlying index (KLCI). Transaction costs and fewer numbers of stocks in the portfolio (compared to
investment in all of the component stocks) are the constant factors that lead to the tracking error. The
former is manageable as the Fund has lower trading costs given its passive characteristics. As for the
latter, tracking error happens when price of the sample stocks fluctuates sharper than the KLCI. However,
tracking error is minimized when balancing of the Fund is undertaken to ensure close tracking of the Fund
to the KLCI.
Policy on re-balancing the portfolio
Rebalancing of the portfolio will only be carried out when there is huge withdrawal or injection or when the
tracking error is off track.
Weightings of the top 10 component securities of the underlying index as at September 3,
2003
Maybank (9.61%)
Tenaga (8.10%)
Telekom (7.07%)
MISC (5.22%)
Maxis (4.52%)
Petronas Gas (4.30%)
Public Bank (3.92%)
Plus (3.65%)
Sime Darby (3.53%)
Genting (3.18%)
42
Weighting of the top 10 component stocks in the representative as at September 3, 2003
Based on the NAV:
Maybank (10.70%)
Tenaga (9.39%)
Telekom (8.19%)
MISC (6.04%)
Maxis (5.24%)
Petronas Gas (4.99%)
Public Bank (4.55%)
Plus (4.23%)
Sime Darby (4.09%)
Genting (3.69%)
MILTF invests primarily in securities listed on the KLSE, which will enable it to track the movement of the
KLCI. As such investments consist of the KLCI component stocks that will closely mirror the KLCI’s
performance. The investment horizon is medium term with the view to benefit from capital appreciation as
the Malaysian economy recovers. The NAV of the Fund will therefore, fluctuate with the KLCI. It is the
Fund’s policy to remain fully invested at all times to minimize the tracking error. The Fund under normal
circumstances will be up to 99.5% invested. However, there are periods when the Fund needs to liquidate
its holding of equities to meet redemption by unit holders. The heavy investment in equities is to ensure
that the performance of the Fund reflects or mirrors that of the index as closely as possible.
Asset Allocation
•
•
90.0% to 99.5% in Equities
0.5% to 10.0% in Liquid Assets
* based on portfolio valuation
This Investment Portfolio enables the reduction in tracking error for the MILTF. Any excess in liquidity
should be regularised within a period of one month. However, the minimum level of liquid assets to be
maintained may be reviewed from time to time with the approval of the Investment Committee upon
consultation with the Trustee.
i)
ii)
iii)
The Performance of MILTF is measured by comparing the Fund’s NAV return against the return of
benchmark KLCI.
43
Mayban Dana Ikhlas
Type Of Fund
Fund Category
Balanced Fund
MDI is an Islamic balanced fund that offers investors an opportunity to invest in a diversified portfolio of
assets managed under investment policies that adhere with the Syariah Principles.
To attain a mix of regular income stream and possible capital growth via investments into listed equities,
Islamic debt instruments and other assets that are permissible under the Syariah Principles.
Approved Fund Size of MDI
The approved fund size for MDI is 400 million units.
The Fund is suitable for all investors who are seeking a fully managed and balanced portfolio of investments
that conforms to the Syariah Principles and has an investment horizon of five years or more.
Mayban Dana Ikhlas has been specially designed with adherence to the Syariah Principles. Through a
process of diversification, the risks associated with the investments are spread over the portfolio of stocks
and debt instruments. Investors can also benefit from the expertise and resources of our professional fund
managers at an affordable cost.
Potential Risks Associated with MDI
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised
that the following risks are inherent in such investments:-
Market Risk (Systemic Risk)
Risks that effect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will decline also.
Default Risk
Risk that may occur should the issuer of a security fail to meet its obligations in serving the principal and
profit.
The ideal investor for this fund should have the following characteristics:i
ii
Prefer some exposure in the equity markets however would like some funds channeled into low risk
securities.
Not particular about outperforming the equity markets but rather attempting to gain the most from the
capital markets.
44
To create an optimal mix of equities, debt securities and money market instruments which conforms to
Syariah Principles.
Equities
MDI invests in a wide range of assets that conforms to the Syariah Principles. It aims to increase long term
returns by focusing on companies with good earning track records, sound management and having stronger
growth potential.
Fixed Income
Investments in this asset class range from short-term government and corporate debt securities and money
market instruments to longer-dated government and corporate bonds that conforms to the Syariah Principles.
Focus will be on overall credit quality and potential yield.
Depending on the prevailing economic scenario, MDI aims to optimally balance its investments between
potentially high return equity investments and lower risk Islamic debt and money market instruments.
Specific investments are chosen, mainly those that offer good potentials for income and growth. The Fund
Manager will change the Fund’s asset allocation mix depending on the prevailing economic conditions and
the market outlook for both equity and bond. This strategy aims to reduce risk and achieve consistent
returns.
Asset Allocation
•
•
•
Min 20% to max 70% in Equities
Min 40% to max 70% in Debt Instrument
Min 10% in Cash
situations:
i)
ii)
iii)
iv)
The performance of MDI is measured by comparing the Fund’s NAV return against the benchmark’s return.
Benchmark is defined as: (the average equity exposure x KLSI ‘s return) + (remaining exposure in other
asset classes x 12-month mudharabah deposit rate).
45
Type of Fund
Income and Capital Growth Fund
Fund Category
Equity Fund
We believe superior long-term investment performance can be achieved by exploiting inefficiencies in
capital markets through rigorous and intensive research within a disciplined investment process.
The Fund’s primary objective is to provide investors with income and capital growth for medium to long
term through investments that comply with Ethical Principles as defined in this Fund.
Approved Fund Size of METF
The approved fund size for METF is 300 million units.
•
Suitable for individual or institutional investors who desires income and capital returns from the equity
markets.
Suitable for investors who would like to channel their resources to companies that demonstrate socially
responsible practices relating to the environment and community.
Should have an investment horizon exceeding 5 years.
•
•
The Mayban Ethical Trust Fund is essentially a socially responsible fund, which caters for Malaysians who
increasingly want a say in how their money is invested. The Fund accomplishes this by channeling pooled
funds to companies that are befitting to the agreed upon ethical standards that are defined in the Fund.
The Fund represents not only as an affordable investment tool but also rewards companies that are viewed
as performing an invaluable service to Malaysia through its ethical activities.
Risks Associated with METF
As the Fund invests only in securities of companies which comply with the Ethical Principles, certain securities
which may provide better growth potential but do not comply with the ethical principles, are therefore excluded
in the portfolio. Hence, the returns of the Fund may be limited when compared to a Fund that has no
investment restrictions.
Other risks associated with the Fund are described below:Stock Market Risk
Fluctuation in the market performance due to factors such as fluctuation in interest rates changes in economic
climate, political and social environment that will affect the stock market as a whole.
The performance of each individual stock that a fund invested will be reflected in the price per unit.
46
Compliance Risk
scheme’s constitution, or the law that governs the scheme, or will act fraudulently or dishonestly.
Inflation Risk
The purchasing power of your money may not keep pace with inflation. This is the risk that your investment
gains will be reduced by inflation.
Liquidity Risk
Liquidity risk related to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of
positions.
Manager’s Risk
Performance of the funds depends on the experience, expertise, knowledge and investment techniques of
the Fund Manager
Institutional Risk
The risk that the institution, which operates the fund, will collapse.
Loan Financing Risk
Investors who take end-financing loan to purchase unit trust must be prepared to accept gearing risk as
the prices of the units can go down as well as up. The investor may be required to top up the difference in
the event the unit price goes below the margin of advance.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise,
the value of fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Credit Risk
Credit risk refers to the possibility that the issuer of a fixed income security will be unable to make interest
payments or repay the principal in a timely manner.
Control of Risk
The Manager will take reasonable steps to ensure that the above potential risks are managed by:a)
Actively monitoring the Trust’s asset allocation to ensure minimum impact from any adverse market
movements. They will ensure that the equities and fixed income securities are carefully selected through
company visits, fundamental analysis and portfolio diversification. In the case of fixed income securities,
the Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB ratings or equivalent by Rating Agency of Malaysia (RAM), Malaysian
Rating Corporation Berhad (MARC) or any other similar rating establishment.
b)
Investing the funds over a wide range of equities and fixed income securities of different companies
which provides diversification across a number of sectors and industries, minimizing the risk not only
of any single company’s securities becoming worthless, but also of all holdings suffering uniformly
adverse business conditions.
The Manager will seek to reduce all these risks as associated with the Trust by virtue of its experience, the
analytical process adopted by its fund managers and by structuring a broadly diversified investment pool.
47
Others
When deemed appropriate and for the benefit of the Fund, the Manager may take temporary defensive
positions that may be inconsistent with the Fund’s principal strategy in dealing with adverse market,
economical, political and other conditions.
Investment Policy
1)
The diagram below displays the investment policy practiced by the Mayban Ethical Trust Fund:-
COMPANIES LISTED ON THE KLSE
PERFORMANCE FILTER
NEGATIVE FILTER TO REMOVE
INAPPROPRIATE INVESTMENTS:
– principal business in the promotion of
gaming, tobacco and alcohol
POSITIVE FILTER;
– Environmentally friendly
– Promote healthy social values
– good corporate governance
IDENTIFY SUITABLE COMPANIES
FOR INVESTMENT PURPOSES
2)
To achieve the objective of the Mayban Ethical Trust Fund the Fund will only invest in companies that
are deemed to meet our stringent Value Investment criterion. For further details please refer to the
section entitled ‘Investment Approach’.
3)
As the Fund places heavy emphasis on the need to invest only in ethical companies, the Fund will
screen its asset universe and remove companies whose principal business involves the promotion of
gambling, tobacco and alcohol. This screen is known as the Negative Filters. The Fund may also
abstain from investing in companies that has violated ethical principles during the management of this
Fund. The remaining securities that are filtered by the negative filters are deemed as ‘Ethical’.
4)
Besides having a Negative Filter, the Fund will also have a Positive Filter. This filter encourages
companies to practice the following activities as listed below:POSITIVE FILTERS
Environmentally friendly
48
EXAMPLES
• Provides eco-friendly products and services
• Prevention of pollution
• Recycling
Promote healthy social values
•
•
•
•
Maintain good corporate governance
•
•
Promotes sports, community projects
Fulfils social obligations e.g. Housing for the poor,
education and medical care
Charitable
Good community relations
Ensure compliance to regulations and proper
dissemination of information to stakeholders and
employees.
Steering management to enhance well being of
employees and customers.
5)
Few companies shall fulfill the entire criterion as laid out by the positive filters. This is where the Fund
Manager will encourage these companies to practice the above principles if the Fund has them within
its portfolio. This will be known as our Shareholder Activism Program. The Fund Manager shall
leverage on the expertise of the Ethical Panel of Advisers to accomplish successful practice of the
above procedures.
6)
Further to our shareholder activism program, the Fund Manager may from time to time vote on company
resolutions, after considering the Fund’s financial interests and social objectives. However, there may
be instances in which the Fund Manager may not vote if the resolution is irrelevant or unimportant.
7)
Should any of the securities within our portfolio deviate from the Fund’s objectives then the deviation
procedures will commence. Please refer to the section entitled Deviation Process.
8)
There is no specific percentage or monetary limit on the Fund’s investment in a single industry or
security. However, the limitations will be subject to prevailing regulatory guidelines.
Investment Approach
Our investment approach combines a macro-economic and market analysis “top-down approach” to decide
on strategic asset allocation with a rigorous “bottom-up approach” for stock selection which will emphasis
on value and growth potential of the stocks.
Macro Economic Analysis
§
Monitor and assess investment
environment to identify emerging
investment trends and themes.
Strategic Asset Allocation
Stock Selection
§
* Fundamental Analysis
* Valuation screen for growth, value,
momentum and quality
* Liquidity and market capitalization
consideration
Portfolio Construction
49
The equity selection will be based on a rigorous process, which will appraise the relative value of a company
in terms of:•
•
•
•
•
•
•
•
•
•
•
Price/Earnings (P.E)
P.E. to Growth
Dividend Growth
Dividend Yield
Price-Book Value
Quality of earnings (Volatility, Sustainability, Visibility)
Financial Strength
Competitive Risks
Profit Margin
Cash flow Analysis
Quality of Management
The Fund seeks to maximize total returns by providing investors with capital appreciation while reducing
risk through diversified investments mainly in equities listed in the Kuala Lumpur Stock Exchange. Asset
allocation in equities and/ or bonds will be subjected to a maximum of 90-98%. The Fund will maintain a
minimum of 2-10% in short-term money market instruments.
The Fund will invest primarily in equities. However, the Fund is not restricted from participating in bonds/
fixed income instruments when deemed appropriate.
Asset Allocation
•
•
•
90% to 98% in Equities and/ or Bonds
2% to 10% in Short Term Money Market Instruments
Min 50% in Equities and/ or Bonds
The above asset allocation of the Trust is only indicative and will be reviewed from time to time depending
on economic and market conditions.
The bulk of investments will be invested over a medium to long-term period with active disposal and
liquidation of the investments, a strategy to control risk as well as to optimize capital gains. This is especially
so when the full growth potential of the investment is deemed to have been reduced over a prolonged bull
run and the resultant liquidity may prove handy for further investments along similar lines when the market
has sufficiently eased off. The Fund Manager in making his investment decision shall at all times comply
with the investment restrictions and requirements as set out in the Deed.
situations:
i)
ii)
iii)
iv)
50
The performance of the METF will be measured against an internally created benchmark comprising of
the KLSE Syariah and Finance indices on an 80:20 basis. These two indices are available from the KLSE.
Deviation Procedure
When any of the stocks contained within the portfolio has deviated from the Fund’s ethical objectives the
fund manager needs to undertake several measures. However it is necessary that the actions can only be
undertaken when the infringement is a publicly known fact or is uncontestable in nature.
During such events a Deviation Report will be issued and a meeting between the Fund Manager and the
SAP, will be held to discuss the issue. The deviation report should be accompanied with proof of the
deviation. The meeting will require them to assess the nature of the infringement, the frequency of such
infringements, and the extent of damage created by the infringement in terms of contingent liabilities.
Once the Fund reaches a consensus MUTB will then undertake to perform any of the following actions:1)
2)
3)
Communicate with the Management to voice our concerns
Reduce our portfolio holdings in the company
Removal from our portfolio with a classification of the stock as not investable over a period of 5 years.
The duration for the above actions will be a maximum of two years. Where the infringement is serious (i.e.
possible occurrence of huge contingent liabilities, regulatory actions etc.) the Fund will perform phase 3
without going through phases 1 – 2. The time frame for such actions shall not exceed 6 months.
Shareholder Activism Program
The program entails that the Fund Manager will encourage companies to adopt the activities as laid out in
the positive filters. This can only be conducted if the Fund has an active stake over the company. The
program is conducted through an open dialogue with the company. The Funds will neither protest nor
conduct strikes to enforce its recommendations.
51
Type of Fund
Capital Growth Fund
Fund Category
Equity Fund
The primary objective of Mayban Value Trust Fund is to provide investors with capital growth through
investments into securities that are trading at a discount to their intrinsic values, while minimizing the risk in
the medium to long term.
Approved Fund Size of MVTF
The approved fund size for MVTF is 300 million units.
The ideal investor for this fund should have the following characteristics:i
Willing to accept risks for returns presented by the stock market
ii
Want to capitalize on the Value Investment approach when investing in equity markets
iii
Seeking for an investment horizon in excess of 5 years
Provides investors with an alternative approach when investing in equity markets. Value Investments do not
behave in a similar fashion when compared to Growth Oriented Investments.
This is generally due to the fact that Value Funds are normally associated with neglected or ‘out-of-favor
stocks’ while Growth Funds are involved with well-analyzed stocks.
Risks Associated with MVTF
As the Trust invests primarily in securities, which are listed on the KLSE, it may be subject to a higher level
of risk than a portfolio diversifying its holdings across several markets and economies.
Other risks associated with the Fund are described below: Stock Market Risk
Fluctuation in the market performance due to factors such as fluctuation in interest rates changes in economic
climate, political and social environment that will affect the stock market as a whole.
The performance of each individual stock that a fund invested will be reflected in the price per unit.
Compliance Risk
scheme’s constitution, or the law that governs the scheme, or will act fraudulently or dishonestly.
52
Inflation Risk
The purchasing power of your money may not keep pace with inflation. This is the risk that your investment
gains will be reduced by inflation.
Liquidity Risk
Liquidity risk related to the Fund’s ability to quickly and easily trade, at a reasonable price, into and out of
positions.
Manager’s Risk
Performance of the funds depends on the experience, expertise, knowledge and investment techniques of
the Fund Manager
Institutional Risk
The risk that the institution, which operates the fund, will collapse.
Loan Financing Risk
Investors who take end-financing loan to purchase unit trust must be prepared to accept gearing risk as
the prices of the units can go down as well as up. The investor may be required to top up the difference in
the event the unit price goes below the margin of advance.
Interest Rate Risk
Fixed income securities are particularly sensitive to movements in interest rates. When interest rates rise,
the value of fixed income securities falls and vice versa, thus affecting the NAV of the Fund.
Credit Risk
Credit risk refers to the possibility that the issuer of a fixed income security will be unable to make interest
payments or repay the principal in a timely manner.
Control of Risk
The Manager will take reasonable steps to ensure that the above potential risks are managed by:c)
movements. They will ensure that the equities and fixed income securities are carefully selected through
company visits, fundamental analysis and portfolio diversification. In the case of fixed income securities,
the Manager will also focus on the credit quality of the fixed income securities, which must be of good
investment grade of at least BBB ratings or equivalent by Rating Agency of Malaysia (RAM), Malaysian
Rating Corporation Berhad (MARC) or any other similar rating establishment.
d)
Investing the funds over a wide range of equities and fixed income securities of different companies
Others
53
Investment Policy
1)
The Fund will invest in companies that are competitive, well managed and offer attractive growth
prospects over a medium to long term. The Fund will invest in two categories of companies: those that
are either, strong and competitive on a global or regional basis, and those that are strong within their
domestic markets.
While the main focus will be on a long-term growth, the Manager will only invest in companies where
valuation levels can be justified.
Competitive edge will be defined in terms of:•
superiority of products and service
•
business franchise
•
distribution capability
•
forward looking management
•
shareholder value orientated management style
•
financial strength
•
R&D capability
•
high barriers to entry for competitors
2)
There is no specific percentage or monetary limit on the Fund’s investment in a single industry or
security.
Investment Approach
Our investment approach emphasizes on a “Bottom-Up” approach that stresses on specific stock selection
rather than markets and sectors. Nevertheless, the Fund will adopt a macro-economic and market analysis
“Top-Down” approach to decide on strategic asset allocation. Stocks are selected for their value (Value
Driven Approach).
Stock Universe
In depth Analysis
Stock Selection
Portfolio Construction
§
* Fundamental Analysis
* Valuation screen for growth, value,
momentum and quality
* Liquidity and market capitalization
consideration
The equity selection will be based on a rigorous process, which will appraise the intrinsic value of a company
in terms of:•
Price/Earnings (P.E)
•
P.E. to Growth
•
Dividend Growth
•
Dividend Yield
•
Price-Book Value
•
Quality of earnings (Volatility, Sustainability, Visibility)
•
Financial Strength
•
Competitive Risks
54
•
•
•
Profit Margin
Cash flow Analysis
Quality of Management
The Fund seeks to maximize total returns by providing investors with capital appreciation while reducing
risk through diversified investments mainly in equities listed in the Kuala Lumpur Stock Exchange. Asset
allocation in equities and/ or bonds will be subjected to a maximum of 90-98%. The Fund will maintain a
minimum of 2-10% in short-term money market instruments.
The Fund will invest primarily in equities. However, the Fund is not restricted from participating in bonds/
fixed income instruments when deemed appropriate.
Asset Allocation
•
•
•
90% to 98% in Equities and/ or Debt Instruments
2% to 10% in Cash/ Money Market Instruments
Min 50% in Equities and/ or Bonds
The above asset allocation of the Trust is only indicative and will be reviewed from time to time depending
on economic and market conditions.
The bulk of investments will be invested over a medium to long-term period with active disposal and liquidation
of the investments, a strategy to control risk as well as to optimize capital gains. This is especially so when
the full growth potential of the investment is deemed to have been reduced over a prolonged bull run and
the resultant liquidity may prove handy for further investments along similar lines when the market has
sufficiently eased off. The Fund Manager in making his investment decision shall at all times comply with
the investment restrictions and requirements as set out in the Deed.
situations:
i)
ii)
iii)
iv)
The performance of the MVTF will be benchmarked against the KLSE Composite Index, which is readily
available and is commonly used in the industry.
55
Profile Of The Fund
MEBTF is a Bond Fund that offers investors an opportunity to invest in fixed income securities with a view
to the enhancement of the returns on the Fund through selective participation in IPOs.
Fund Type
Income and Growth
Fund Category
Bond Fund
The investment objective of the MEBTF is to provide a stable income stream and an opportunity for capital
appreciation over the medium to long-term horizon.
Approved Fund Size of MEBTF
The approved fund size for MEBTF is 500 million units.
The Fund is suitable for investors with the following profile:•
Preference for a conservative investment approach but willing to exploit opportunities presented in the
capital markets
•
Possess an investment horizon in excess of 5 years
Access to investment
The Fund seeks to achieve its objective through a policy of diversified investment in convertible debt securities,
redeemable debt securities, government backed bonds / securities, rated private debt securities, money
market instruments and equities/ IPOs.
Given the asset mix, the Fund is designed to provide investors with an affordable access to a portfolio of
fixed income securities with an equity exposure to improve yields. The Fund is primarily suited for investors
who prefer more stable investment returns than those provided by equity funds and for those who are
conservative with a need towards receiving steady income.
Initial and subsequent outlay
Only a small initial outlay and subsequent investment is required to build a well-diversified bond portfolio as
compared to investing in the aforesaid instruments directly.
Other Benefits
Additionally, the Fund seeks to enhance the returns of the portfolio through participation in IPOs. Participation
in IPOs offers investors the opportunity to experience the rewards of owning fast-growing innovative
companies before they become household names. In subscribing to IPOs, which have been subject to
comprehensive research and analysis, investors will have the opportunity to benefit the full growth potential
of such companies.
56
The Fund also provides investors the opportunity to invest in a diverse selection of IPOs that may not
otherwise be accessible to individuals. Due to intense demand for a limited number of shares of certain
“hot issues”, individual investors acting alone may have difficulty in obtaining shares of IPOs at the offer
price. A “hot issue” is any newly issued security, which is usually over-subscribed at the time of its offering
and trades in the aftermarket at a price in excess of its offer price. By virtue of its size and institutional
nature, the Fund may have greater access to IPOs at the offer price. However, there is no assurance that
the Fund will be able to obtain allocations of “hot issues”. Investments may be made in both large and small
capitalization companies.
Risks Associated with MEBTF
While attempts are being made to reduce risks encountered by the portfolio, investors should be advised
that the following risks are inherent in such investments: Market Risk
Risks that effect the entire market as a whole. It is possible that at times the entire market may decline, and
no matter how well diversified the portfolio is, the entire portfolio of investment will decline also.
Credit / Default Risk
Bonds are subject to credit / default risk in the event that the issuers of the instruments encounters financial
difficulties, which may decrease their credit worthiness. This in turn may lead to a default in the payment of
principal and interest.
Interest Rate Risks
Bonds are particularly sensitive to movements in interest rates. Prices of bonds move inversely to interest
rate movements, therefore, as interest rates rise, the prices of bonds decrease and vice versa. Furthermore,
bonds with longer maturity and lower yield coupon rates are more susceptible to interest rate movements.
Inflation Risk
Inflation is one of the major risks to investors over the long term and results in uncertainty over the future
value of the investments. Inflation reduces the purchasing power of money. In an inflationary environment,
fixed rate securities are exposed to higher inflation risks than inflation-linked securities.
Liquidity Risk
Liquidity refers to the ease of converting an investment into cash without incurring an overly significant loss
in value.
Stock Risk
This risk refers to the individual risk of the respective companies issuing the securities. Specific risk includes
but is not limited to changes in consumer tastes and demand, legal suits, competitive operating environments,
changing industry conditions and management omissions and errors. This risk can be minimized through
investing in a wide range of companies in different sectors and which thus, function independently from one
another.
IPO Risk
This risk could be in the form of under-subscription of IPO shares, a delay in or abortion of the listing due
to poor market conditions and listing approval not granted by the KLSE. Additionally, given that there is no
prior market for the IPO shares, there is also no assurance that the Issue or Offer Price will correspond to
the price at which the IPO shares will trade upon or subsequent to the listing.
57
Control of Risk
The Manager will take reasonable steps to ensure that the above potential risks are managed by:e)
movements. They will ensure that the fixed income securities and equities are carefully selected
through company visits, fundamental analysis and portfolio diversification. In the case of fixed income
securities, the Manager will also focus on the credit quality of the fixed income securities, which must
be of good investment grade of at least BBB ratings or equivalent by Rating Agency of Malaysia
(RAM), Malaysian Rating Corporation Berhad (MARC) or any other similar rating establishment.
f)
Investing the funds over a wide range of fixed income securities and equities of different companies
g)
Lengthening or shortening the Trust’s average maturity period of the fixed income investments (within
the Trust’s objective) in anticipation of changing interest rates.
h)
Selecting investments that are bank or government guaranteed or secured against assets to mitigate
default risk.
Others
Investment Approach
The Fund seeks to achieve its objective through a policy of diversified investment in convertible debt
securities, redeemable debt securities, government backed bonds / securities, rated private debt securities,
money market instruments and equities.
Unlike the present Money Market and Bond Funds, which primarily invest in such instruments only, the
MEBTF widens its asset universe by participating in a minimum of 85% of its Net Asset Value in fixed
income securities and money market and no more than 15% in IPOs. The appointed Fund Manager shall
capitalize on the stringent Value Investment Methodology to select such securities for inclusion in its portfolio.
Typically, many IPOs worldwide are priced at a discount to its industry. This practice is due to a need to
encourage greater subscription of such securities while reducing the pressure imposed on its underwriters.
Upon listing the IPOs will generally attain a value similar to its peers thereby presenting opportunities to
the subscriber and also to this Fund.
For IPOs (after market) securities however, some may be neglected by the market place and thus become
undervalued relative to its peers. Similarly, this presents opportunities for the Fund to exploit from.
Through channeling a minor portion of the Fund’s portfolio to the participation in these securities, the
portfolio aims to achieve an enhancement in its bond yields without increasing risks extensively.
58
Investment Strategy for Fixed Income Investments
Our approach is one, which recognizes the need to exploit anomalies and opportunities as they arise. At
the same time, we also seek to optimize returns (based on our interest rate outlook) at minimal risk;
hence, a well-diversified portfolio with stringent credit analysis will be adopted in the portfolio.
Investment Strategy for Equity Investments
In managing the equity portfolios, we employ a combination of top down and bottom up investment
techniques, recognizing that these are not mutually exclusive processes. The disciplines governing these
processes are closely intertwined and the interaction between asset allocation determination and stock
selection is a strong one. Although we take into account the macroeconomic picture, our approach is
value driven with emphasis on growth.
We will constantly access all upcoming IPOs and use research and statistical information on IPOs in
selecting stocks for the equity portfolio. This research analyse the business, fundamentals, financial results,
management control issues and proposed valuation of the IPO. We also employ proprietary statistical
information on IPO performance trends, number of pending IPOs, industry sectors and valuation trends to
determine the overall tone of market activity. Other information sources used by us include the IPO’s
prospectus, the results of discussions and meetings with management, periodic corporate financial reports,
press releases, general economic and industry data supplied by government agencies and trade
associations and research reports prepared by brokers.
Asset Allocation
The Fund may invest a minimum of 85% of its Net Asset Value in fixed income securities and money
market and no more than 15% in IPOs. If no availability of quality IPOs, then the Fund will have all its
assets in fixed income securities and money market.
situations:
i)
ii)
iii)
iv)
The performance of the MEBTF will be benchmarked against 3-months FD Rate, which is a commonly
used industry practice. The quoted FD Rates are readily available through various mediums of
communication i.e. financial institutions, newspapers, and magazines like The Edge and Internet financial
portals.
It is important to note that the performance of the funds are not guaranteed, and the investor
must examine the risk profile of the funds before making the investment decision.
Past performance of the funds are not an indication of its future performance.
Neither the Manager nor the Trustee guarantees the performance of the funds or there payment
of capital or distribution of income.
Unit Price will fluctuate and distribution payments are uncertain.
59
Investment Process of
5
5.1 Investment Philosophy of Mayban Family of Funds
MUTF, MBTF, MITF, MDY and MDI
The Investment Manager adopts a combined top-down and bottom-up approach to investing. This ensures
that the allocation of fund is skewed to the financial asset class, which is expected to give greater returns
in a particular investment environment. For example, in a rising fixed income rates scenario, equities
usually do not perform well and therefore, exposure to this asset class is reduced. In contrast, when fixed
income rates are declining, exposure to equity is increased to maximise returns.
Primary research supported by secondary research is extensively used in making investment decisions.
The outlook of the economy determines how much exposure is given to each sector of the economy.
Stocks for each sector are then selected based on investment criteria such as Price Earning to Growth
ratio (PEG), management quality, profitability, growth prospects, financial strength and dividend yield.
Technical analysis is also used but only as a guide to time the entry into and exit from the investments. This
is because sentiment plays a role in determining the market direction regardless of the fair valuation of the
market.
Global Economic Outlook
Regional Economic Outlook
Malaysian Economy Analysis
Sector Allocation
Securities Selection
MILTF
The Fund aims at replicating the performance of the KLSE Composite Index (KLCI) as closely as possible.
The Fund will invest in a broad spectrum of stocks that make up the KLCI. The Fund adopts a passive
management philosophy whereby the Fund’s weightings will be adjusted accordingly to ensure close
performance with the KLCI. This means that the Fund Manager does not conduct extensive company
research but conduct extensive quantitative analysis on the KLCI before buying or selling transactions are
executed.
60
METF and MVTF
We believe superior long-term investment performance can be achieved by exploiting inefficiencies in
capital markets through rigorous and intensive research within a disciplined investment process.
MEBTF
In an emerging market where the majority of capital markets are not reasonably efficient, sufficient pricing
inefficiencies exist to make active portfolio management worthwhile. Our aim is to exploit these periodic
opportunities at both the asset allocation and stock selection level. We focus on value investing to achieve
profit maximization at an acceptable level of risk. We aim for a high degree of consistency in the long-term
performance of all funds.
5.2 Investment Process of Mayban Family of Funds
MUTF, MBTF, MITF, MDY and MDI
Committee
Syariah Advisory Panel
-
Function
Advise and interpret issues of
Islamic nature.
Set investment guidelines in
compliance with Syariah
Principles.
Monitor the Fund’s activity to
ensure adherence to the above
guidelines.
* Applicable only to MDY & MDI
Investment Committee
-
The Investment Manager
Investment Research
Team
- Research and make
investment
recommendations
-
-
-
Review investment policies and
investment portfolio.
Ensure
objectives
and
guidelines are met.
Review guidelines for asset
allocation and portfolio strategy;
Review market outlook and set
asset allocation strategy and
portfolio construction and stock
selection.
Designated Fund
Manager
Ensure that the
investment policy and
strategy of the Fund
is adhered to.
Dealing
Execute investment transactions as
recommended by the Designated
Fund Manager.
61
The Investment Process in the management of a unit trust portfolio involves the following:(1) Setting up of Investment Objective;
(2) Establishing an Investment Policy;
(3) Selecting an Investment Strategy;
(4) Asset Allocation;
(5) Stock selections; and
(6) Measuring and evaluating performance
MILTF
Clients Investment
Objective
Types of Fund :
- Index Linked Fund
Performance Appraisal
Review
(Equity)
Establish Parameters
(Investment Mandates)
-
-
-
Comparing performance against the
benchmark
(e.g. KLCI)
Monitoring performance at least once
a week
Investment guidelines and
restriction
Investment
Committee
Compliance
-
Monitoring of compliance with
the investment objectives and
mandates
Portfolio Management
& Risk Management
(Equity)
Asset Allocation
-
-
Quantitative analysis on benchmarking
Portfolio Modeling
Realignment of portfolio through increase
or decrease in weighting
Execution of transactions
Monitoring of the portfolio
Stock Selection
-
62
Component stocks of KLCI
Liquidity not more than 10%
METF, MVTF and MEBTF
Committee
-
-
Ethical Panel of Advisers
-
-
Function
Advise Manager on ethical issues to
ensure proper compliance with
ethical principles of the Fund.
Set investment guidelines in
compliance with ethical principles.
Monitor the Fund’s activities to
ensure adherence to the above
guidelines.
To formally meet at least once every
3 months to review the Fund’s
compliance towards the ethical
principles.
To prepare a report in the Manager’s
Annual Reports.
Responsible for scrutinizing the
compliance & transaction report to
ensure investments are in line with
ethical principles.
* Applicable only to METF
Investment Committee
-
The Investment Manager
Investment Research
Team
- Research and make
investment
recommendations
-
-
-
Review investment policies and
investment portfolio.
Ensure objectives and guidelines are
met.
Review guidelines for asset
allocation and portfolio strategy;
Review market outlook and set asset
allocation strategy and portfolio
construction and stock selection.
Designated Fund
Manager
Ensure that the
investment policy and
strategy of the Fund is
adhered to.
Dealing
Execute investment transactions as
recommended by the Designated
Fund Manager.
63
The Investment Process in the management of a unit trust portfolio involves the following:(1)
(2)
(3)
(4)
(5)
(6)
Setting up of Investment Objective;
Establishing an Investment Policy;
Selecting an Investment Strategy;
Asset Allocation;
Stock selections; and
Measuring and evaluating performance
METF – DEVIATION PROCEDURE FLOWCHART
Deviations from the Funds ethical objectives detected (Infringement is publicly
known or uncontestable in nature)
Deviation Report Issued
Meeting between Fund Manager & Ethical Panel of Advisers
to ascertain extent of infringement
Possible actions to be undertaken upon consensus:
• Voice concerns to the company’s management
• Reduction in portfolio holdings
• Removal of company from portfolio with a classification of the stock as not
investible over a 5-year period.
• Duration for above actions is maximum 2 years.
• If the infringement is serious, the Fund will proceed to directly remove
company from its portfolio. (Maximum time frame of 6 months)
64
6
Investment Policies of
6.1 Investment Power of Mayban Family of Funds
Permitted Investment
The Fund is permitted by its Deed to invest in the following:•
Securities of companies listed on the Kuala Lumpur Stock Exchange (KLSE) including warrants and
options;
•
Securities listed on a foreign stock exchange, subject to approval of the SC, Bank Negara Malaysia
and other relevant authorities (At the present moment, the Fund has no intention to invest in securities
listed on a foreign stock exchange);
•
Unlisted securities that have been approved by the Securities Commission for listing and quotation on
the KLSE, which are offered directly by the company approved for listing, by way of private placement
or on a tender basis;
•
Malaysian Government Securities, Treasury Bills, Bank Negara Malaysia Certificates and Government
Investment Certificates;
•
Malaysia currency balances in hand, Malaysia currency deposits with commercial banks, finance
companies, merchant banks and Bank Islam Malaysia Berhad including Negotiable Certificates of
Deposit, Bankers’ Acceptances and placements of money at call with discount houses;
•
Cagamas bonds, unlisted loan stocks and corporate bonds either bank-guaranteed or carrying at
least BBB rating by Rating Agency of Malaysia Berhad (RAM), Malaysian Rating Corporation Berhad
(MARC) and private debt securities that have an equivalent rating by RAM; and
•
Any other kinds of investment as approved by the Securities Commission from time to time.
Investment Restrictions
The Fund is subject to the following restriction imposed by the Deed and/or the Guidelines:•
The Fund shall not invest more than 50% of the NAV of the Funds in Non-Trustee Securities;
•
The Fund’s net market exposure owing to its futures contracts positions must not exceed the Fund’s
NAV. Participation of the Fund in futures contracts must be for hedging purposes only. (At the present
moment, the Fund has no intention to invest in futures contract);
•
The value of the Fund’s holding in securities listed on a foreign stock exchange must not exceed 10%
of the Fund’s NAV (At the present moment, the Fund has not invested in securities listed on a foreign
stock exchange);
•
The value of the Fund’s holding in securities that are not traded in or under the rules of an eligible
market must not exceed 10% of the Fund’s NAV;
•
The value of the Fund’s holding in warrants and options must not exceed 10% of the Fund’s NAV;
65
•
The value of the Fund’s holding of the share capital of any single issuer must not exceed 10% of the
Fund’s NAV;
•
The value of the Fund’s holding of the securities of any single issuer must not exceed 10% of the
Fund’s NAV;
•
The value of the Fund’s holding in securities of and securities relating to any single issuer must not
exceed 10% of the Fund’s NAV;
•
The value of the Fund’s holding in securities of and securities relating to any group of companies must
not exceed 15% of the Fund’s NAV;
•
The Fund’s holding of any class of security issued by any single issuer must not exceed 10% of the
securities issued; and
•
The Fund would have a minimum level of liquid assets set at 10% of the Fund’s NAV at all times to
enable the repurchased of units.
options;
•
•
Units or shares of collective investment schemes;
•
•
•
•
(MARC) and private debt securities that have an equivalent rating by RAM;
•
Future contracts traded in a future market of an exchange company approved, or an exempt futures
market declared, by the Minister under the Futures Industry Act 1993 and securities lending subject to
the provision in the guidelines; and
•
66
Equity Portion
The Funds shall not invest more than 50% of the NAV of the Funds in Non-Trustee Securities;
•
•
stock exchange);
•
•
The value of the Fund’s holding in investment in other collective investment schemes must not exceed
10% of the Fund’s NAV;
•
The value of the Fund’s holding in futures contract must not exceed 10% of the Fund’s NAV;
•
•
Fund’s NAV;
•
•
The value of the Fund’s holding in securities of and securities relating to any group of companies
must not exceed 20% of the Fund’s NAV; and
•
securities issued;
Fixed Income Portion
•
Fund’s NAV;
•
•
must not exceed 20% of the Fund’s NAV;
•
•
67
•
Units or shares of collective investment schemes;
•
•
Future contracts traded in a future market of an exchange company approved, or an exempt futures
the provision in the guidelines;
•
•
Negotiable Certificates of Deposit, Bankers’ Acceptances and placements of money at call with discount
houses;
•
•
stock exchange);
•
•
The value of the Fund’s holding in futures contract must not exceed 10% of the Fund’s NAV;
•
•
The value of the Fund’s holding of the fixed income securities of, and the fixed income securities
relating to, any single issuer must not exceed 20% of the Fund’s NAV;
68
•
relating to, any group of companies must not exceed 30% of the Fund’s NAV;
•
The Fund’s holding of any class of fixed income security of any single issuer must not exceed 20% of
the security issued; and
•
Mayban Dana Yakin
Securities of companies listed on the Kuala Lumpur Stock Exchange (KLSE) or any other eligible
market including warrants and options;
•
Units or shares of other collective investment schemes;
•
Unlisted securities;
•
•
Government Investment Certificates;
•
Mudharabah Investment, Islamic bonds and other money market instruments with local commercial
banks, finance companies, merchant banks and discount houses;
•
Any other kinds of investments as approved by the Securities Commission from time to time.
For MDY, the investments or investment powers set out above must comply with the requirements of
Syariah Principles and the advice of the Syariah Adviser of the Fund.
stock exchange);
•
•
•
•
69
•
Fund’s NAV;
•
•
•
•
Component stocks of the Kuala Lumpur Composite Index (KLCI);
•
•
•
•
•
The value of the Fund’s holding of the share capital of the component stocks of the KLCI shall be
limited to the prevailing weightage in the KLCI, or any other limit as may be prescribed by the SC from
time to time;
•
•
must not exceed 20% of the Fund’s NAV;
•
•
The Fund would have a minimum level of liquid assets set at 0.5% of the Fund’s NAV at all times to
70
Mayban Dana Ikhlas
Permitted Investment of the Funds
Securities of companies listed on the Kuala Lumpur Stock Exchange (KLSE) or any other eligible
market including warrants and options;
•
•
Units or shares of other collective investment schemes;
•
Unlisted securities;
•
Government Investment Certificates;
•
Mudharabah Investment, Islamic bonds and other money market instruments with local commercial
banks, finance companies, merchant banks and discount houses;
•
Any other kinds of investments as approved by the Securities Commission from time to time.
For MDI, the investments or investment powers set out above must comply with the requirements of the
Syariah Principles and the advice of the Syariah Adviser of the Fund.
The Fund is subject to the following restriction imposed by the Deed and/or the Guidelines:Equity Portion
•
stock exchange);
•
•
•
•
71
•
Fund’s NAV;
•
•
must not exceed 20% of the Fund’s NAV; and
•
securities issued;
•
Fund’s NAV;
•
•
must not exceed 20% of the Fund’s NAV and;
•
securities issued.
•
Permitted Investment of the funds
The funds is permitted by its Deed to invest in the following:•
options;
•
•
Unlisted securities that have been approved by the SC for listing and quotation on the KLSE, which are
offered directly by the company approved for listing, by way of private placement or on a tender basis;
•
Future contracts traded in a futures market of an exchange company approved, or an exempt futures
the provision in the guidelines.
72
•
•
•
•
Any other kinds of investment as approved by the SC from time to time.
The funds is subject to the following restriction imposed by the Deed and/or the SC’s Guidelines on Unit
Trust Funds:•
Fund’s NAV;
•
of the Fund’s NAV(At the present moment, the Fund has not invested in securities listed on a foreign
stock exchange);
•
•
The value of the Fund’s holding in warrants and options must not exceed 10% of the fund’s NAV
•
•
•
•
•
•
The Fund would maintain a cash level of between 2% - 10% of the Fund’s NAV at all times to enable
the repurchased of units.
73
options;
•
•
Selective IPOs that have been approved by the SC for listing and quotation on the KLSE, which are
offered directly by the company approved for listing, by way of private placement or on a tender basis;
•
Future contracts traded in a futures market of an exchange company approved, or an exempt futures
market declared, by the Minister under the Futures Industry Act 1993 and securities lending subject
to the provision in the guidelines (At the present moment, the Fund has no intention to invest in future
contracts);
•
•
•
(MARC) and private debt securities that have an equivalent rating by RAM;
•
Any other kinds of investment as approved by the SC from time to time.
The Fund is subject to the following restrictions imposed by the Deed and/or the SC’s Guidelines on Unit
Trust Funds:Equity/ IPOs Portion
•
Fund’s NAV.
•
of the Fund’s NAV. (At the present moment, the Fund has no intention to invest in securities listed on
a foreign stock exchange);
•
The value of the Fund’s holding of units or shares in collective investment schemes must not exceed
10% of the Fund’s NAV.
74
•
•
•
The value of the Fund’s holding of the securities (except for fixed income securities) of, and the securities
(except for fixed income securities) relating to, any one group of companies must not exceed 20% of
the Fund’s NAV;
•
market must not exceed 10% of the Fund’s NAV; This limit is not applicable to the Fund’s holding of
securities not listed for trading in a stock market of a stock exchange, or an exempt stock market
declared, by the Minister under the Securities Industry Act 1983, but have been approved for such
listing and offered directly to the Fund by the issuer.
•
The Fund’s holding of any class of fixed income securities of any single issuer must not exceed 20%
of the security issued.
•
relating to, any single issuer must not exceed 30% of the Fund’s NAV; provided that any investment in
fixed income securities which is above the 20% limit must be invested in fixed income securities with
grade of “AAA” or P1 of its equivalent.
•
There will be no restriction or limit for securities issued or guaranteed by the Malaysian Government or
Bank Negara Malaysia;
•
Liquid assets must be held in the form of cash, deposits with licensed institutions and/or other institutions
licensed or approved to accept deposits, or any other instrument capable of being converted into cash
within seven days (as may be approved by the Trustee). The Fund would maintain a cash level of
between 2%-10% of the Fund’s NAV at all times to enable the repurchase of units.
6.2 Exclusions Applicable To All Funds
•
The holding of an investment and/or other instrument by the Fund (whether by way of redemption,
exchange, conversion, rights, bonus, capital reorganisation or other forms of entitlement) may exclude
any entitlement accruing on the investment and/or instrument held. Notwithstanding, the entitlement
should not be exercised if the exercise results in the breach of any limit or restriction.
•
The limit and restrictions above do not apply to the Fund’s holding in securities that are issued by or
guaranteed by the Government or Bank Negara Malaysia.
The investments restrictions and limits must be complied with at all times based on the most up-to-date
value of the fund and value of its investments and instruments.
However, a 5% allowance in excess of any limit or restriction may be permitted where the limit or restriction
is breached through an appreciation or depreciation of the NAV of the fund (whether as a result of an
appreciation or depreciation in value of the investments, or as a result of repurchase of units or payment
made from the fund).
The management company should not make any further acquisitions to which the relevant limit is breached,
and the management company should within reasonable period of not more than three months from the
date of the breach take all necessary steps and actions to rectify the breach.
75
6.3 Bases Of Valuation of Investments
MUTF, MBTF, MITF, MDY, MILTF and MDI
The fund shall adopt the bases of valuation of investments prescribed in the Deed and Guidelines on Unit
Trust Funds.
a)
Listed securities and foreign securities will be valued based on the last done market price (At the
present moment the Fund has not invested in securities listed on a foreign stock exchange).
b)
Listed and unlisted bonds and debt securities are valued at cost adjusted for accrued income and
accretion of discount net of amortisation of premium over the life of the security. This method of valuation
has been verified by the external auditor and approved by the Trustees.
c)
Unlisted shares and listed shares which have been suspended for more than 14 days will be valued at
Fair Value, as determined in good faith by the Manager, as methods as bases which have been verified
by the Auditor of the fund and approved by the Trustees. Debt securities will be valued at cost adjusted
for accrued income and accretion of discount net of amortisation of premium over the life of the security.
This method of valuation is verified by the auditor of the Fund and approved by the Trustees.
d)
Units in other collective investment scheme will be valued based on the last published net asset value
per unit or where considered appropriate by the Manager and Trustees, and verify by the Auditor, a
price arrived at by aggregating the last published Net Asset Value per unit.
The Manager calculates the value of the Fund at the close of each business day.
METF, MVTF, MEBTF
The Fund shall adopt the following bases of valuation of investments prescribed in the Deed and the SC’s
Guidelines on Unit Trust Funds.
a)
Listed securities will be valued based on the last done market price of the securities, which is the price
at the end of a particular business day.
b)
Investments in unquoted securities will be valued at book cost or at a valuation made by a professional
person approved by the Trustee and qualified to value such investments.
c)
Investments in fixed income securities will be “marked to market” or will be valued at a cost adjusted
for accrued income and accretion of discount, net amortisation of premium, over the life security
where appropriate.
d)
Investments such as bank bills and deposits placed with banks or other financial institutions are valued
each day by reference to the value of such investments and the shared profit accrued thereon for the
relevant period.
e)
The valuation of each unit or share in any collective investment scheme will be based on the last
published NAV per unit or share of such collective investment scheme or, if unavailable, on the average
of the last published buying price and the last published selling price of such unit or share (excluding
any sales charge included in such selling price).
f)
Investments in futures contracts will be “marked to market” at the end of each trading day.
The Manager calculates the value of the Fund at the close of each business day.
76
6.4 Policy on Gearing and Liquid Assets
There shall be at all times a level of liquid assets in the Fund to pay for the repurchase of Units of the Fund.
The Fund is not permitted to borrow cash or other assets (including the borrowing of securities within the
meaning of the Guidelines on Securities Borrowing and Lending) in connection with its activities. Except
for securities lending provided by the Guidelines, none of the cash or investments of the Fund may be lent.
Further, the Fund may not assume, guarantee, endorse or otherwise become directly or contingently liable
for or in connection with any obligation or indebtedness of any person.
77
Performance of
7
Mayban Unit Trust Fund (MUTF)
(a) Performance For The Financial Years Ended 30 June
2003
2002
12,950,030
2,669,338
11,564,143
3,801,076
5,511,813
4,757,237
6,550,751
32,265,378
4,710,017
–
3,499,653
8,170,997
(5,261,032)
(2,711,143)
25,868,594
13,719
3,819,269
–
(4,280,957)
(2,335,383)
44,847,245
72,021
6,793,917
5,560,591
(3,189,147)
(1,251,298)
22,965,151
Gross Distribution per unit (sen)
3.00
6.00
4.00
Net Distribution per unit (sen)
2.72
5.70
3.79
Cash/
Reinvestment
Cash/
Reinvestment
Cash/
Reinvestment
(viii) Portfolio Turnover Ratio (times)
0.42
1.82
2.20
(ix)
1.07
1.08
1.06
(I)
Distribution for the year:Dividend Income
Interest Income
Realised gains (less losses)
on sale of investments
Accretion of discount,
net of amortisation of premium
Distribution equalization
Previous year’s realized income
Less: Expenses
Tax
Net Distribution
Forms of Distribution
(i)
Management Expense Ratio (%)
2001
Portfolio Turnover Ratio (PTR)
Portfolio turnover of the Fund is the ratio of the average of the acquisitions and disposals of the Fund
for the year to the average value of the Fund for the year calculated on a daily basis, i.e.:
[Total acquisitions of the Fund for the year + Total disposals of the Fund for the year] / 2
The portfolio turnover ratio shows to an investor if the fund buys and sells securities frequently. A
portfolio turnover ratio of 100% per annum means that the fund has been turned over once for that
particular year.
(ii)
Management Expense Ratio
Management expense ratio of the Fund is the ratio of the sum of the fees and the recovered expenses
of the unit trust fund to the average value of the Fund calculated on a daily basis, i.e.:
Fees of the Fund + recovered expenses of the Fund x 100
Average value of the Fund calculated on a daily basis
Where:
Fees
78
=
All ongoing fees deducted/deductible directly from the Fund in respect of the
period covered by the management expense ratio expressed, as a fixed amount
calculated on a daily basis. This would include the annual management fee, the
annual trustee fee and any other fees deducted/deductible directly from the
Fund;
(b)
Recovered
expenses
=
All expenses recovered from/charged to the Fund as a result of the expenses
incurred by the operation of the Fund, expressed as a fixed amount. This should
not include expenses that would otherwise be incurred by an individual investor
(e.g. brokerage, taxes and levies); and
Average value
of the fund
=
The NAV of the Fund, including net income less expenses on an accrued basis,
in respect of the period covered by the management expense ratio, calculated
on a daily basis.
Investment Highlights
Top Five Investments
(Malaysia)
Financial Year Ended
30 June 2001
* TNB
* Genting
* Gamuda
* Tanjong
* Road Builder
* IJM
* Tanjong
* IOI Corporation
* Proton
* UMW
* Genting
* Tanjong
* IOI Corporation
* UMW
* DRB HICOM
30 June 2002
30 June 2003
(c)
Top Three Investment
In Unlisted Securities
* Celcom FRN
–
–
Average Total Returns of the Fund
Average Total
Returns of
the Fund
One Year
30/6/2003
%
Three Years
Five Years
Since Commencement
(Launch Date:
26 March 1992)
%
%
%
(1.68)
4.44
9.48
6.89
79
(d)
Asset Allocation as at 30 June 2003
As at 30 June 2003, the Fund’s investment in equities was 85.46% and the balance of 14.54% in cash
and money market.
Cash &
Money
Market
14.54%
Equities
85.46%
Refer to Chapter 10 for the Explanation on capital gains and income and impact of distribution on unit
price.
80
Mayban Balanced Trust Fund (MBTF)
(a)
Performance For The Financial Years Ended 30 September
2002
2001
8,087,214
7,862,907
5,599,391
8,126,353
5,174,709
8,097,674
10,632,735
4,737,924
6,221,816
(61,576)
865,319
3,961,345
(3,714,721)
(1,675,652)
25,957,571
1,805,829
174,840
4,210,881
(3,395,946)
(1,245,051)
20,014,221
4,220,686
1,045,682
7,861,009
(4,032,663)
(950,557)
27,638,356
4.20
3.30
4.50
3.94
3.11
4.35
Cash/
Reinvestment
Cash/
Reinvestment
Cash/
Reinvestment
(viii) Portfolio Turnover
Ratio (times)
1.06
1.67
1.25
(ix)
0.92
0.92
0.92
I)
Distribution for the year:
Dividend Income
Interest Income
net amortisation of premium
Less: Expenses
Tax
Net Distribution
(b)
2000
30 September 2000
30 September 2001
30 September 2002
(Malaysia)
* BAT
* Gamuda
* TNB
* Tanjong
* Genting
* Tanjong
* Gamuda
* Genting
* Tenaga
* Road Builder
* MGS
* Gamuda
* Tanjong
* Tenaga
* IOI Corporation
* Celcom FRN
* MTD
* CHHB
* MGS
* TNB
* CHHB
* MGS
* Soverign Capital
* Sprint
81
(c)
Average Total
Returns of
the Fund
(e)
One Year
30/9/20032
%
Three Years
Five Years
Since Commencement
(Launch Date:
19 September 1994)
%
%
%
12.15
3.36
2.12
2.41
Asset Allocation as at 30 September 2002
As at 30 September 2002, the Fund’s investment in equities was 57.17%, 20.83% in fixed income
securities and the balance of 22.00% in cash and money market.
Equities
57.17%
Cash & Money
Market
22.00%
Fixed Income Securities
20.83%
Refer to Chapter 10 for the Explanation on capital gains and income and impact of distribution on unit price.
82
Mayban Income Trust Fund (MITF)
(a)
Performance for The Financial Years Ended 30 June
2003
I)
Interest Income
Less: Expenses
Tax
Net Distribution
2001
13,475,168
8,539,896
6,159,439
6,564,250
2,096,216
411,645
(984,960)
1,960,932
–
(3,634,861)
–
17,380,529
(302,373)
2,027,820
226,684
(1,889,864)
–
10,698,379
6.00
4.80
4.30
6.00
4.80
4.30
Cash/
Reinvestment
Cash/
Reinvestment
Cash/
Reinvestment
(viii) Portfolio Turnover Ratio (times)
1.59
1.37
2.50
(ix)
1.05
1.06
1.07
(b)
2002
1,214,455
680,463
676,129
(1,658,760)
–
7,483,371
30 June 2001
30 June 2002
30 June 2003
(Malaysia)
* TNB
* MGS
* Puncak
* Celcom
* AMMB
* MGS
* TNB
* SAJ Holdings
* Puncak
* Road Builder
* TTPC
* MIDF
* KL Sentral
* Sprint
* White Horse
* TNB
* MGS
* Puncak
* MGS
* TNB
* SAJ Holdings
* TTPC
* MIDF
* KL Sentral
83
(c)
Average Total
Returns of
the Fund
(d)
One Year
30/6/2003
%
Three Years
Five Years
Since Commencement
(Launch Date:
19 June 1996)
%
%
%
6.50
5.18
5.45
6.72
Asset Allocation as at 30 June 2003
As at 30 June 2003, the Fund’s investment in private debt securities was 83.61% and the balance of
16.39% short term deposits.
Short Term
Deposits
16.39%
Private Debt
Securities
83.61%
84
Mayban Dana Yakin (MDY)
(c)
Performance for The Financial Period/Years Ended 30 April
2003
I)
Dividend Income
Income from Fixed Income Securities
Profit on Mudharabah Deposit
Less: Expenses
Tax
Net Distribution
(ii)
(b)
2002
2001
1,657,670
117,126
404,379
389,450
–
191,051
–
–
–
1,715,022
2,732,251
–
7,630
4,056,846
(1,040,733)
(349,623)
6,568,317
–
1,516,139
(318,020)
(71,885)
4,438,986
–
–
–
–
–
6.00
13.00
–
5.70
12.79
–
Reinvestment
Reinvestment
Reinvestment
Unit Split Ratio
1 for every 1
unit held
–
–
(iii)
Portfolio Turnover Ratio (times)
1.19
2.98
13.52
(ix)
1.63
1.73
0.74
Financial Period/
Year Ended
30 April 2001
30 April 2002
30 April 2003
(Malaysia)
* Sime
* MISC –01
* Gamuda
* KLK
* G Hope
* Tenaga
* IJM
* Sime Darby
* IOI Corporation
* Gamuda
* Splash
* IOI Corporation
* Sime
* IJM
* Gamuda
–
–
* Splash
* Celcom
* KL Sentral
85
(c)
One Year
30/4/2003
%
Average Total
Returns of
the Fund
(d)
Since Commencement
(Launch Date:
24 November 2000)
%
(14.50)
8.11
Asset Allocation as at 30 April 2003
As at 30 April 2003, the Fund’s investment in equities was 69.02%, 8.94% in Islamic Private Debt
Securities and the balance 22.04% in cash or short-term Islamic money market instruments.
Equities
69.02%
Cash/Islamic
ST Money
Market
Instruments
22.04%
Islamic PDS
8.94%
86
Mayban Index-Linked Trust Fund (MILTF)
(a)
Performance For The Financial Year Ended 31 October
(Period from May 16, 2002 to October 31, 2002)
2002
I)
Dividend Income
Interest Income
Less: Expenses
Tax
Net Distribution
–
–
–
–
–
–
–
–
–
–
(b)
Ratio (times)
0.63
(ix)
0.54
Financial Period/
Year Ended
31 October 2002
(c)
Reinvestment
(Malaysia)
* Maybank
* Tenaga
* Telekom
* MISC
* Petronas Gas
–
Average Total Returns of the FundTotal Returns of the Fund
One Year
Average Total
Returns of
the Fund
Since Commencement
(Launch Date:
16 May 2002)
%
%
–
-11.61
87
(d)
Asset Allocation as at 31 October 2002
As at 31 October 2002, the Fund’s investment in equities was 92.90% and 7.10% in cash and money
market.
Equities
92.90%
Cash & Money
Market
7.10%
price.
88
Mayban Dana Ikhlas (MDI)
(a)
Performance For The Financial Years Ended 30 November
(Period from September 17, 2002 to November 30, 2002)
2002
I)
Dividend Income
Interest Income
Less: Expenses
Tax
Net Distribution
–
–
–
–
–
–
–
–
–
–
(b)
Ratio (times)
0.56
(ix)
0.27
Financial Period/
Year Ended
30 November 2002
(c)
Reinvestment
(Malaysia)
* MISC-01
* TTPC
* UMW
* Sime
* Mesiniaga
* TTPC
* SAJ Holdings
* Splash
One Year
Average Total
Returns of
the Fund
Since Commencement
(Launch Date:
17 September 2002)
%
%
–
-0.94
89
(d)
Asset Allocation as at 30 November 2002
As at 30 November 2002, the Fund’s investment in equities was 61.8%, 19.2% in Islamic private debt
securities and the balance 19.0% in cash or short-term Islamic money market instruments.
Cash/Islamic
ST Money
Market
Instruments
19.0%
Islamic PDS
19.2%
Equities
61.8%
price.
90
Mayban Ethical Trust Fund (METF)
(a)
Financial Highlights
There are no financial highlights for METF as its first financial year is ending on 31 August
2003.
(b)
Financial Ended
(Malaysia)
31 August 2003
(c)
* EONCAP
* SUNINC
* AMFB-F
* MAXIS
* AMMB
One Year
Average Total
Returns of
the Fund
(d)
Since Commencement
(Launch Date:
7 January 2003)
%
%
–
28.56
Asset Allocation as at 31 August 2003
As at 31 August 2003, the Fund’s investment in equities was 77.57% and the balance of 22.43% in
cash and short term money market instrument.
Cash/Short Term
Money Market
Instrument
22.43%
Equities
77.57%
price.
91
Mayban Value Trust Fund (MVTF)
(a)
Performance For The Financial Years Ended 31 August
There are no financial highlights for MVTF as its first financial year is ending on 31 August
2003.
(b)
Financial Period/
Year Ended
(Malaysia)
* MAYBANK
* BAT
* TENAGA
* AMMB
* EONCAP
–
31 August 2003
(c)
Average Total Returns of the FundTotal Returns of the Fund
One Year
Average Total
Returns of
the Fund
(d)
Since Commencement
(Launch Date:
7 January 2003)
%
%
–
26.43
Asset Allocation as at 31 August 2003
As at 31 August 2003, the Fund’s investment in equities was 97.10% and the balance of 2.90% in
cash and short term money market.
Cash/Short Term
Money Market
2.90%
Equities
97.10%
price.
92
Mayban Enhanced Bond Trust Fund (MEBTF)
(a)
Financial Highlights
There are no financial highlights for MEBTF as its first financial year is ending on 31 March
2004.
(b)
There are no investment highlights for MEBTF as its first financial year is ending on 31 March
2004.
(c)
Total Returns of the Fund
There are no total returns of the fund for MEBTF as its first financial year is ending on 31
March 2004.
(d)
Asset Allocation
There are no asset allocations of the fund for MEBTF as its first financial year is ending on 31
March 2004.
It is important to note that the performance of the Fund is not guaranteed, and the investor must
examine the risk profile of the Fund before making the investment decision.
Past performance of the Fund is not an indication of future performance.
Neither the Manager nor the Trustee guarantees the performance of the Fund or the repayment of
capital or distribution of income.
Unit Price will fluctuate and distribution payments are uncertain.
93
8
Understanding Fees and Expenses
8.1 Service Charge
In determining the Selling Price, the following service charge of the Net Asset Value (NAV) per unit is added
to the NAV of the respective funds. Therefore the service charge is included in the selling price of units
purchased.
Funds
Service Charge
MUTF
MBTF
MITF
MDY
MILTF
MDI
METF
MVTF
MEBTF
5% - 10% of NAV
5% - 10% of NAV
2% - 7% of NAV
5% - 10% of NAV
3% - 5% of NAV
4% - 7% of NAV
5% - 8% of NAV
5% - 8% of NAV
1% - 2% of NAV
8.2 Manager’s Fees
The Manager is entitled to a management fee of up to a maximum of 1.5% of the Net Asset Value of each
of the Fund, before deducting the annual management fee and trustee fee for the day, calculated and
accrued on a daily basis and payable monthly arrears, is charged to the Fund. As for MILTF, a management
fee of up to 1.0% is imposed.
For MDI, The Manager is entitled to a management fee of 1.10% to 1.35% of the Net Asset Value of each
of the Fund, before deducting the annual management fee and trustee fee for the day, calculated and
accrued on a daily basis and payable monthly arrears, is imposed. MDI is designed in such a way that fees
will be levied in accordance with the potential returns generated from the assets invested. Bonds when
compared to shares have the tendency to generate lower returns. Should the Fund invest mostly in bonds
then the fees levied will be lower.
The following tables 1 & 2 illustrate MDI’s flexible Annual Management Fee based on assets invested.
Table 1
Asset Classes
Annual Management Fee
(Yield)
Money Markets and Bonds
Shares
1.0 %
1.5 %
Should MDI comprise 30% of shares while the rest are invested into money markets and bonds, then the
Annual Management Fee for the Fund will be:Table 2
Asset Classes
Money Markets & Bonds
Shares
Annual Management Fee
94
Annual
Management Fee
(Yield)
% of Asset
Composition in
Portfolio
1.0%
1.5%
70%
30%
Fees
chargeable
0.70%
0.45%
1.15%
With this, the Annual Management Fee of MDI will range between 1.10 % to 1.35 % p.a. depending on the
assets chosen by the Fund Manager.
For MEBTF, an annual management fee of up to a maximum of 1.75% of the NAV of the Fund, before
deducting annual management fee and trustee fee for the day, calculated and accrued on a daily basis and
payable monthly in arrears, is imposed.
The breakdown of the management is as follows:
Bond Portion
1.0% p.a. of the NAV of the Fund, before deducting annual management fee and trustee fee for the day,
calculated on a daily basis.
Equity Portion
*
1.75% p.a. of the NAV of the Fund, before deducting annual management fee and trustee fee for the
day, calculated on a daily basis.
*
The portion of the portfolio that is channelled to IPOs is levied an additional charge of 0.75% on top of
1.0% to cover the in depth IPO research expenses.
8.3 Redemption Fee
No fee applies on redemption of units for each fund.
8.4 Commission
The Manager pays to Maybank and Mayban Finance Distribution branches a commission of not more than
four percentage (4%) of the Unit Holders total investment of each of the Fund, which is paid out of the
service charge. As for MEBTF, a commission of not more than two percentage (2%) of the service charge
received by the manager will be paid to Maybank and Mayban Finance Distribution branches.
8.5 Trustee’s Fees
For Mayban Unit Trust Fund and Mayban Balanced Trust Fund the Trustee is entitled to the following
fees, which are paid out of the Fund:
Size of Fund
First RM 20 million
Next RM 20 million
Next RM 20 million
Next RM 20 million
Next RM 20 million
Any amount in excess of RM 100 million
Rate per annum of the
Net Asset Value of the Fund
0.06%
0.05%
0.04%
0.03%
0.02%
0.01%
For Mayban Income Trust Fund, the Trustee is entitled to a fee at a rate of 0.035% per annum of the of the
NAV of the Fund, before deducting annual management fee and trustee fee for the day up to a maximum
value of RM100 million and thereafter at a rate of 0.01%.
For Mayban Dana Yakin, Mayban-Index-Linked Trust Fund, Mayban Dana Ikhlas, Mayban Ethical Trust
Fund and Mayban Value Trust Fund, the Trustee is entitled to a trustee fee of 0.08% per annum of the NAV
of each of the Fund, before deducting annual management fee and trustee fee for the day, subject to a
minimum of RM18,000.00 per annum calculated on a daily basis.
95
For Mayban Enhanced Bond Trust Fund, the Trustee is entitled to a fee at a rate of 0.07% per annum of
the NAV of the Fund, before deducting annual management fee and trustee fee for the day, subject to a
minimum fee of RM18,000 per annum of the Fund. The trustee fee is calculated and accrued on a daily
basis and payable monthly in arrears.
8.6 Custodian Fee
Being the custodian of MUTF and MBTF, the Trustee is entitled to a custodian fee of 0.035% per annum of
the value of the stock and shares portfolio subject to a minimum of RM40,000 and a maximum of RM120,000
per annum for MUTF and a minimum of RM60,000 and a maximum of RM150,000 per annum for MBTF.
8.7 Fund Expenses
In administering the Funds, the Manager’s and Trustee’s fees, the cost of the Auditor’s fees and other
relevant professional fees, distribution of annual reports, tax vouchers, distribution warrants, cost of
modification of Deeds and other notices to Unit Holders as well as expenses that are directly related and
necessary to the administration of the Funds as set out in the Deed shall be paid out of the Funds. These
costs are already factored into any quoted unit price.
You may obtain the expenses incurred by each of the Mayban Family of Funds over the past five financial
years from the Accountant’s Report attached herein.
8.8 Transfer of Units
A fee of RM3.00 is charged for administrative charges.
8.9 Switching
There is an administration fee of RM25 per transaction involved in switching between funds. Units switched
between funds are transacted at NAV i.e Selling Price less service charge. No commissions are paid to
Maybank or Mayban Finance Distribution Branches for facilitating such transactions.
8.10 Management Expense Ratio (MER)
The Management Expense Ratio (MER) provides a measure by which investors can assess and compare
the outgoing incurred by a fund. These expenses are deducted from the income of the fund before it is paid
to you.
Management expense ratio of the Fund is the ratio of the sum of the fees and the recovered expenses of the
unit trust fund to the average value of the Fund calculated on a daily basis, i.e.:
Fees of the Fund + recovered expenses of the Fund
x 100
Where:
Fees
=
96
All ongoing fees deducted/deductible directly from the Fund in respect of the period
covered by the management expense ratio expressed, as a fixed amount calculated
on a daily basis. This would include the annual management fee, the annual trustee
fee and any other fees deducted/deductible directly from the Fund;
Recovered
expenses
=
All expenses recovered from/charged to the Fund as a result of the expenses incurred
by the operation of the Fund, expressed as a fixed amount. This should not include
expenses that would otherwise be incurred by an individual investor (e.g. brokerage,
taxes and levies); and
Average value
of the fund
=
The NAV of the Fund, including net income less expenses on an accrued basis, in
respect of the period covered by the management expense ratio, calculated on a
daily basis.
Illustration of MER calculation:
The total expenses incurred by MDY for the financial year ended 30 April 2003 is RM1,040,733 and its
average fund size is RM63,843,595.85. Hence, the MER of MDY for the financial year ended 30 April 2003
is calculated as follows:
MER
=
=
=
Fees + Recovered Expenses
X 100
Average Fund Size
1,019,831 + 20,902
63,843,595.85
X 100
1.63%
In the above illustration, the Fund incurred RM1.63 for every RM100 average NAV involved during the
whole financial year. MERs therefore are the best indicators on the cost of investing in a fund. It also allows
investors to compare the cost effectiveness of other fund within the same category to see if the costs
incurred are reasonable and justifiable in relation to the performance.
8.11 Portfolio Turnover Ratio (PTR)
Portfolio turnover of the Fund is the ratio of the average of the acquisitions and disposals of the Fund for the
year to the average value of the Fund for the year calculated on a daily basis, i.e.:
[Total acquisitions of the Fund for the year + Total disposals of the Fund for the year] / 2
Illustration of PTR calculation:
Total gross value of the acquisition and disposal of MDY for the period was RM41,816,220.00 and
RM110,621,768.80 respectively and its average fund size was RM63,843,595.85. The PTR of the Fund is
calculated as follows:PTR
=
(Total Acquisitions + Total Disposals) / 2
Average Net Asset Value of the Fund Size
=
(41,816,220.00 + 110,621,768.80) / 2
63,843,595.85
=
1.19 times
Therefore, a PTR of 1.19 times means the Fund has been turned over 1.19 times during the period.
97
8.12 Total Annual Expenses Incurred by Mayban Family of Funds of the Latest
Financial Year
Fund Name
Management
Fee
RM
Mayban Unit
Trust Berhad
(30 June 2003)
Mayban Balanced
Trust Fund
(30 September 2002)
Mayban Income
Trust Fund
(30 June 2003)
Mayban Dana Yakin
(30 April 2003)
Mayban Index Linked Trust Fund
(16 May 2002 31 October 2002)
Mayban Dana Ikhlas
(17 September 2002 30 November 2002)
Mayban Ethical
Trust Fund
(31 August 2003)
%
Trustee Fee
Other
Expenses
RM
%
Total Annual
Expenses
RM
%
Management
Expense Ratio
RM
%
%
4,939,224 0.93
79,392
0.01
242,416 0.05 5,261,032 0.99
1.07
3,439,336 0.91
70,463
0.02
204,922 0.05 3,714,721 0.98
0.92
2,486,155 0.92
49,862
0.02 1,098,844 0.40 3,634,861 1.34
1.05
957,654 0.95
51,075
0.05
32,004 0.03 1,040,733 1.03
1.63
291,210 0.39
23,297
0.03
24,674 0.03
339,181
0.45
0.54
106,082 0.19
7,115
0.01
2,535 0.01
115,732
0.21
0.27
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Mayban Value
Truat Fund
(31 August 2003)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Mayban Enhanced
Bond Trust Fund
(31 March 2004)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.13 Policy On Brokerage Rebates And Soft Commissions
It is the Manager’s policy to channel all rebates, if any, received from stockbrokers to the Fund. However,
the following goods and services received from brokers and other financial service providers (“soft
commissions”) are retained by the Manager:(i)
(ii)
(iii)
(iv)
research materials;
data and quotation services;
investment-related magazines, journals and other related trade publications; and
computer applications software.
The policy of the Manager is to accept only soft commissions, which are relevant, and incidental to the
investment and management of the Manager and which are of demonstrable benefit to the Unit Holders of
the Fund. The Manager will ensure that the acceptance of the soft commissions does not affect the dealings
by the provider of the commissions, which are to be executed on a “best execution” basis.
There are fees and charges involved and investors are advised to consider the fees and charges
before investing in the fund.
98
9
Sale And Purchase of Units
9.1 Valuation of Units
The valuation of units is based on the Net Asset Value (NAV) of the Fund and is calculated at the close of
each business day. The NAV per unit of each fund is determined by dividing the value of the Fund’s assets
less its liabilities by the number of units in circulation for that day.
9.2 Sale and Repurchase of Units
When you invest in Fund you are issued with units. These units represent your holding in the Fund. The
number of units that you will receive is determined by the selling price of the units which is the net asset
value of unit plus the service charge.
9.3 Approved Size
The approved fund size of the Mayban Family of Fund is as follows:
Funds
Units
MUTF
MBTF
MITF
MDY
MILTF
MDI
METF
MVTF
MEBTF
1.5 billion
1.15 billion
600 million
400 million
400 million
400 million
300 million
300 million
500 million
9.4 Basis of Determining the Buying and Selling Prices
Both the Selling Price and Buying Price of units are computed on a “forward pricing” basis. Under the
forward pricing basis, the purchase of units by a Unit Holder will be executed at the Selling Price at the next
valuation point after the purchase request is received and accepted by the Manager. Similarly, units of the
Fund are redeemed at the Buying Price at the next valuation point upon receipt of the redemption request
and accepted by the Manager. Both the Selling and Buying prices are linked to the value of the assets held
by the Fund. Consequently, any changes in the underlying assets of the Fund will cause its unit prices to
vary. The Selling and Buying Prices is then rounded to four (4) decimal places after the sales charge and
repurchase charge has been factored into the Selling price and Buying price respectively.
In a purchase of units of Mayban Family of Funds, Unit Holder will pay a service charge of between:
Funds
Service Charge
MUTF
MBTF
MITF
MDY
MILTF
MDI
METF
MVTF
MEBTF
5% - 10% of NAV
5% - 10% of NAV
2% - 7% of NAV
5% - 10% of NAV
3% - 5% of NAV
4% - 7% of NAV
5% - 8% of NAV
5% - 8% of NAV
1% - 2% of NAV
99
Selling Price
Illustration of computation of MUTF Selling Price on 03.09.2003 and quoted for purchase transaction
on the same day.
RM
(a) NAV
554,066,908.82
(b) Unit in circulation
921,316,886.55
NAV per unit (a/b)
Service Charge@ 6.5% of NAV
Selling Price Per Unit
Rouding up to 4 decimal places
0.60138581731
0.03909007812
0.64047589543
0.6405
If an investor invested RM1,000.00 on 03.09.2003, the total number of units credited to his account will be
as follows:
Amount
Selling Price/Unit
RM 1,000.00
RM 0.6405
=
1561.28 units
Buying Price
Illustration of computation of MUTF Buying Price on 03.09.2003
Based on the above example, the buying price for redemption / repurchase instruction received on
03.09.2003 is RM 0.6014 per unit, which is the NAV per unit of that day. No redemption fee is levied on
redemption. If a repurchase request to redeem 1,000 units is received on the same day, the Unit Holder will
receive a redemption sum amounting to:-
NAV per unit (after rounding)
Redemption fee
Buying Price per unit
RM
0.6014
0.6014
Redemption Proceed = No. of units redeemed x buying price per unit
= 1,000 units x RM 0.6014
= RM601.40
9.5 Minimum Balance Of Investment
For partial redemption, the minimum balance of units remaining in the account must always be one hundred
(100) units. The Manager may elect not to redeem the entire account if the effect thereof would be that the
Unit Holder holds less than one hundred (100) units. The Manager will pay the redemption proceeds to the
Unit Holder within ten (10) days from the receipt of the request to redeem.
100
9.6 Cooling-Off Right
A cooling-off right refers to the right of the Unit Holder to obtain a refund of his investment in the fund if he so
requests within the cooling-off period.
A cooling-off right is only given to an investor, other than those listed below, who is investing in any unit trust
funds managed by the Manager for the first time:
(a)
a corporation or institution;
(b)
a staff of the manager; and
(c)
persons registered to deal in unit trusts of the Manager.
The refund for every unit held by the investor pursuant to the exercise of the cooling-off right shall be the
sum of:
a)
the NAV per unit on the day the units were first purchased;
b)
the sales charge per unit originally imposed on the day the units were purchased.
When a cooling-off right is exercised, the money will be refunded to the applicant within 10 days of receipt of
the notice of cooling-off by the Manager.
The request to exercise your cooling-off right must be submitted either to the Manager and Maybank or
Mayban Finance Distribution Branches within six (6) business days commencing from the date of purchase
i.e the date in which the manager receives the application form and the investment amount.
The cooling-off right for EPF investment is available subject to approval by the EPF.
We value your investments and calculate the unit prices for each Fund at the close of every business day.
Unit prices are published in major newspapers nationwide and investors may call our Maybank Group Call
Centre numbers: 1-800-88-3076 and 03-2287 9868, or visit our website at www.maybanunittrust.com.my.
9.7 How to Purchase and Redeem Units of the Fund
Making an investment in Mayban Family of Funds is simple. Just complete the attached Application Form at
the back of this Prospectus and send it to any branch of Maybank or Mayban Finance Distribution Branches
throughout Malaysia or directly to our office, Mayban Unit Trust Berhad, with the appropriate amounts for the
units to be purchased. An investor is recognised as a Unit Holder upon receipt by the Manager of money as
payment together with the completed application form. The Manager will issue Investment Confirmation
Statements to the Fund’s Unit Holders within fourteen (14) days from receipt of Application Forms by the
Manager.
Withdrawals can also be made in part or entirely at any time by completing the Request to Repurchase
Form, which can be obtained at any Maybank or Mayban Finance Distribution Branches. Although the Deed
allows for a period of ten (10) days after receiving the request to redeem for payment of proceeds to Unit
Holders, the Manager will try to make payment within seven (7) days of receiving the request.
101
9.8 Where to Purchase and Redeem
Units can be bought and sold from Mondays to Fridays between 9.00am to 5.00pm at any Maybank or
Mayban Finance Distribution Branches (the details of their addresses and contact numbers are set out on
page 162).
9.9 Invest Your EPF Savings
You may withdraw a portion of your EPF savings and invest in MUTF, MBTF, MITF, MDY, MILTF, and MDI.
By investing some of your EPF savings in any of the above-mentioned funds, you could stand to maximise
the value of your retirement savings over the long-term.
9.10 Who are eligible under the EPF Investment Scheme?
•
•
•
•
You must be below 55 years of age.
You must have at least RM 55,000 saved in your EPF Account 1.
You must maintain at least RM 50,000 in your EPF Account 1 at all times.
Investments to any of the Mayban Family of Funds from your EPF Account 1 can only be made once
every three months.
For further details on EPF Investment Scheme, please call any Maybank or Mayban Finance Distribution
Branches or at Maybank Group Call Centre numbers: 1-800-88-3076 and 03-2287 9868.
9.11 Transfer of Units
Units in the Fund are transferable. Every instrument of transfer must be left with the Manager and must be
accompanied by such evidence as the Manager may require to prove the title of the transferor. The Manager
may decline to register any transfer for registration of which would result in the transferor or the transferee
being a Unit Holder of less than one hundred (100) units for each funds. The transfer of units shall be
effected within thirty (30) days from the date of receipt of the Request to Transfer and the Manager shall
inform the Trustee thereto.
9.12 The Flexibility to Switch Your Investment
We recognise that your investment needs may change over time. To meet your changing needs, MUTB
gives you the flexibility to switch from one fund to another.
If you feel one or more of the other funds we manage is better suited to your needs, you may switch to any
of these. Each fund has a different investment strategy and risk profile. You should read and understand the
current Prospectus of the fund you are considering switching into before you decide to switch.
This switching facility is to enable Unit Holders to switch between funds in response to changing financial
goals and market conditions.
Switching is effectively a request to:
*
withdraw all or a specified part of your investment in one fund, at NAV applicable to units in
that fund at the time of the switch, and
*
use the proceeds to buy units in another fund at the Buying Price of that fund at the time of
the switch.
102
How to switch?
To switch “Between” Mayban Family of Funds you can simply write in or complete a Switching Form and
send it to us at any Maybank or Mayban Finance Distribution Branches.
You may request a specified number of units to be switched from one fund to another. The minimum
amount you can switch is one thousand (1,000) units. However, distribution units of conventional Funds
cannot be switched to an Islamic Fund managed by the Manager.
103
Understanding Income Distribution
and Reinvestment Plan
10
10.1 Distribution Policy
The Funds with exception for MILTF and MVTF will distribute all or substantially all of its net income and
net realised capital gains to the Unit Holders at the discretion of the Manager. The distribution of each Fund
will vary depending on the performance of each Fund and prevailing economic conditions.
For MILTF and MVTF, it is not the Fund’s main objective to distribute income that the main focus of the
Fund is to secure capital growth in line with the performance of KLCI. Any distribution will be at the discretion
of the Manager, which if at all possible is incidental in carrying out the investment function in accordance
with the objective and investment strategies of the Fund.
It is intended that distribution be made by way of cash or by creation of additional units to all Unit Holders
based on units held on the entitlement date.
10.2 What comprises income distribution?
Income Distribution is made from realised capital gains (net of realised losses) and realised income. Capital
gains are realised when investments are disposed off at a profit.
Realised income is income from interest, accretion of discounts net of amortisation of premium on fixed
income securities and dividend income from share equities as well as distribution equalisation arising from
the creation price of units.
10.3 How are income distributions calculated?
Your income distribution is calculated based on the number of units you hold in the Fund at the end of the
distribution period for the Funds.
10.4 Impact of Distribution on Unit Price
Illustration
The investment value in any fund will depend on the net asset value of the fund at a particular time. The
effect of distribution made by any fund will reduce the net asset value of the fund right after the distribution,
but the total wealth of the investors just before and after distribution will remain unchanged.
Assuming a distribution of 5 sen (gross) per unit had been declared for the following fund at the end of its
financial year.
NAV price just before distribution
(cum distribution price)
Less: Distribution (sen per unit)
(gross)
NAV price just after distribution
(X distribution price)
104
RM
0.6500
0.0500
0.6000
Assuming an investor purchased RM1,800 worth of units just before distribution (and paying a service
charge of 6.5% on the NAV price of RM0.65 per unit), his unit entitlement is
Sales Proceed
(NAV per unit + Service Charge)
=
RM1,800
[0.65+(6.5%x 0.65)]
=
1,800
0.6923
=
2,600 units
=
2,600 x NAV price of RM0.6500
=
RM1,690
Distribution earned by him
=
=
2,600 units x RM0.05
RM130
His/her units wealth just after distribution
=
=
=
2,600 units x NAV Price
(ex distribution price)
2,600 units x RM0.60
RM1,560
=
=
Units worth + distribution earned
RM1,560 + RM130
=
RM1,690
His/her wealth at this particular point
of time after purchase and before
distribution
Immediately after distribution
His/her total wealth just after distribution
10.5 When will income distributions be paid?
We will pay your income distribution as quickly as possible within the two (2) months period of the date of
declaration of the distribution.
Income distributions of Mayban Unit Trust Fund and Mayban Income Trust Fund if any are calculated
yearly to the last day of June each year. For Mayban Balanced Trust Fund if any, it is calculated yearly to
the last day of September each year. For Mayban Dana Yakin if any, it is calculated yearly to the last day of
April each year. For Mayban Index – Linked Trust Fund if any, it is calculated yearly to the last day of
October each year. For Mayban Dana Ikhlas if any, it is calculated yearly to the last day of November each
year. Income distributions of Mayban Ethical Trust Fund and Mayban Value Trust Fund if any, are calculated
yearly to the last day of August each year. For Mayban Enhanced Bond Trust Fund if any, are calculated
yearly to the last day of March each year. The calculation of income distribution if any is normally based on
the results of the financial year of the respective funds.
105
10.6 What options do I have in receiving an Income Distribution?
For investment in MUTF, MBTF and MITF, you have three options:
*
Participate in the Distribution Reinvestment Plan so that your income is automatically
reinvested to purchase additional units in the same Fund. No service charges are charged
on the reinvestment of income distributions.
*
Income paid directly into your Maybank and Mayban Finance Account. In the event the
Manager is unable to credit the Registered Holder’s Bank Account, payment will be made in
the form of cheque.
*
A cheque posted to your home address.
If you do not nominate a method of distribution, your income will be automatically
reinvested.
Income Distribution to Unit Holders is declared by way of dividends paid or the creation of additional units
at the end of financial year for the respective funds. Unit Holders may choose to receive their dividends in
the form of cheques or to re-invest the dividend by selecting the proper option in the Application Form.
Auto-reinvestment of Distribution for MDY, MILTF, MDI, METF, MVTF and MEBTF
All distribution declared by MDY, MILTF, MDI, METF, MVTF and MEBTF will be automatically reinvested for
additional units in the same Fund on behalf of the Unit Holders. No service charges are charged on the
reinvestment of income distributions.
The unit price of all distribution reinvestments will be based on the repurchase price, which shall be calculated
at the valuation point of the Business Day falling one (1) month after the declaration date.
Distribution Reinvestment Plan for MUTF, MBTF and MITF
If an investor elects the option of distribution reinvestment, he will receive dividends by way of additional
units at the end of the accrual period. The income distribution will be reinvested at the Buying Price of the
Funds, and the Manager will forward distribution warrants to the Unit Holders.
*
Distribution Reinvestment Plan ensures that your income is automatically reinvested to
purchase additional units in the same Fund. No Service Charges are charged on the
reinvestment of income distributions.
As for EPF Unit Holders, any income distributions paid by the Funds will be considered as EPF
savings and must be automatically reinvested into additional units of the Funds.
Benefits of the Distribution Reinvestment Plan and Auto-reinvestment of Distribution
*
*
*
Income reinvested without incurring service charge.
Convenient way of investing income each year.
Increased potential for income and capital growth.
How do I participate in the Distribution Reinvestment Plan?
Simply tick the box marked “To reinvest at prevailing price” in Dividend Instruction Section of the Application
Form.
106
10.7 Policy on Unclaimed Monies
Distributions
For those Unit Holders of MUTF, MBTF and MITF who did not participate in the Distribution Reinvestment
Plan and were entered in the respective Register on or before 19 September 2000, any distribution payable
to such Unit Holders remaining unclaimed for such period of time as prescribed by the Unclaimed Monies
Act 1965 after the date for payment shall be paid by the Trustees to the Consolidated Trust Account in
accordance with the provisions of the Unclaimed Monies Act 1965.
For those Unit Holders of MUTF, MBTF and MITF who do not participate in the Distribution Reinvestment
Plan and were entered in the respective Register on or after 19 September 2000, any distribution payable to
such Unit Holders remaining unclaimed after six (6) months from the date of payment may be reinvested by
the Trustees to purchase further units in that Fund at the Buying Price at the end of the said six-month
period.
107
11
Communication with Unit Holders
Mayban Unit Trust Berhad (MUTB) is dedicated to providing investors with high quality information
services to help investors make well informed investment decisions. We focus on individual investors
with a lasting commitment to realization of their long-term investment goals by providing a valueadded contribution to the management of their personal wealth.
11.1 Customer Information Service
MUTB distributes units of the Fund through its extensive network of dedicated financial executives who
are registered with FMUTM and are available at Maybank and Mayban Finance Distribution Branches.
Please refer to the Directory of Maybank and Mayban Finance Distribution Branches on the details of their
addresses and contact numbers on page 162.
Nevertheless, enquires can also be made through MUTB’s customer service personnel from Mondays
to Fridays, except Public Holidays, from 9.00a.m. to 6.00p.m. at Maybank Group Call Centre numbers:
1–800–88–3076 and 03 – 2287 9868
Alternatively, you can surf our website at www.maybanunittrust.com.my
Unit Price
MUTB publishes the unit prices of the Fund in at least one national Bahasa Malaysia and one national
English newspaper daily.
11.2 Regular Reports On Your Investment
There are 2 main types of information that you will receive about your investment. You should read all of
these documents carefully.
1.
Transaction Statement
When you make your investment in the Fund you will receive an investment transaction statement
showing details of the amount you have invested in the Fund. Subsequently, MUTB will forward an
Investment Confirmation Statement to all Unit Holders to confirm the number of units that the Unit
Holder has invested.
2.
Interim and Annual Reports
MUTB publishes strategies and performance of the Fund twice a year in annual and interim
reports and distributes to Unit Holders such reports within two (2) months from the end of the half-year
and financial year respectively. MUTB shall lodge a copy of the Interim Report and the Annual Report
with the SC.
11.3 Register of Unit Holders
The principal register of Unit Holders will be kept at the Manager’s office at Level 12, MaybanLife Tower,
Dataran Maybank, No. 1, Jalan Maarof, 59000, Kuala Lumpur and will be available for inspection by Unit
Holders from 9.00 a.m. to 4.00 p.m., Mondays to Fridays except on Public Holidays.
108
12
Unit Holders’ Rights And Liabilities
12.1 Unit Holders’ Rights and Limitations
•
Unit Holders shall have the right to receive distributions of income, participate in any increase in the
value of the units and such other rights and privileges as are provided for in the Deed.
•
No Unit Holder shall be entitled to require the transfer to him of any asset comprised in the Fund or be
entitled to interfere with or question the exercise by the Trustee or the Manager on his behalf of the
rights of the Trustee as owner of such assets.
•
Unit Holders are vested with the powers to call for a Unit Holder’s meeting, and to vote for the removal
of the Trustee or the Manager through a special resolution as provided in the Deed.
•
Unit Holders shall be entitled to a six (6) Business Days cooling-off period from the day of investment,
which entitles them to a refund of both the capital value of their investment on the day of exercise of
cooling-off right i.e. the NAV (on the date the units were first purchased) of their units, plus all service
charges paid by them at the point of purchase of units.
•
Unit Holders are also entitled to receive interim and annual reports. Unit Holders may inspect the Deed
of the Fund, all reports, letters, documents, audited accounts of the Manager and the Fund and consent
letters given by the persons named as referred to in the Prospectus at the registered office of the
Manager and the Trustee for a period of not less than twelve (12) months without charges.
12.2 Unit Holders’ Liability
No Unit Holder shall, by reason of the provisions of Deed, be liable for any amount in excess of the
purchase price paid for the units at the time the units were purchased and any charges payable by Unit
Holders in relation thereto. The Unit Holder shall not be under any obligation to indemnify the Trustee and
/ or the Manager in the event that the liabilities incurred by the Trustee and the Manager, in the name of or
on behalf of the Fund, exceed the Assets of the Fund. Any right of indemnity to the Trustee and /or Manager
shall be limited to recourse to the Fund.
109
The Management and
Administration of Funds
13
13.1 Corporate Profile of The Manager
Mayban Unit Trust Berhad (MUTB) formerly known as Mayban Management Berhad is a subsidiary of
Maybank and was incorporated in Malaysia on 22 March 1990. It has an authorised capital of RM5 million
and a paid-up capital of RM4 million.
MUTB is solely engaged in the management of unit trust funds and its objective is to provide investors with
an opportunity to participate in returns from a pool of money invested in a diversified portfolio of investments
such as equities, bonds and short-term money market instruments, under professional management by a
team of external fund managers. MUTB has a 13-year track record in managing unit trust funds in Malaysia.
At present MUTB manages ten funds, namely the Mayban Unit Trust Fund, Mayban Balanced Trust Fund,
Mayban Income Trust Fund, Mayban Dana Yakin, Mayban Index-Linked Trust Fund, Mayban Dana Ikhlas,
Mayban Ethical Trust Fund, Mayban Value Trust Fund, Mayban Enhanced Bond Trust Fund and Mayban
First Capital Guaranteed Trust Fund (collectively, the “funds”). The total approved fund size managed as
at 3 September 2003 is 5.85 billion units.
Our Staff Strength
MUTB, with total staff strength of 42 personnel comprising 29 executives and 13 non-executives as at 3
September 2003, is responsible for the day-to-day management of the funds in accordance with the
provisions of the respective deeds. The fund manager will identify, select and invest on behalf of the Unit
Holders. Full details of the Manager’s duties are set out in the respective deeds, which are available for
inspection at our Head Office, Level 12, MaybanLife Tower, Dataran Maybank.
Our Mission
As a leading financial service organization, we conduct all our business relationship by putting our investors’
interests first. MUTB is dedicated to providing investors with high quality information services to help
investors make well-informed investment decisions. We focus on individual investors with a lasting
commitment to realization of their long-term investment goals by providing a value-added contribution to
the management of their personal wealth.
13.2 Organisation of MUTB
Shareholders of MUTB
MUTB is 50% owned by Maybank, 25% owned by Aseambankers Malaysia Berhad and 25% by Mayban
Securities Sendirian Berhad.
Customer Information Service
MUTB is adequately staffed with well-trained and qualified personnel to attend to Unit Holders’ enquiries
on all matters pertaining to their investments. All our personnel dealing directly with such queries either
from the investing public or our distribution channels have sat for, and duly passed, the Unit Trust
Examinations conducted by FMUTM. Our Customer Service cum Operations Department has a team of 7
qualified personnel supported by 11 personnel from the Marketing and Product Development Department.
MUTB Customer Service Personnel are always available to investors on our Maybank Group Call Centre
numbers: 1–800–88–3076 and 03–2287 9868 from 9.00 a.m. to 6.00 p.m., Mondays to Fridays except
Public Holidays whenever you require any assistance with your investment or via our Fax No: 03-2287
6818. Enquiries can also be made through Maybank or Mayban Finance Distribution Branches, which are
available at over 354 branches (as at 31 August 2003).
110
Compliance Department
MUTB has set up a Compliance Department in July 1998, headed by a Senior Executive. This Department
is responsible in ensuring the overall compliance of MUTB in terms of operational standards and regulatory
matters with respect to all applicable laws, regulations and guidelines in relation to unit trust.
13.3 Past Performance of MUTB
The following is the past performance of the Manager based on Audited Accounts for the past 5 years.
Year Ended 30 June
Paid up capital (RM‘000)
Shareholders’ Fund (RM‘000)
Turnover (RM’000)
Pretax profit (RM‘000)
Net Profit After Taxation (RM‘000)
Earnings Per Share Before Tax (sen)
Net Distribution Per Share (RM)
2002
2001
2000
1999
1998
4,000
23,631
25,503
13,753
9,840
343.8
-
4,000
13,791
20,852
12,087
8,619
302.2
2.16
4,000
13,812
27,337
18,305
13,208
457.6
6.12
4,000
25,085
19,760
13,436
13,400
335.9
2.00
4,000
19,685
6,509
2,629
1,740
65.7
-
13.4 Profile of the Board of Directors
The Manager
MUTB has an experienced Board of Directors, several of whom have backgrounds in financial markets.
They are responsible for overseeing the activities of the Manager and the establishment of the Fund’s
policy. Board meetings are held formally once every month and more frequently should circumstances
require.
There are six members on the Board of Directors including three Independent Directors.
Board of Directors
Chairman
Y.Bhg. Dato’ Richard Ho Ung Hun
Dato’ Richard Ho a Barrister of Lincoln’s Inn, England was called to the English Bar and to the Malayan Bar
in 1964. He was a Cabinet Minister from 1974 to 1982, after which he joined Maybank as Vice Chairman up
until the present time.
Directors
Tuan Haji Mohd Hashir Bin Haji Abdullah (Independent Member)
Tuan Haji Mohd Hashir is a qualified accountant and he received his training from Messrs Peat Marwick
Mitchell & Co in Malaysia and Messrs Price Waterhouse in Australia. He joined the Kelang Port Authority
as the Chief Accountant in 1964 and was the Managing Director of Messrs Cargo Handling Corporation in
1970. In 1973, he was the Director of Operations for Kelang Port Authority prior to his promotion as the
Deputy Director General in 1978. He was the General Manager of the Kelang Port Authority in 1981 and
held this position till his retirement. He was appointed as an Independent Director of MUTB on 17 February
1992. Tuan Haji Mohd Hashir is the Chairman of Mayban Investment Management Sendirian Berhad and
Mayban Life International (Labuan) Limited. He is also a Director of Maybank, Mayban Life Assurance
Berhad, Mayban Discount Berhad, Mayban Finance Berhad, MFSL Limited, Mayban Securities Sendirian
Berhad, Mayban Fortis Holdings Berhad, Maybank Takaful Berhad, Mayban General Assurance Berhad
and P.T. Bank Maybank Indocorp.
111
He is a member of the Chartered Institute of Secretaries (UK)(ACIS), Malaysian Institute of Certified
Public Accountants (MICPA), a Fellow Member of the British Institute of Management (FBIM) and Fellow
Member of the Chartered Institute of Transport (UK) (FCIT) and an Associate Member of the Institute of
Chartered Accountants of Australia (ACA). He attended the advanced management programme of the
Harvard Business School in 1985.
Dr Khoo Kah Lin (Independent Member)
Dr Khoo Kah Lin graduated with a medical degree in 1963. He obtained his higher degrees in MRCP(I) in
1970 and MD(Singapore) in 1983. He was in the Government service from 1963 to 1974. Since June 1974,
he has been in private practice as a consultant Cardiologist at the Pantai Medical Centre and Sentosa
Medical Centre. Dr Khoo was appointed as an Independent Director of MUTB on 27 May 1991.
Encik Md. Yusof Bin Hussin (Independent Member)
Encik Md. Yusof has been appointed as an Independent Director to MUTB since 18 April 2001. He has
been a Director of UMW Holdings Berhad since 1988. He is presently a Director of Glenealy Plantations
(Malaya) Berhad, AIC Corporation Berhad and a Non Executive Chairman of TPPT Sendirian Berhad.
Encik Md. Yusof joined Robur Tea Co. Limited, Melbourne, Australia as an Accountant in 1974. He was a
Senior Manager of Utama Wardley Merchant Bankers Berhad from 1978 to 1983. He joined Permodalan
Nasional Berhad as the General Manager of Corporate Development from 1987 to 1993. Prior to this
appointment, he was the Director of Finance and Corporate Development, Harper Gifillan Group. He was
the Managing Director of Island Peninsular Berhad and Austral Enterprise Berhad from 1993 to 1999.
He is a member of the Malaysian Institute of Certified Public Accountants (MICPA) and also a member of
the Malaysian Institute of Accountants (MIA). He was previously a Board member of Maybank until June
1999 where he tendered his resignation. He has been appointed as an Independent Member of the
Investment Committee of MUTB on 30 May 2000.
Encik Md. Agil Mohd Natt
Encik Md. Agil has been appointed as a Non-independent Director to MUTB since 18 April 2001. He is
presently the Chief Executive Officer and Director of Aseambankers Malaysia Berhad. Prior to joining
Aseambankers Malaysia Berhad in November 2000, he was the Senior General Manager of Maybank from
1995 to 2000. Presently, he holds Directorships in Mayban Ventures Sendirian Berhad, Mayban Investment
Management Sendirian Berhad, Mayban Securities Sendirian Berhad and Mayban Discount Berhad.
Encik Agil holds a Bachelors Degree, majoring in Economics (B.Sc. (Econ)) from the Brunel University,
London and a Masters Degree, majoring in Finance (M.Sc. (Finance)) from the City University, London.
Encik Johar Bin Che Mat
Encik Johar was appointed as a Non-independent Director to MUTB in July 2003. He is presently the
Executive Vice President of the Retail Financial Services Group of Maybank. Prior to holding this position,
he was the General Manager of the Commercial Banking Division/ Enterprise Banking Division of Maybank.
Currently, he holds Directorships in Aseamlease Berhad, Aseam Credit Sendirian Berhad, Mayban Allied
Credit & Leasing Berhad and Mayban Finance Berhad. He has also served as a director of Aseambankers
Malaysia Berhad from 2001 to 2003.
112
13.5 Profile of The Key Management Staff of MUTB
Encik Ismail Bin Mohd Yusof is the Chief Executive Officer (CEO). He was appointed as the acting
CEO on 12 November 2001 and was subsequently approved by the SC as the CEO of MUTB on 21
January 2002. He is responsible for the coordination of the overall unit trust and investment management
function especially in the areas of marketing, product development and strategies. He graduated from
University Technology Mara (UiTM) with a Diploma in Banking Studies. Prior to him joining the company,
he was the CEO of Mayban Discount Berhad, a discount house company, whose principal activities are
dealing and investing in conventional and Islamic money market instruments such as Government bonds
and notes, Private Debts Securities and other money market products. He has been involved in the Treasury
operations for the past 18 years as a trader in Maybank and Head of Treasury of Aseambankers, prior to
being the CEO of Mayban Discount Berhad commencing January 1998.
Encik Chris Ho Wei Cheong is the Vice President, Head, Marketing and Business Development with
extensive practical experience in marketing financial services and IT peripherals in Australia. Chris joined
MUTB on 21 April 1997. A certified member of the Financial Planning Association of Malaysia, FPAM
(Member No. C000355), Chris has over 19 years of working experience, is responsible for the marketing,
sales, product development, education, training and promotion of the Mayban Family of Funds. Chris
graduated in Economics (Marketing) from Monash University, Melbourne. Chris has previously worked for
Canon Australia and was also a Financial Services Marketing Manager for Coles Myer, Australia’s largest
retail organisation.
Puan Lee Keng Too is the Assistant Vice President, Head, Finance. She is responsible for the daily
accounting and financial operations of MUTB. She has had more than 12 years of accounting experience
in other financial institutions before joining MUTB. She obtained her degree of B.C.A from Victoria University
of Wellington, New Zealand, is a member of the New Zealand Society of Accountants and a member of
Malaysian Institute of Accountants (MIA). She is also a certified member of the Financial Planning
Association of Malaysia, FPAM (Member No. C000279).
Puan Eunice Chan is the Assistant Vice President, Head, Operations. She joined MUTB on 28 July
1997. An Associate Member (Member No. A01022-07) of the Financial Planning Association of Malaysia,
FPAM, she has more than 11 years of working experience. She is responsible for the overall operational
matters of MUTB which include customer service, Funds holders Administration and Management of
Customer Investment Transactions and Records. She also oversees the Management Information System
Unit. Prior to joining MUTB, she was with the New Zealand Stock Exchange, multi-level marketing and
printing sectors. She has extensive practical experience in management information systems, finance and
personnel management. She obtained her Bachelor of Commerce and Administration degree (MIS), from
Victoria University of Wellington, New Zealand.
Encik Johan bin Ismail is the Assistant Vice President, Head, Sales and Marketing and he is responsible
for institutional sales, distribution channel support and customer service. He has been with the Maybank
Group for over 20 years. He has extensive practical experience in marketing of Treasury products. He
joined MUTB on March 20, 2002. Prior to joining MUTB, he was the Manager, Islamic Banking Unit in
Mayban Discount Berhad, in charge of the Treasury Dealing room, including trading in Islamic Bonds,
Islamic Private Debts Securities and the marketing for deposits in mudharabah accounts. He obtained his
MBA (Finance) from the International Islamic University in 1999 and a Bachelor of Business Administration
(Management) degree from RMIT University of Melbourne in 1994.
Encik Edmond Chew Wai Hoe is the Assistant Vice President, Head, Product Development. He joined
MUTB on 2 July 2001. His responsibility in MUTB involves seeking out new opportunities whereby the
business of the company can be enhanced. His job scope encompasses the creation of new funds as well
as enhancement of MUTB’s existing products. He graduated from Flinders University of South Australia
with a Degree in Economics and Accounting in 1992. During his final year in Australia, he served as a tutor
in Economics for the University of South Australia. Thereafter, he returned to Malaysia and served as a
Treasury Dealer for the United Overseas Bank in 1993 and Phileo Allied bank in 1995. During his service
with the financial institutions, he covered the portfolios of Foreign Exchange, Futures and Swaps. Prior to
joining MUTB, he served briefly with a public listed company, Malaysia Resources Corporation Berhad.
113
Cik Lim Guak Gnoh is the Assistant Vice President, Head, MIS, Operations. She joined MUTB on 6
April 1995 and is responsible for the Information System Department. She holds a Diploma in Computer
Studies and System Design. Prior to joining MUTB, she has 18 years of IT experience and was responsible
for system operations, programming, designing and other IT automation in other industries.
Puan Tracy Hazel Siguji is the Senior Executive, Head, Compliance. She is responsible in ensuring
overall compliance of MUTB in respect of all applicable laws, regulations and guidelines issued in relation
to unit trusts and internal policies. Prior to joining MUTB on 17 January 2000, she has had more than 4
years experience as a Corporate Secretarial Executive in Corporate Service Department in Maybank and
holds company secretaryship positions in few subsidiaries of the Maybank Group. She is a graduate of the
Institute of Chartered Secretaries and Administrators (I.C.S.A.), U.K. from University Technology Mara
(UiTM) and an Associate Member of I.C.S.A., U.K.
13.6 The Investment Committee
The Investment Committee (IC) is primarily responsible for formulating, implementing and monitoring the
investment management strategies of the Fund in accordance with the investment objective set out for the
fund, the deed of the fund, the Guidelines and securities laws, the internal investment restrictions and
policies and acceptable and efficacious investment management practices within the unit trust industry.
The IC is also responsible for the overall performance of the Fund by ensuring that the Fund is managed
professionally. In addition, the IC reviews and approves the portfolio strategies recommended by the External
Fund Manager. The IC meets once a month and more frequently should circumstances require.
The Committee members are as follows:
Encik Md Yusof bin Hussin (Independent Member), whose particulars are set out on page 112.
Encik Wong Yew Fai (Independent Member)
Encik Wong was an accountant for Taylor Woodrow International Limited from 1966 to 1968. In 1969, he
joined Kumpulan Guthrie Berhad as an accountant and was the Group Financial Controller until his
retirement in 1994. He was also a Corporate Finance Adviser with Kumpulan Guthrie Berhad from July
1994 to December 1994. He was a director of Instangreen Berhad and Seal Incorporated Berhad until he
retired in November 1993 and July 1997 respectively. He serves as a director of Malpac Holdings Berhad.
Encik Wong was appointed as an Independent Member of the Investment Committee of Mayban Unit
Trust Berhad on 2 January 1992. He is a member of the Malaysian Institute of Accountants (MIA) and
Malaysian Institute of Certified Public Accountant (MICPA).
Encik Zulkifli Hamzah
Encik Zulkifli was appointed as a Non-independent member of the Investment Committee to MUTB on 22
July 2003. He is presently the Head of Research of Mayban Securities Sendirian Berhad. Prior to holding
this position, he was the Chief Economist/ Senior Manager of Mayban Securities Sendirian Berhad.
Encik Zulkifli holds a Bachelor of Arts degree in Economics from the Sidney Sussex College, University of
Cambridge, England.
Encik Nik Mohd Nasir bin Nik Ab Majid
Encik Nik Nasir was appointed as a Non-independent member of the Investment Committee to MUTB on
22 July 2003. He is presently the Head of Corporate Planning of Maybank. Prior to holding this appointment,
he has served in the Economic Planning Unit of the Ministry of Finance. Currently, he is a Director of
Mayban Property Trust Management Berhad.
Encik Nik Nasir holds a Bachelors Degree, majoring in Economics from the Malaya University and a
Master of Arts from Vanderbilt University, USA.
Encik Ismail Bin Mohd Yusof, whose particulars are set out on page 113.
114
13.7 Profile of The Investment/External Fund Manager
13.1.1 Mayban Investment Management Sendirian Berhad (MIM)
The Manager (MUTB) has appointed Mayban Investment Management Sdn Bhd (MIM), which is 61.5%
owned by Maybank and 38.5% owned by Aseambankers Malaysia Berhad (Aseambankers), to implement
the Fund investment strategy on the Manager’s behalf.
MIM’s appointment as the Investment Manager is derived from the delegation of powers given to MUTB by
the Deed. The delegation of investment function to MIM is to rationalise the resources within the Maybank
Group. MIM shall not hold office as a member of the Investment Committee. MUTB delegated its power to
manage the Fund to MIM pursuant to a mandate, MIM will be paid its management fee by MUTB from its
Annual Management Fee remuneration. With the appointment of MIM as the Investment Manager, the
Fund shall benefit from both financial and research strengths of the Maybank Group.
Historically, the Maybank Group operated its asset management businesses through its merchant-banking
arm, Aseambankers. In 1997, as part of its continuous efforts to improve its services to clients, the Maybank
Group started the corporatisation exercise of Aseambankers’ Investment Department. This exercise involved
the incorporation of a new entity, Mayban Asset Management Sdn Bhd (MAM) on 5 March 1997, to assume
management of the asset management business from Aseambankers’ Investment Department. UBS-AG
became 35% shareholders in 1997 and MAM’s name was changed to Mayban-UBS Asset Management
Sdn Bhd (Mayban-UBS) to reflect the change in the shareholding. Upon Mayban-UBS obtaining its Fund
Manager’s license the company commence operations on 6 January 1998. On 24 July 1999, Mayban-UBS
officially changed its name to Mayban Investment Management Sdn Bhd, as the consequence of the
departure of UBS-AG as its shareholder. The company and its predecessors have been involved in asset
management for over 25 years.
As at 3 September 2003, the total fund size managed by the Company is approximately RM3.287billion.
MIM’s current staff strength is 41 persons, of whom 28 are executive staff and 13 are non-executive staff
as at 3 September 2003. The qualifications and experience of MIM’s key management staff are set out as
follows:
Encik Amin Rafie Othman is the Chief Executive Officer / Director of Mayban Investment. He joined
the company in August 2002. He has over 19 years of experience, ten years of which has been in the
securities industry, holding top management positions – managing director (asset management) of PJB
Pacific Capital Group, executive director - dealing of Smith Zain Securities Sdn Bhd and senior general
manager and director of Rashid Hussain Asset Management Sdn Bhd. Encik Rafie holds a BSc in economics
and international politics magna cum laude from The University College of Wales at Aberystwyth and an
MBA from The City University Business School, City University, UK.
Puan Zainab Hj Md Shariff is the Chief Investment Officer (CIO). She joined Mayban Investment in
October 2001. She has over 14 years of experience in total covering real estate, banking and fund
management industries. She also has more than 8 years of experience as fund manager in managing
funds. She started her career as a property manager cum valuer for Jones Lang Wootton (JLW), a chartered
surveying firm. She left JLW to join Citibank’s consumer credit division in 1991 and subsequently made a
career move to be a property analyst at PB Securities Sdn Bhd. Puan Zainab later moved to the fund
management industry, joining Rashid Hussain Asset Management Sdn Bhd (RHAM) in 1995. She left her
last post at RHAM as a General Manager to join Mayban Investment as the company’s CIO. Puan Zainab
completed her undergraduate studies with a BSc degree in Estate Management from University of Central
England, Birmingham.
115
Encik Ameer Ali Mohamed is Head, Business Development. He joined Mayban Investment in November
2000. He has more than 12 years of experience in the securities industry, both as fund manager and
analyst. Prior to joining Mayban Investment, he was a senior manager at Affin Fund Management Sdn Bhd
for four years since 1996. His other experience includes as a fund manager at Arab-Malaysian Unit Trusts
Bhd and research manager at JB Securities Sdn Bhd. Encik Ameer Ali graduated with BBA (Hons) from
International Islamic University Malaysia. He started as a financial journalist with Business Times in 1988
for two years.
Mr. Chow Quee Iee is Head, Investment Research. He joined Mayban Investment in May 2001. He has
more than 16 years of experience in investment research and has served in various capacities in the
stockbroking industry. He started as analyst at Mayban Securities Sdn Bhd in 1987 for four years before
moving to Phileo Peregrine Sdn Bhd and CIMB Securities Sdn Bhd as senior analyst. In 1994, he assumed
as head of research of Yamaichi Advisory Services (M) Sdn Bhd. He joined Ke-Zan Securities Sdn Bhd in
1998 as senior analyst and later left for Hwang DBS Securities Bhd. Prior to joining Mayban Investment, he
was the head of research of Kuala Lumpur City Securities Sdn Bhd. Mr Chow holds a first class BSc in
mathematics and MBA majoring in Finance from University Malaya.
Mr Bernard Eng Ooi Kee is Head, Business Support and Planning assumed the current responsibility
in October 1998. He has been with the Maybank Group since March 1980 except for a period between
June 1993 and April 1996 when he was with Hong Leong Assurance Bhd as credit controller. At Kumpulan
Maybank, he had served Aseambankers Malaysia Bhd in accounting, financial reporting, loan administration
and securities administration. Mr Eng received his Associate of International Accounting (UK) in 1994.
Puan Ellis Jusfeena Zaharuddin is the Legal and Compliance Officer. She joined Mayban Investment
in August 2000. She has been with the Maybank Group since 1996 and has served as secretarial executive
and corporate planning executive. Puan Ellis holds LLB(Hons) and LLM from University of Wolverhampton,
UK.
13.7.2 UOB-OSK Asset Management Sendirian Berhad (UOB-OSKAM)
UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) is one of the foreign fund management companies
in Malaysia which offers investment management expertise to unit trust funds as well as institutions,
corporations and individuals through customized portfolio management services.
Established in June 1991, UOB-OSKAM is a 70% subsidiary of UOB Asset Management Ltd. (UOBAM),
the largest unit trust manager in Singapore in terms of assets under management. The 30% joint venture
partner of UOB-OSKAM is OSK Holdings Bhd., an established stockbroking company listed on the Kuala
Lumpur Stock Exchange.
UOB Asset Management Ltd. (UOBAM) is a wholly owned subsidiary of the UOB Group. Established in
1986, UOBAM currently manages over S$18.5 billion in clients’ funds as at 3 September 2003. UOBAM
offers global investment management expertise to institutions, corporations and individuals, through
customised portfolio management services and unit trusts. As at 3 September 2003, UOBAM manages a
total of 53 unit trusts in Singapore. In terms of market coverage, UOBAM has acquired specialist’s skills in
equity investment in the Asian, Australian, European and US markets and global sectors, with a strong
presence in Asia Pacific Region. For Fixed Income, UOBAM’s coverage spans the developed (G7) and
emerging markets, with a niche in Asia ex-Japan credits.
UOB-OSKAM commenced operations in Kuala Lumpur in March 1997 and it has the support and resource
backing of an experienced team of investment professionals at UOBAM, who have specialized skills in
portfolio investments in both the Asian and global markets. The Chief Executive Officer of UOB-OSKAM is
Mr. Tan Kok Kheng.
116
Collectively, the funds under management as at 3 September 2003 are in excess of RM 708.7 million.
Although the company has been in the industry just over six years, its staff personnel collectively have over
25 years of experience in the industry covering all aspects of the fund management industry.
As at 3 September 2003, the company has total staff strength of 14, comprising of 13 executives and 1
non-executive staff. The qualifications and experience of UOB-OSKAM’s key management staff are set out
as follows:
Mr. Daniel Chan Choong Seng, is the Chairman of UOB-OSKAM. He is the Managing Director and Chief
Investment Officer of UOB Asset Management Ltd. (UOBAM), Singapore, a fund management company
with total funds under management of over S$15.4 billion as at 17 June 2003. He began his career in 1978
at United Overseas Bank Ltd., Singapore after graduating with a Bachelor of Business Administration
degree from University of Singapore. He spent a short stint of over 1 year with Sun Hung Kai Securities as
dealer before joining United Overseas Bank Ltd., Singapore in 1981. He has more than 20 years of fund
management experience, covering all major equity and bond markets.
Mr. Tan Kok Kheng is currently the Chief Executive Officer of UOB-OSKAM/ Designated Fund Manager
for MEBTF. He began his career in Hong Leong Finance Headquarters, Singapore, after graduating with
a Bachelor of Business Administration Degree from the University of Oregon in 1983. He later pursued his
Master of Business Administration from the University of San Francisco in 1989. Before joining UOB Asset
Management, Mr. Tan was the Head of Investment Management at the Union Bank of Switzerland in
Singapore. Prior to the current position, he was with UOB Asset Management Ltd. in Singapore, managing
the award winning UOB Global Capital Fund. UOB Asset Management is the largest private fund manager
in Singapore managing a fund size of over S$18.5 billion as at 3 September 2003. Mr Tan has, in total,
more than 15 years in the investment field working in the United States of America, Hong Kong and
Singapore. Funds managed by Mr. Tan includes Global Capital Fund (1995-1997), UIS (close-ended Fund
listed in Singapore), Mayban Value Trust Fund, Mayban Ethical Trust Fund, and other institutional portfolios.
His expertise is in the field of Equities (Global), Fixed Income (Global) and Futures and Options (Asia
market).
Ms Janet Liem Bee Kwong, joined UOB Asset Management Limited in September 1993 and currently
holds the designation as Director. She holds a Masters in Business Administration from the University of
New South Wales and also a Bachelor of Arts/Social Science degree from the National University of
Singapore. She has over 15 years experience in research, including economics and equity research, fund
management. She is currently the Asian ex Japan Team Leader.
Mr Thio Boon Kiat has been with UOB Asset Management Limited since October 1999 and currently
holds the designation of Director. He is a chartered Financial Analyst and holds a Bachelor of Business
Administration (Hons) degree, from the National University of Singapore. He has over 10 years experience
in fund management and is the Head of global technology/telecom sector. He is also the Singapore equity
market specialist. He worked previously in Special Investment Department in GIC.
Ms Jelena Soon May Yee is currently holding the position of Head of Business Development in UOBOSKAM. She is a member of the Chartered Institute of Marketing (CIM), United Kingdom. She holds a
Masters of Business Administration in Strategic Marketing from the University of Hull (UK), a degree in
Marketing from the Chartered Institute of Marketing and a Diploma in Banking and Finance from the
Institute of Banking and Finance, Singapore. Prior joining the company, she was with the Merrill Lynch
Private Banking Department, Singapore as a Financial Consultant and with Citibank, Wealth Management
Banking as a Relationship Manager.
Mr. Chua Seng Boon currently holds the position of Senior Investment Analyst in UOB-OSKAM. He is
an Associate Member of the Association of Chartered Certified Accountants, United Kingdom and a passed
finalist of the Chartered Institute of Management Accountants, United Kingdom. Prior to joining the company,
he was a Research Analyst with Avenue Securities Sdn Bhd for 3.5 years and an auditor with Messrs Russ
Ooi & Associates for 2 years.
117
Some of the main duties of the Investment Manager are as follows:•
To comply with the Operation Procedures and invest the Funds in accordance with the Investment
Guidelines.
To exercise due diligence and vigilance in carrying out its function and duties under the Investment
Management Agreement and comply with the Acts, directives and guidelines issued by the relevant
authorities from time to time.
To conduct market, technical and economic research to identify suitable investments and to facilitate
optimal asset allocations for the Funds.
To endeavour to use its professional discretion to reallocate assets at the most appropriate times with
the aim to optimising returns for the Unit Holders of the Funds.
To seek to invest in the most suitable assets within each class of assets.
To submit recommendation to the Investment Committee for review and approval of portfolio strategies,
at the Investment Committee meeting to be held monthly.
•
•
•
•
•
13.8 Investment Management of the Funds
Mayban Investment Management Sdn Bhd (MIM) undertakes the investment management of the MUTF,
MBTF, MITF, MDY, MILTF and MDI. Details of which are shown as follows.
The Designated Fund Managers for the respective funds are:-
Designated Fund Manager for MUTF and MDI
Puan Zainab Hj Md Shariff (as mentioned at page 115)
Designated Fund Manager for MBTF
Ms Linda Yap Hui Ling, Senior Portfolio Manager, is a Fellow of the Association of Chartered Certified
Accountants (UK) and has also passed the MFORR Exam. She joined Aseambankers Malaysia Berhad in
January 1994. She attended courses on technical and equity analysis and advanced investment analysis.
She has 5 years accounting experience in commerce and industry prior to joining Aseambankers Malaysia
Berhad. Ms Linda also has more than 9 years of experience as fund manager in managing funds.
Designated Fund Manager for MITF
Mr Chew Eng Wooi, Senior Portfolio Manager, received his Bachelor of Science (Resource Economics)
in 1997 from Universiti Putra Malaysia and passed the Malaysia Futures and Options Registered
Representatives (“MFORR”) examination in 1996. He became a member of Financial Markets Association,
Malaysia in 1997 when he joined Perwira Affin Merchant Bank Berhad as Treasury Dealer focusing on
Fixed Income and Derivatives. He assumed his current position in May 2000. Mr. Chew has more than 6
years of experience in managing fixed income funds.
Designated Fund Manager for MDY
Puan Norlia Mohd Ali, Senior Portfolio Manager, received her Bachelor of Science in Business
Administration (Finance major) in 1989 from West Virginia University, USA. She worked with IBM World
Trade Corporation from 1990 to 1993 before joining Mayban Securities Sdn Bhd in 1993 as an equity
analyst. She was later promoted to the position of Assistant Manager, Research in 1999. She left Mayban
Securities Sdn Bhd in January 2000 to assume her present position. Puan Norlia has more than 3 years of
experience as fund manager in managing funds.
Designated Fund Manager for MILTF
Encik Kamarul Izam Bin Idrus, Portfolio Manager, received his Bachelor of Science in Business
Administration majoring in Finance/ Economy from University of Hartford, Connecticut in 1992. He began
his career as an investment analyst with BBMB Securities Sdn Bhd in 1992, and later moved to the dealing
department in 1995. He joined the insurance industry in 1997 with Nusantara Insurance (M) Bhd before
joining Kurnia Insurans (M) Bhd as an Investment Executive. Kamarul joined Mayban Investment in October
2001 to assume his current position. Encik Kamarul Izam has more than 6 years of experience as fund
manager in managing funds.
118
UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) undertakes the investment management of the
METF, MVTF and MEBTF.The Designated Fund Manager for the Funds is Mr Tan Kok Kheng, as mentioned
at page 117.
The Designated Fund Manager is responsible for the daily portfolio management of the Fund, recommending
strategic investment decisions and policies to the Investment Committee for approval and implementation.
In addition, they are also responsible for ensuring investments of the Fund comply with the investment
guidelines of the Fund.
13.9 The Syariah Adviser
13.9.1 Roles and Responsibilities of the Syariah Adviser
•
To advise the Manager on the compliance of the Fund with Syariah laws, including the maintenance of
proper accounting system and the selection of halal counters for the Fund;
•
To advise the Manager on the concepts, models and operations of Islamic unit trust products;
•
To advise the Manager on the marketing guidelines and information brochures for the Fund; and
•
To reply to questions and queries on matters encountered during the day-to-day business operations.
The Syariah Adviser will regularly advise the Manager on the conformance of the investments, operations
and marketing aspects of the Fund with the Syariah principles.
13.9.2 Syariah Advisory Panel
The Syariah Advisory Panel comprises of:Dr. Mohd Daud Bakar is the Associate Professor, Ahmad Ibrahim Kulliyyah of Laws, International Islamic
University Malaysia. He is currently the Deputy Rector (Student Affairs & Development) at the same
University. He holds a Bachelor of Syariah (Fiqh Wa Usuluhu), Kuwait University and a Doctorate of
Philosophy, University of St. Andrew, Scotland. He has vast experience in conducting consultancy services
and presenting papers in seminars and giving lectures on Islamic Banking practices and Islamic law. He is
currently the Syariah Adviser at Securities Commission, Bank Negara Malaysia and several financial
institutions both local and abroad.
Y. Bhg Datuk Hj Md Hashim Haji Yahaya is the Mufti of Wilayah Persekutuan. Prior to his present
appointment, he has served as a Deputy Head of Yayasan Pengajian Tinggi Islam, Nilam Puri, Kelantan,
Dean of the Islamic Academy in University of Malaya, Dean of Islamic Academy, University of Malaya and
Lecturer of the Law Faculty in the International Islamic University.
He holds a Bachelor of Arts Degree in Syariah, Diploma in Education and a Master of Arts in Siasah
Syariah from the University of Al Azhar, Cairo, Egypt. He is also a member of the Syariah Advisory Panel
of the Securities Commission, Bank Negara Malaysia, Bank Islam Malaysia and several other corporations
including Maybank.
119
Y. Bhg Dato’ Haji Hassan Haji Ahmad is the Mufti of the State Government of Penang. Prior to his
present appointment, he has served as a lecturer in Yayasan Pengajian Tinggi Islam, Nilam Puri, Kelantan
and a lecturer in Islamic Academic Department, University of Malaya. He holds a Bachelor of Arts Degree
in Syariah and Islamic Laws from Yayasan Pengajian Tinggi Islam, Kelantan and a Master of Arts in
Syariah from the University of Al Azhar, Cairo, Egypt. He is also a member of Syariah Advisory Panel of
the Securities Commission, Bank Kerjasama Rakyat Berhad, Bank Negara Malaysia and several other
corporations including Maybank.
13.10 The Ethical Panel of Advisers
13.10.1 Roles and Responsibilities of the Ethical Panel of Advisers
•
To advise the Manager on all matter relating to the investments, operation (modus operandi) and
marketing of the Ethical Fund to ensure proper compliance with the ethical principles and assisting
fund manager in environmental & social screening method.
•
The member of the Ethical Panel of Advisers will meet to discuss on matters or issue of compliance
with the Ethical Principles pertaining to the above and forward their advice to the Manager.
•
The Ethical Panel of Advisers and the Manager will meet on a formal basis at least once every three
months to review and advise on the Ethical Fund’s compliance with the Ethical Principles in respect of
the investments, operations and marketing of the Fund. Proper minutes of the meetings will be taken
and circulated to all members representing the Ethical Panel of Advisers and the Manager (in the
aspect of expertise and guidance in all matters relating to the ethical principles).
•
To furnish the Manager with guidelines and an official list of permissible investments approved by
them for the Fund to invest in. The Ethical Panel of Advisers will advise the Manager periodically on
any updates to the list.
•
To prepare a report in the Manager’s Annual Reports stating in their opinion that the investments,
operations and accounting policies/system of the Ethical Fund are in accordance with the Ethical
principles.
•
To be responsible for scrutinising the scheme’s compliance report as provided by the Compliance
Department and transaction report provided or duly approved by the trustee to ensure that the scheme’s
investment are in line with Ethical principles.
•
To reply to questions and queries on matters encountered during the day-to-day business operations.
The Ethical Panel of Advisers will regularly advise the Manager on the conformance of the investments,
operations and marketing aspects of the Fund with the Ethical principles.
120
13.10.2 Ethical Panel of Advisers
The Ethical Panel of Advisers comprises of:Philip T.N. Koh, is the partner of Messrs. Lee Hishammudin, one of the leading law firm with full city
practice having strength in corporate securities law, cross border investments, corporate finance and
banking. Prior to his present appointment, he has served as a Executive Director and Group Legal Director
of Phileo Allied Berhad, a public listed company involved in inter-alia, banking and capital markets, EXCO
of the Federation of Public Listed Companies and also Chairperson of the Technical and Regulatory
Committee. He was also a visiting Fulbright Scholar at Economics Department, Harvard University in
1999.
Mr. Koh holds a (LL.B) (Hons) Bachelor Degree in Laws from the University of Malaya and holds a Master
Degree in Laws from the University of London. He is currently Adjunct Professor at Deakins University,
Australia. He is also a Fellow of the Institute of Chartered Secretaries and Administrators, a member of
Persatuan Ekonomi Malaysia, a member of the Kuala Lumpur Stock Exchange Audit Sub Committee, a
member of Editorial Advisory Board of the Bankers Journal Malaysia and an Adviser to the Malaysian
Institute of Corporate Governance (MICG).
Marimuthu Nadason, is the Secretary General and Chief Executive Officer of the Federation of Malaysian
Consumers Association (FOMCA). He serves as a President of the Education and Research Association
for Consumers, Malaysia (ERA CONSUMER), Secretary General of Institute of Marketing Malaysia (IMM),
a council member of Standard and Accreditation Board, Malaysia, Ministry of Science, Technology and
Environment, a council member of Standard Board, Malaysia, Ministry of Science, Technology and
Environment, a council member of National Consumer Advisory Board, Malaysia, Ministry of Domestic
Trade and Consumer Affairs, and Chairman of Industrial Standards Committee on Consumer Products,
Safety and Services, SIRIM Berhad.
He holds a Diploma in Marketing Management and a Diploma in Sales Management. He is also the Vice
Chairman of Southeast Asian Council for Food Security and Fair Trade (SEACON), an observer status with
United Nations Conference on Trade and Development (UNCTAD), World Trade Organisation (WTO) and
Food and Agriculture Organisation of the United Nations (FAO), Vice Chairman of Asian Partnership for
Development of Human resources in Rural Asia (ASIADHRRA) and Chairman of Asia Pacific Secretariat
for Consumer Advocacy, Research and Education (APSCARE).
Dr. Abed bin Onn, an Occupational Health physician, graduated from University of Malaya in 1978 and
went on to complete a postgraduate course in Occupational Medicine at the University of London in 1985.
He went on to be the Safety, Health & Environment Manager for ICI Asia - Pacific in 1989 where he was
responsible for the implementation of the ICI Corporate Safety, Health & Environment Management System
in ICI operations in 11 countries in the Asia - Pacific region. In 1997 he was appointed the Executive
Director of the National Institute of Occupational Safety & Health. During his tenure he oversaw the
development of core competency training programmes to enhance the capacity of Occupational Safety &
Health practitioners. Presently, Dr. Abed provides Occupational Health advisory services to various multinational & local companies. He is also active in conducting training programmes and teaching Occupational
Health with various organisations including local Universities. He is the Honorary Assistant Secretary of
the Society of Occupational & Environmental Medicine of the Malaysian Medical Association.
121
13.11 Conflict Of Interest
To date, there has been no event of conflict of interest by the Manager. Where a conflict or potential conflict
of interest is identified, this must be evaluated by the Compliance Department and disclosed to the CEO
for the next course of action. Conflict of interest situations involving the CEO will be disclosed to the Board
of Directors for a decision on the next course of action. Directors or staff who are in advisory positions
such as portfolio manager or staff who have access to information on transactions are not allowed to
engage in dealings for their own. Investment panel members who hold substantial shareholding or
directorships in public companies shall refrain from any decision making if the Fund invests in the particular
share or stocks of such companies.
13.12 Retirement of the Manager
The Manager shall have the power to retire in favour of some other corporation and as necessary under
any written law upon giving to the Trustee twelve (12) months’ notice in writing of its desire to do so, or,
such lesser time as the Manager and the Trustee may agree and subject to fulfillment of the conditions as
stated in the Deed.
13.13 Power of the Manager to Replace the Trustee
The Manager shall take all reasonable steps to replace the Trustee as soon as practicable after becoming
aware that:(i)
the Trustee has ceased to exist;
(ii)
the Trustee has not been validly appointed;
(iii)
the Trustee is not eligible to be appointed or to act as Trustee under section 99 of Securities Commission
Act 1993;
(iv)
the Trustee has failed or refused to act as Trustee in accordance with the provisions or covenants of
the Deed and the provisions of the Securities Commission Act 1993;
(v)
a receiver is appointed over the whole or a substantial part of the assets or undertaking of the Trustee
and has not ceased to act under that appointment, or a petition is presented for the winding up of the
Trustee (other than for the purpose of and followed by a reconstruction, unless during or following such
reconstruction the Trustee becomes or is declared to be insolvent); or
(vi)
the Trustee is under investigation for conduct that contravenes the Public Trust Corporation Act 1995,
the Trustee Act 1949, the Companies Act 1965 or any securities law.
122
14
The Trustees of
14.1 Profile Of Universal Trustee (Malaysia) Berhad (UTMB)
UTMB is the Trustee of MUTF, MBTF and MITF. It was incorporated in 1974, Universal Trustee (Malaysia)
Berhad has shareholders’ funds of RM3,097,510 and a paid-up share capital of RM 500,000.UTMB has
more than ten years of experience in handling unit trust matters. The Trustee had a pretax profit of
RM1,232,705 for the year ended December 31, 2002. The Trustee employs 35 experienced personnel
comprising 18 executives and 17 non-executives as at 3 September 2003 and currently has 32 unit trust
schemes under its trusteeship.
Financial Performance
Year ended 31 December
2002
2001
2000
Paid-up capital
(RM)
500,000
500,000
500,000
Shareholders’ Funds
(RM)
3,475,215
3,097,510
2,509,895
Turnover (RM)
(RM)
3,466,082
2,953,420
2,771,031
Pretax Profit
(RM)
1,232,705
867,600
940,928
Net Earning Per Share
(RM)
8.82
5.88
6.23
Net Dividend Per Share
(RM)
5.04
5.04
5.04
Profit After Tax
(RM)
881,705
587,615
622,901
Experience in Trustee Business
Board of Directors
Datuk Haji Burhanuddin bin Ahmad Tajudin
Y.A.M Tunku Dato’ Seri Nadzaruddin Ibni Tuanku Ja’afar
Dato’ Francis Huang Chang Hsun
Putri Noor Shariza Binti Noordin Omar
Grace Yeoh Cheng Geok (Alternate to Putri Noor Shariza Binti Noordin Omar)
Profile of The Management Staff of the Trustee
Mr Liew Kok Wah is the General Manager cum Company Secretary of UTMB. He joined UTMB in July
1988 and is responsible for the overall management of UTMB. He is a Fellow Member of CIMA, England,
a Registered Accountant of the MIA and a Member of the British Institute of Management, England. He
started his career as an Assistant Accountant with McAlister & Co Ltd from 1971 to 1974 and upon completion
of the CIMA examination in 1978, he was appointed as the Senior Management Accountant/Lecturer in the
London School of Accountancy, England, till October 1982. Upon his return to Malaysia he was the Group
Finance and Administration Manager with the Harpers Group till June 1983, before joining Faber Merlin
Berhad as the Group Management Accountant from 1986 till June 1988, and was also the Director of
Studies in the Goon Professional Centre Sdn Bhd.
Ms Punithamalar Veluppillai is the Manager and is an Associate Member of the ACCA and prior to
joining UTMB in 1994, she was handling accounts and tax matters for one of the subsidiaries of Tanjung
Plc. In 1997 she joined EON Berhad and was assisting the treasury department. In 1998 she was appointed
as the Assistant Manager in UTMB. She is now responsible for supervising the overall functions of UTMB.
123
Ms Low Lai Chee is the Assistant Manager and is an Associate Member of the Chartered Institute of
Secretaries and Administrators, England. Prior to her joining UTMB in 1994, she has more than 10 years
of experience in nominee services with a wholly owned subsidiary of a public listed company. She is
currently assisting in supervising the overall functions of UTMB.
Ms Agnes Lai Yoke Ping is the Senior Trust Officer and is an Associate Member of the Chartered
Institute of Management Accountants, England. Prior to her present appointment in 1996, she has more
than 10 years working experience in the finance and administration division with a wholly owned subsidiary
of a public listed company. She has been handling unit trusts matters since joining UTMB and is currently
responsible for the compliance division of unit trust funds and administrative functions of UTMB.
Mr Suresh Kumar is the Legal Executive. He joined UTMB in September 2000 and holds a law
degree from Bond University, Australia. He is responsible for the overall legal and compliance affairs of
UTMB with the relevant authorities. Prior to joining UTMB he was a partner with an established law firm
and was in charge of corporate matters, litigation, conveyancing and the administration and
management of the firm.
14.2 Profile Of Amanah Raya Berhad (ARB)
Amanah Raya Berhad (ARB) was incorporated on 29 May, 1995 and commenced its operations on 1
August, 1995 with its registered office at Tingkat 10, Wisma Amanah Raya Berhad, No 15, Jalan Sri
Semantan 1, Off Jalan Semantan, 50508 Kuala Lumpur. ARB has an authorised share capital of RM10
million and a paid-up share capital of RM6,000,002. ARB has 37 years of experiences (since 1966) in the
unit trust industry as a trustee. It employs 348 staff (97 Executives and 251 Non-Executives) as at 3
September 2003. ARB has fifty-seven (57) unit trust schemes under its trusteeship as at 3 September
2003.
The following is a summary of the past performance of ARB based on audited accounts for financial years
ended 31 July:
Paid-Up Capital
Turnover
Pretax Profit
Profit After Taxation
(RM’000)
(RM’000)
(RM’000)
(RM’000)
(RM’000)
(RM)
(RM)
2002
2001
2000
6,000
47,156
27,813
10,005
7,284
1.21
0.10
6,000
40,471
24,784
10,649
7,344
1.22
0.10
6,000
33,728
16,991
3,156
2,025
0.34
0.10
Board of Directors
Y. Bhg. Dato’ Sukri bin Haji Mohamed - Chairman
Encik Izham Bin Yusoff - Managing Director
Encik Mohamed Bazain bin Idris - Director
Tuan Haji Ab. Gani bin Haron - Director
Yg. Bhg. Datin Aminah Binti Pit Abd Raman - Director
Tuan Haji Ahmad Kamal Bin Abdullah Al –Yafii – Director
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Profile of Key Management Staff
Encik Izham Yusoff is the Managing Director. He graduated from University of Miami, Coral Gables,
Florida, USA with an MBA and holds a BBA Accounting [specializing in Accounting and International
Business] from the same University. He has wide experience in the field of Accounting and Financial
Management from various multinational companies such as EON Bhd. Malaysia, Maxis Berhad, Citibank
Berhad Malaysia and Procter & Gamble (S) Singapore. Presently, he is responsible for the overall
management of Amanah Raya Berhad.
Hajjah Habsah binti Bakar is the General Manager, Operations. She graduated from University of
Malaya with a Degree in Law and holds a postgraduate Diploma in Shariah Law and Practice from UIAM.
She has vast experience in legal administration since joining the Judicial and Legal service in 1985. Presently
she is responsible for the overall running of the Corporate Trust Department, Legal Department and Branch
Operations of Amanah Raya Berhad.
Encik Sudirman bin Masduki is the General Manager, Corporate. He holds a Master in Business
Administration (MBA) from Universiti Kebangsaan Malaysia and is a fellow of The Association of Chartered
Certified Accountants United Kingdom. He has vast experience in the fields of finance and accounting
from his service in Jabatan Akauntan Negara Malaysia. Presently he is responsible for the overall running
of the Finance and Accounts Department, Information Technology Department, Human Resource and
Administration Department and Investment Department.
Encik Rafie bin Omar is the General Manager, Sales and Marketing. He has a Diploma in Law from
MARA Institute of Technologies (ITM) Shah Alam and a LLB Degree from the University of Melbourne,
Australia. He was admitted as an Advocate & Solicitor of the High Court of Malaya in March 1989. From
private law practice, he served Malaysian Resources Corporation Berhad (MRCB) for about six years
since 1994, as legal advisor in its Business Development and Corporate Affairs division. He represented
MRCB as one of the directors of KL Sentral Sdn. Bhd., the developer of recently opened KL Sentra Station.
In March 2000 he joined the legal team of Pengurusan Danaharta Nasional Berhad, specializing in property
matters. Encik Rafie came to Amanah Raya Berhad in September 2001 and was responsible for the overall
running of the Branch Operations up to June 2003 when he changed portfolio to take charge of Sales and
Marketing division.
Encik Mohd Ishak bin Sulaiman is the Finance and Accounts Manager. A Certified Financial Planner
(CFP), he holds a Degree in Accounting from Universiti Kebangsaan Malaysia (UKM) and a member of
Malaysian Institute of Accountant (MIA). He has been with Amanah Raya Berhad since September 1995.
He has gained extensive experience in the fields of finance and accounting when he was attached to
Jabatan Akauntan Negara.
Encik Mohd Ridzuan bin Taib is the Manager, IT Department. He holds a Degree in Computer Science
(UTM) and a Masters Degree In Business Administration from University of HULL, United Kingdom. He
joined Amanah Raya Berhad in December 1990 and assumed the present position since August 1995.
Puan Wan Numzila binti Wan Junuh is the Manager, Legal Department. Puan Wan Numzila binti Wan
Junuh graduated from the International Islamic University Malaysia (IIUM) with a Degree in Law (LLB). She
read in Chambers at Messrs. K. Balaguru and was admitted to the Bar in May 1997. She practiced for one
month before joining Amanah Raya Berhad in July 1997, and also served as the Company Secretary until
July 2000, when she assumed her present position.
Encik Abqary bin Abdul Aziz is the Company Solicitor. He obtained his Law Degree from University of
Malaya in 1999. He then read in chambers at Messrs. T. Vijay & Co and admitted to the Bar in March 2000.
He was formerly a practicing lawyer before joining Amanah Raya Berhad in December 2000.
Encik Zainudin bin Suhaimi is the Manager, Corporate Trust Department. He holds a Degree in Business
Administration (Finance) from University Putra Malaysia and a Diploma in Business Studies from Universiti
Teknologi MARA (UiTM) and joined Amanah Raya Berhad since 1992. He is in charge of the operations of
the Corporate Trust Department.
125
Puan Nurul Hayati binti Zawawi is the Senior Executive. She holds a Degree in Law from Universiti
Teknologi MARA (UiTM) and joined Amanah Raya Berhad since 1992. Prior to joining Amanah Raya
Berhad, she was a Registrar at the Sessions Court, Perlis. She is attached to the Corporate Trust Department
and responsible in overseeing compliance matters of Unit Trust Funds.
Encik Zainul Abidin Bin Hj. Ahmad is the Company Secretary. He has more than 10 years’ working
experience in legal and secretarial matters. He began his career in 1990 as a Legal Assistant with Messrs.
Kam Woon Wah & Company. In February 2002, he joined ARB where he oversees the secretarial matters
of the Group.
14.3 Profile Of HSBC (Malaysia) Trustee Berhad
The Trustee is HSBC (Malaysia) Trustee Berhad (Company No. 001281-T), a company incorporated in
Malaysia since 1937 and registered as a trust company under the Trust Companies Act 1949, with its
registered address at Level 1 Annexe, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara,
Damansara Heights, 50490 Kuala Lumpur. The Trustee is a member of the HSBC Holdings Plc. group of
companies and forms part of the global network of trust companies within HSBC Holdings Plc.
The Trustee has a paid-up capital of RM500,000-00. As at 31 December 2002, its shareholders’ funds
totalled RM3.57 million and it achieved a profit before tax of RM2,524,082.00.
The following is a summary of the past performance of the Trustee based on audited accounts for the last
3 years:
2002
(RM)
Paid-up Share Capital
Turnover
Pre-tax Profit
Profit after Tax
500,000
3,566,116
5,240,222
2,524,082
1,867,882
Year Ended 31 December
2001
(RM)
500,000
2,778,819
4,130,694
1,670,506
1,151,991
2000
(RM)
500,000
2,065,308
3,930,730
1,612,273
1,171,500
Experience in Trustee Business
Since 1993 the Trustee has acted as trustee of a number of unit trust funds and as at 3 September 2003
the number of unit trust funds under its trusteeship is 43.
As at 3 September 2003, the Trustee has a workforce of 32 employees consisting of 16 executives and 16
non-executives. The majority of the staff has been with the Company for many years. This element of
continuity reflects an intrinsic characteristic of trust services. Each client account is under the supervision
of a trust officer who is able to focus his personal attention on the administration of the account and reports
to his immediate officer who in turn reports to the Managing Director of the Company.
The Trustee also has a Compliance Section whose responsibilities is to ensure that the Company’s business
is carried on in accordance with all relevant laws, codes, rules and standards of good market practice.
126
Board of Directors
Mr. John E Coverdale
Mr. Jonathan E Hubbard
Dato Sulaiman Sujak
Mr. Baldev Singh
Mr. Tan Min Chik
Mr. U Chen Hock
Miss Ong Sau Yin
Profile of Key Personnel
Ms Ong Sau Yin, Managing Director, graduated from the University of London with an LLB (Hons) in
1983 and in the subsequent year was admitted to the Middle Temple, London as a Barrister. She was
called to the Malaysian Bar in 1985 and was in private practice in Ipoh for three years. In 1988, she joined
HSBC International Trustee in Hong Kong for four years before she was transferred to HSBC (Malaysia)
Trustee Berhad in 1992. In 1993, she assumed the position as Managing Director.
Dorothy Foong, Unit Trust, Manager, joined HSBC (M) Trustee in 1973 and has more than 30 years
experience in trust administration. She holds a Trustee Diploma and a Banking Diploma from the Chartered
Institute of Bankers, United Kingdom and is an associate member of the Chartered Institute of Bankers,
United Kingdom. She currently heads one of the Trust Administration Units dealing with Unit Trust Funds.
Jennifer Wong, Assistant Manager, Business Support, joined HSBC (M) Trustee Berhad in 1979 and
has more than 24 years experience in trust administration. She is currently head of Business Support
Section, responsible for Securities and Information Technology functions.
Yee Yit Seeng, Assistant Manager, Compliance, Internal Control and Audit, joined HSBC (M) Trustee
Berhad in 1984 and has more than 19 years experience in trust administration. He holds a Diploma in
Banking & Finance from the Institute of Bankers, Malaysia. He is currently the Local Compliance Officer
for the Company and is responsible for the compliance functions of the Company.
Trustee’s Delegate
The Trustee has appointed The Hongkong And Shanghai Banking Corporation Limited, as custodian of the
quoted and unquoted local investments of the fund. The assets of the fund are hold through their nominee
company, HSBC Nominees (Tempatan) Sdn Bhd. The Hongkong And Shanghai Banking Corporation
Limited is one of the wholly owned subsidiaries of HSBC Holdings Plc, the holding company of the HSBC
Group. The custodian’s comprehensive custody and clearing services cover traditional settlement processing
and safekeeping as well as corporate related services including cash and security reporting, income
collection and corporate events processing. All investments are automatically registered into the name of
the unit trust fund. The custodian acts only in accordance with instructions from the Trustee.
14.4 Profile of Malaysian Trustees Berhad
The Trustee is Malaysian Trustees Berhad (MTB) (Company No. 21666-V), a company incorporated in
Malaysia in January 1975, which commenced operations in August 1995 and is registered as a Trust
Company under the Trust Companies Act 1949. Its registered address is at Level 18, Menara Prudential,
No.10, Jalan Sultan Ismail, 50250 Kuala Lumpur. The Trustee backed by three substantial shareholders,
PacificMas Berhad, OCBC Bank (Malaysia) Berhad and United Malacca Berhad. The Trustee has been in
the unit trust industry for 4 years. As at 3 September 2003, MTB has a staff strength of 11 (9 executives
and 2 non-executive) and has three funds under its trusteeship.
127
The Trustee has a paid-up capital of RM550,000-00. As at 31 December 2002, its shareholders’ fund
totalled RM1,738,823-00 million and it achieved a profit before tax of RM687,567-00.
The following is a summary of the past performance of the Trustee based on its audited accounts for the
last 5 years:
Paid-up capital
Turnover (RM)
Profit before Tax
Profit After Tax
(RM’000)
(RM’000)
(RM’000)
(RM’000)
(RM’000)
(RM)
(RM)
2002
Year ended 31 December
2001
2000
550
1,738
1,315
687
488
4.44
-
550
1,546
922
518
366
3.32
-
550
1,174
595
420
319
2.90
-
Board of Directors
Mr. Choi Siew Hong
Mr. Chua Ngoh Chuan
Mr. Cheong Chin Kuan
Mr. Lai Wan
Profile of Key Personnel of The Trustee
Mr. Wong Hung Kok is the General Manager. He is responsible for the overall management and development
of MTB. Mr Wong is a graduate of Nanyang University, Singapore with a First Class Honours in Chemistry
and subsequently, an MBA from the Asian Institute of Management, Philippines. Before joining MTB, he
was the Senior Vice President of the then Pacific Bank Berhad and later joined Maybank as an Assistant
General Manager, Middle Market.
Ms Vanaja D/O N.S. Kanagaretnam is the Deputy Manager. She graduated with a Diploma in Accountancy
from Politeknik Ungku Omar. Prior to joining MTB, she was with another trustee company, responsible for
trustee work relating to unit trust funds and is familiar with trustee duties and the guidelines established by
the Companies Commission of Malaysia and Securities Commission. She has been with MTB since August
1995.
Ms Wong Chooi Yin, Senior Executive, Finance and Administration, joined MTB in April 2000 as Executive,
Finance and Administration. Her duties include the maintenance of all trust accounts and records as well as
the account of MTB. She is also responsible for the administration matters of Company. Ms Wong graduated
with a Bachelor of Commerce (Economics and Finance) degree from the Curtin University of Technology,
Australia. Prior to joining MTB, she was attached to a consultancy firm.
Ms Tan Siok Leng recently joined MTB as Executive, Finance & Administration. She assists Ms Wong
Chooi Yin in the maintenance of trust accounts and related administration matters. Prior to joining MTB,
she was a sales executive with a leading local education institution. Ms Tan is a graduate from the University
of Abertay Dundee, Scotland with a Bachelor of Arts (Hons) degree in Business Administration.
128
Cik Aisha Shaharudin, is the Executive, Legal and Compliance of MTB. She is responsible for the legal
affairs of the Company and related compliance matters. Cik Aisha graduated with an LLB (Hons) from the
International Islamic University and was called to the Bar in July 2001.
Ms Leong Pui See, is the Executive, Securities and Settlement of MTB. She is responsible for all
securities dealings and settlements relating to unit trust and private trust funds. Prior to joining MTB, she
was attached to a local stockbroking firm and nominees company.
Mr. Wong Ching Fai, is the Executive, Securities and Settlement of MTB. He is responsible for all
securities dealings and settlements relating to unit trust and private trust funds. Mr. Wong graduated from
the University Science Malaysia with a Bachelor of Management (Hons) degree in Finance. Prior to joining
MTB, he was attached with another trustee company.
Trustee’s Delegate
Malaysian Trustees Berhad has delegated its custodian function to Maybank Custody Service (MCS), a
unit within Malayan Banking Berhad.
MCS commenced operations in 1983 and has been appointed as custodian for unit trust funds since 1989.
It provides clearing and custody services for Malaysian equity and fixed income securities to domestic and
foreign institutional clients. In addition, it offers global custody services to domestic institutions/clients that
have foreign investments.
MCS has staff strength of twenty-one (21) employees, comprising eleven (11) executives and ten (10) nonexecutives as at 5 August 2003.
14.5 Trustees’ Responsibility Statement
The Trustees has given its willingness to assume the position as Trustee of the Trust and all the obligations
in accordance with the Deed, all relevant laws and rules of law, and also its willingness to provide an
indemnity to the Manager for the benefit of the Registered Holders of the Trust for any loss incurred as a
result of any non-performance of the Trustee.
14.6 Duties and Obligations of the Trustees
The Trustee’s main functions are to act as trustee and custodian of the assets of the Trust and to safeguard
the interests of Registered Holders of the Trust. In performing these functions, the Trustee has to exercise
all due care and vigilance and is required to act in accordance with the provisions of the Deed, Securities
Commission Act 1993 and the Securities Commission Guidelines. Apart from being the legal owner of the
Trust’s assets, the Trustee is also responsible for ensuring that the Manager performs its duties and
obligations in accordance with the provisions of the Deed, Securities Commission Act and the Guidelines.
The duties and obligations imposed on the Trustees are as follows:•
To act as custodian of the Funds and to safeguard the interests of Unit Holders. The Trustees is to
actively monitor the administration of the Funds by the Manager to ensure that the interests of the Unit
Holders are upheld at all times. In discharging its duties, the Trustees should not only depend on
submission of reports by the Manager;
•
The Trustees is to report to the Securities Commission (SC) if it is of the view that the Manager has not
acted in the interests of Unit Holders or in accordance with the provisions of the Deed or failed to
comply with the Guidelines and the Securities Commission Act 1993;
129
•
At all times the Trustees is to ensure that the investments of the Funds are not used to further interest
of any party related to the Manager;
•
That it will act continuously as Trustees under the Trust until such Trust is terminated or until it has
retired from such Trust;
•
That it will show the degree of care and diligence required of a Trustees in carrying out its functions
and duties and in protecting the rights and interest of the Unit Holders to which the Deed relates;
•
That it will keep or cause the Manager to keep proper records of all transactions, dividends, interests
and income received and distributed and accounts in relations to the Funds;
•
That it will be informed of any investments or disposals which the Manager undertakes not later than
the next Business Day after the day in which the transactions were undertaken;
•
That it will be responsible for the collection and periodical distribution of income earned from the
investment portfolio to the Unit Holders subject to delegation of such duties to the Manager;
•
That it will require the Manager to keep it fully informed as to details of the Manager’s policies on
investments and any changes thereof. Whenever it is of the opinion that these policies are not in the
interests of the Unit Holders, it may, after considering any representations made by the Manager in
respect of that opinion summon a meeting of Unit Holders to consider its opinion and the actions that
may be taken against the Manager; and
•·
That it will cause the accounts to be audited at the end of each accrual period/financial year by the
Auditor and that each Unit Holder of the Fund is furnished with a copy of the audited accounts by post
within two (2) months from the date on which the accounts are balanced and closed in respect of each
year.
14.7 Retirement or Removal or Replacement of the Trustee
The Trustee may retire upon giving twelve (12) month’s notice to the Manager of its desire to do so, or such
shorter period as the Manager and the Trustee shall agree, and may by deed appoint in its stead a new
Trustee approved by the Securities Commission.
The Trustee may be removed and another Trustee may be appointed by special resolution of the registered
Unit Holders at a registered Unit Holders’ meeting convened in accordance with the Deed or as stipulated
in the Securities Commission Act.
14.8 Powers of the Trustee to Remove, Retire or Replace the Manager
The Manager may be removed by the Trustee on the grounds that the Manager is in liquidation (except for
the purpose of amalgamation or reconstruction or some other purpose approved by the relevant authorities);
or has had a receiver appointed or has ceased to carry on business; or is in breach of its obligations under
the Deed or it has failed or neglected to carry out its duties to the satisfaction of the Trustee and the Trustee
considers that it would be in the interests of registered Unit Holders for it to do so after the Trustee has
given notice to it of that opinion and the reasons for the opinion, and after consultation with the Securities
Commission and with the approval of the registered Unit Holders.
130
15
Taxation
TAXATION ADVISOR’S LETTER ON
TAXATION OF THE TRUSTS AND UNITHOLDERS
(Prepared for inclusion in this Prospectus)
The Directors
Mayban Unit Trust Berhad
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Gentlemen
MAYBAN UNIT TRUST FUND
MAYBAN BALANCED TRUST FUND
MAYBAN INCOME TRUST FUND
MAYBAN DANA YAKIN
TAXATION OF THE TRUSTS AND UNIT HOLDERS
This letter has been prepared for inclusion in this prospectus to be dated 17 September 2003 in connection
with the offer of Units in the abovementioned trust funds (“ the Funds”).
The taxation of income of the Funds and the Unit Holders are subject to the provisions of the Malaysian
Income Tax Act 1967 and in particular Sections 61 and 63B thereof which deal specifically with the taxation
of trust bodies in Malaysia.
The Funds will be regarded as resident for Malaysian tax purposes since the Trustee of the Funds is
resident in Malaysia.
The income of the Funds namely Mayban Unit Trust Fund, Mayban Balanced Trust Fund and Mayban
Income Trust Fund, in respect of dividends and interest is liable to Malaysian income tax at the rate of 28%
with effect from the year of assessment 1998. This also applies to dividends and investment income
received by Mayban Unit Trust Berhad’s first Islamic fund namely Mayban Dana Yakin.
Gains arising from the realisation of investments will not be treated as taxable income of the Funds.
Pursuant to Paragraph 35 of Schedule 6 of the Income Tax 1967, interest received by Mayban Unit Trust
Fund, Mayban Balanced Trust Fund and Mayban Income Trust Fund from:
(a)
Securities or bonds issued or guaranteed by the Government;
(b)
Debentures, other than convertible loan stock, approved by the Securities Commission; and
(c)
Bon Simpanan Malaysia issued by the Central Bank of Malaysia
is exempt from tax.
131
Paragraph 35A of Schedule 6 of the Income Tax Act 1967 exempts income of a unit trust in respect of
interest derived from Malaysia and paid or credited by any bank or financial institution under the Banking
and Financial Institution Act 1989 or the Islamic Banking Act 1983.
Income derived from outside Malaysia and remitted into Malaysia will be exempt from tax.
Deductions in respect of Manager’s remuneration, expenses on maintenance of register of Unit Holders,
share registration expenses, secretarial, audit and accounting fees, telephone charges, printing and
stationery costs and postage are allowed based on a formula subject to a minimum of 10% and a maximum
of 25% of the permitted expenses.
Unit Holders will be taxed on an amount equivalent to their share of the total taxable income of the Funds
to the extent that this is distributed to them. The income distribution from the Funds will carry with it a tax
credit in respect of the tax paid by the Funds. Unit Holders will be entitled to utilise the tax credit as a setoff against the tax charged on their chargeable income.
Unit Holders will be exempt from tax on distributions out of exempt income.
Corporate Unit Holders, residents or non-resident will be liable to income tax at 28% on distribution of
income from the Funds. The tax credit attached to the distribution of income will be used to set-off against
the tax charged, if any, on the Corporate Unit Holders.
Individuals and other non-corporate Unit Holders who are residents of Malaysia are subject to income tax
at graduated rates up to 29%. Individuals and other non-corporate Unit Holders who are not residents of
Malaysia will be subject to income tax at 28%. The tax credit attached to the distribution of income will be
set-off against the tax charged, if any, on these Unit Holders.
Non-resident Unit Holders may also be subject to taxes in their respective tax jurisdictions depending on
the provisions of the relevant tax legislation and any existing double taxation arrangements with Malaysia
and they should consult their own advisors if they are in any doubt about their own position.
Gains realised by resident Unit Holders (other than dealers in securities, insurance companies or financial
institutions) on the transfer of the Units or redemption of the Units are treated as capital gains and will not
be subject to Malaysian taxes.
Unit Holders electing to receive their income distribution by way of investment in the form of the purchase
of new Units will be regarded as having purchased the new Units out of their income distribution after tax.
We hereby confirm that the statements made in this report correctly reflect our understanding of the tax
position under current Malaysian tax legislation.
Yours faithfully
for and on behalf of
PRICEWATERHOUSECOOPERS TAXATION SERVICES SDN BHD
P. Rajagopalan
Executive Director
132
TAXATION ADVISER’S LETTER IN RESPECT OF THE TAXATION
OF THE UNIT TRUST AND THE UNITHOLDERS
(PREPARED FOR INCLUSION IN THIS PROSPECTUS)
Ernst & Young Tax Consultants Sdn. Bhd.
50490 Kuala Lumpur
The Board of Directors
(Formerly known as Mayban Management Berhad)
Level 12, Mayban Life Tower
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Dear Sirs
TAXATION OF THE UNIT TRUST AND UNIT HOLDERS
This letter has been prepared for inclusion in this Master Prospectus to be dated 17 September 2003 in
connection with the offer of units in the unit trusts known as below (each of the unit trusts are hereinafter
referred to as “the Fund”):
1)
2)
3)
4)
5)
Mayban Dana Ikhlas
TAXATION OF UNIT TRUST
The Fund will be treated as a trust body for Malaysian tax purposes. The taxation of the Fund is governed
principally by Sections 61 and 63B of the Malaysian Income Tax Act, 1967 (“MITA”). In addition, the
activities of the Fund are governed by the Securities Commission Act 1993 and the guidelines and regulations
set by the Securities Commission on Unit Trusts.
Subject to certain exemptions, the income of the Fund comprising dividends, interest and other investment
income derived from or accruing in Malaysia after deducting tax allowable expenses, is liable to Malaysian
income tax at the rate of 28%.
Tax allowable expenses would comprise expenses falling under Section 33(1) and Section 63B of the
MITA. Section 33(1) generally provides for a deduction of expenses “wholly and exclusively incurred” in the
production of gross income. In addition, Section 63B allows unit trusts to deduct a portion of other expenses
not directly related to the production of income as explained below.
133
Expenses in respect of the manager’s remuneration, maintenance of the register of unit holders, share
registration expenses, secretarial, audit and accounting fees, telephone charges, printing and stationery
costs and postage (“permitted expenses”) which are incurred by the Fund but are not deductible under
Section 33(1) of the MITA, are given a partial deduction under Section 63B of the Act, which is computed
as follows:
A
where
x
B
4C
A
is the total of the permitted expenses incurred for that basis period;
B
is gross income consisting of dividends, interest and rent chargeable to tax for that basis
period; and
C
is the aggregate of the gross income consisting of dividends (whether exempt or not),
interest and rent, and gains made from the realisation of investments (whether chargeable
to tax or not) for that basis period.
provided that the amount of deduction to be made shall not be less than 10% of the total permitted expenses
incurred for that basis period.
Exempt income
The Fund may also receive Malaysian dividends and interest which are tax exempt. The exempt dividends
may be received from investments in companies which had previously enjoyed or are currently enjoying
the various tax incentives provided under the relevant legislation as well as from distributions from exempt
income accounts.
Investment income of the unit trust derived from the following sources are also exempt from taxation:
(i)
interest from securities or bonds issued or guaranteed by the Government of Malaysia;
(ii)
interest from debentures (other than convertible loan stock) approved by the Securities Commission;
(iii)
interest from Bon Simpanan Malaysia issued by Bank Negara Malaysia;
(iv)
interest derived from Malaysia and paid or credited by banks or financial institutions licensed under
the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 1983;
(v)
interest received from bonds or securities issued by Pengurusan Danaharta Nasional Berhad; and
(vi)
interest derived from bonds (other than convertible loan stock) paid or credited by any company listed
on the Malaysian Exchange of Securities Dealing and Automated Quotation Berhad (MESDAQ).
134
Foreign income
The Fund may receive dividends, interest and other income from investments outside Malaysia. Pursuant
to Income Tax (Exemption) (No 48) Order 1997, income derived from sources outside Malaysia and received
in Malaysia by a resident unit trust is exempt from Malaysian income tax. However, such income may be
subject to tax in the country from which it is derived.
Gains from the realisation of investments
Pursuant to Section 61(1) (b) of the MITA, gains from the realisation of investments will not be treated as
income of the Fund and hence, are not subject to income tax. Such gains may be subject to real property
gains tax under the Real Property Gains Tax Act, 1976 (“RPGT Act”), if the gains are derived from the sale
of chargeable assets, as defined in the RPGT Act.
However, the recently gazetted Real Property Gains Tax (Exemption) (No. 2) Order 2003 exempts any
person from the payment of real property gains tax in respect of chargeable gains accruing on the disposal
of any chargeable asset from 1 June 2003 until 31 May 2004.
Tax credit
Tax deducted at source from Malaysian dividends received by the Fund will be available for set-off either
wholly or partly against the tax liability of the Fund. Should the tax deducted at source exceed the tax
liability of the Fund, the excess is refundable to the Fund.
TAXATION OF UNIT HOLDERS
For Malaysian income tax purposes, unit holders will be assessed separately on their share of the
distributions received from the Fund.
The income of unit holders from the investment broadly falls under the following categories:
1.
taxable distributions;
2.
non-taxable and exempt distributions; and
3.
gains from sale of units.
The tax implications of each of the above categories are explained below.
Taxable distribution
The amount distributed from the Fund will be grossed up to take into account the underlying tax of the
Fund. The unit holders will be taxed on the gross income received from the Fund after deducting the
allowable expenses. Taxable distributions carry a tax credit as specified under Section 110(9A) of the
MITA, that is, the tax chargeable on the Fund and attributable to the income distributed to the unit holder
will be available for set-off against the tax chargeable on the unit holders.
135
The Malaysian tax chargeable depends on the tax residence status of the unit holders and the type of unit
holders, that is, whether they are individuals, corporations, non-corporations or trust bodies. The tax rates
charged are as follows:
Unitholders
Malaysian tax resident:
• Individual and non-corporate unit holders (such
as co-operatives, associations and societies)
• Corporate unitholders
Non-Malaysian tax resident:
• Individual and non-corporate unit holders
• Corporate unitholders
Malaysian tax rates
•
Progressive tax rates ranging from
0% to 28%
•
28%
•
•
28%
28%
With effect from the year of assessment 2003, corporate unitholders with paid-up capital of RM2.5 million
and less (at the beginning of the basis period for the year of assessment) will be subject to a tax rate of
20% on chargeable income of up to RM100,000. For chargeable income in excess of RM100,000, corporate
tax at the rate of 28% is still applicable to such corporate unitholders.
There is no withholding tax in Malaysia on the distribution of income from the Fund to non-resident unit
holders. Non-resident unit holders may be subject to tax in their respective countries depending on the
provisions of the tax legislation in the respective countries and any existing double taxation arrangements
with Malaysia. In addition, the Malaysian tax paid by the Fund and attributable to the income distributed to
the unit holders may be available as a tax credit in the foreign tax jurisdictions.
Non-taxable and exempt distributions
Tax exempt distributions made out of gains from the realisation of investments and other exempt income
earned by the Fund will not be subject to Malaysian tax in the hands of the unit holders.
Unit splits
New units issued by the Fund pursuant to a unit split will not be subject to tax in the hands of the unit
holders.
Gains from sale of units
Gains arising from the realisation of investments will not be taxable on unit holders other than insurance
companies, financial institutions or traders/ dealers in securities.
Reinvestment of distributions
Unit holders may choose to reinvest their income distribution in new units by informing the Manager. In this
event, the unit holder will be deemed to have received the distribution and reinvested it with the Fund.
136
**********************************************
We hereby confirm that, as at the date of this letter, the statements made in this report correctly reflect our
understanding of the tax position under current theMalaysian tax legislation and the related interpretation
and practice thereof, all of which are subject to change, possibly on a retrospective basis. We have not
been retained (unless specifically instructed hereafter), nor are we obligated to monitor or update the
statements for future conditions that may affect these statements.
The statements made in this letter are not intended to be a complete analysis of the tax consequences
relating to an investor in the Fund. As the particular circumstances of each investor may differ, we recommend
that investors obtain independent advice on the tax issues associated with an investment in the Fund.
Yours faithfully
Ernst & Young Tax Consultants Sdn Bhd
Lee Choong San
Executive Director
Ernst & Young Tax Consultants Sdn. Bhd.Arthur Andersen & Co. has given their consent to the inclusion of
their letter as Tax Adviser in the form and context in which it appears in this Prospectus and has not withdrawn
such consent prior to the delivery of a copy of this Prospectus for approval.
137
16
Accountant’s Report
(Prepared for inclusion in this Prospectus)
3 September 2003
The Board of Directors
(formerly known as Mayban Management Berhad)
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Gentlemen,
This report has been prepared for inclusion in the Prospectus to be dated 17 September 2003 to be issued
by Mayban Unit Trust Berhad (the “Management Company”) in connection with the offer of units in Mayban
Unit Trust Fund, Mayban Balanced Trust Fund, Mayban Income Trust Fund, Mayban Dana Yakin, Mayban
Index-Linked Trust Fund, Mayban Dana Ikhlas, Mayban Ethical Trust Fund, Mayban Value Trust Fund and
Mayban Enhanced Bond Trust Fund.
The funds currently managed by the Management Company (hereinafter referred to as the “Funds”) were
each established under their Deeds at the following dates:
Date of Deed
Mayban Dana Yakin
Mayban Dana Ikhlas
Mayban First Capital Guaranteed Trust Fund
6 March 1992
14 September 1994
15 May 1996
25 October 2000
8 April 2002
4 September 2002
4 December 2002
4 December 2002
8 May 2003
8 August 2003
Details of distribution together with the quoted buying and selling prices at the dates of distribution made
by the Funds during the past five years were as follows:
Date of distribution
25 August 2003
29 August 2002
23 August 2001
21 August 2000
23 August 1999
138
Gross
Buying
distribution price per
rate
unit prior
per unit
to ex-date¹
(sen)
RM
3.00
6.00
4.00
7.25
6.00
0.6405
0.6549
0.59
0.72
0.74
Buying
price
per unit
ex-date
RM
Selling
price per
unit prior
to ex-date¹
RM
Selling
price
per unit
ex-date
RM
0.6105
0.5949
0.55
0.65
0.68
0.6802
0.6936
0.63
0.77
0.79
0.6502
0.6336
0.59
0.70
0.73
Date of distribution
27 November 2002
23 November 2001
21 November 2000
23 November 1999
16 November 1998
25 August 2003
29 August 2002
23 August 2001
21 August 2000
23 August 1999
Mayban Dana Yakin
27 June 2003
28 June 2002
Gross
Buying
distribution price per
rate
unit prior
per unit
to ex-date¹
(sen)
RM
Buying
price
per unit
ex-date
RM
Selling
price per
unit prior
to ex-date¹
RM
Selling
price
per unit
ex-date
RM
4.20
3.30
4.50
4.50
6.00
0.6128
0.58
0.65
0.71
0.68
0.5708
0.55
0.60
0.66
0.62
0.6499
0.63
0.70
0.76
0.73
0.6079
0.60
0.65
0.71
0.67
6.00
4.80
4.30
6.00
7.25
1.0036
0.9881
0.98
1.01
1.04
0.9436
0.9401
0.94
0.95
0.97
1.0224
1.0069
1.01
1.04
1.07
0.9624
0.9589
0.97
0.98
1.00
6.00
13.00
0.5380
1.1605
0.4780
1.0305
0.5619
1.2105
0.5019
1.0805
There has been no distribution by Mayban Index-Linked Trust Fund since its launch on 16 May 2002.
Mayban Dana Ikhlas
There has been no distribution by Mayban Dana Ikhlas since its launch on 17 September 2002.
Mayban Ethical Trust Fund and Mayban Value Trust Fund
There has been no distribution by Mayban Ethical Trust Fund and Mayban Value Trust Fund since their
launch on 7 January 2003.
There has been no distribution by Mayban Enhanced Bond Trust Fund since its launch on 27 May 2003.
There has been no distribution by Mayban First Capital Guaranteed Trust Fund since its launch on 19
August 2003.
¹
Buying price and selling price per unit prior to ex-date is derived before taking into consideration the
gross distribution
The quoted buying and selling prices of units in the Funds on 3 September 2003 being the last practical
date prior to the date of this report were as follows:
Mayban Dana Yakin
Mayban Dana Ikhlas
Buying Price Per Unit
RM
Selling Price Per Unit
RM
0.6014
0.6491
0.9445
0.5148
0.4805
0.5212
0.5502
0.5426
0.4980
0.4926
0.6405
0.6913
0.9634
0.5406
0.4997
0.5472
0.5860
0.5778
0.5080
0.5000
139
The summarised results and balance sheets of the funds above for the past five years are set out as
follows:
Statement of Income and
Expenditure for the year ended
30.06.2003
RM
30.06.2002
RM
30.06.2001
RM
30.06.2000
RM
30.06.1999
RM
Investment income
Accretion of discount
Interest income
Gross dividend income
Gain/(loss) on sale of investment
2,669,338
12,950,030
6,550,751
13,719
3,801,075
11,564,144
32,265,379
72,021
4,757,237
5,511,813
4,710,017
383,843
3,093,457
3,457,026
4,362,255
681,379
2,012,472
427,805
(1,117,757)
Total Investment Income
22,170,119
47,644,317
15,051,088
11,296,581
2,003,899
4,939,224
79,392
6,000
9,100
227,316
3,963,503
69,635
6,000
11,835
229,984
2,990,363
59,862
6,000
7,455
125,467
2,303,324
53,074
6,000
11,261
124,836
607,714
27,860
6,000
3,360
48,505
Expenditure
Manager’s fee
Trustee’s fee
Auditors’ remuneration
Tax agent’s fee
Administration
Total Expenditure
5,261,032
4,280,957
3,189,147
2,498,495
693,439
Net distributable income
Taxation
16,909,087
(2,711,143)
43,363,360
(2,323,107)
11,861,941
(1,251,298)
8,798,086
(629,681)
1,310,460
(94,048)
after taxation
Distribution equalisation
14,197,944
3,499,653
41,040,253
7,590,611
10,610,643
6,793,917
8,168,405
15,838,245
1,216,412
24,770,376
17,697,597
48,630,864
17,404,560
24,006,650
25,986,788
10,670,818
6,887,199
12,447,790
19,219,003
8,478,025
Undistributed income
brought forward
Distribution
carried forward
Statement of Assets and Liabilities
as at
28,368,415
55,518,063
29,852,350
43,225,653
34,464,813
(25,868,594) (44,847,245) (22,965,151) (30,777,863) (15,245,810)
2,499,821
10,670,818
6,887,199
12,447,790
19,219,003
30.06.2003
RM
30.06.2002
RM
30.06.2001
RM
30.06.2000
RM
30.06.1999
RM
Assets
Investments
Other assets
557,585,872 540,205,816 319,000,548 299,117,645 170,278,529
2,350,807
7,274,646
7,917,973
15,483,268
29,023,040
Total Assets
559,936,679 547,480,462 326,918,521 314,600,913 199,301,569
Liabilities
Creditors and accruals
Distribution payable
Total Liabilities
266,392
25,868,594
31,078,213
44,847,245
391,416
22,965,151
1,470,252
30,777,863
7,554,100
15,245,810
26,134,986
75,925,458
23,356,567
32,248,115
22,799,910
Net Assets
533,801,693 471,555,004 303,561,954 282,352,798 176,501,659
Unit Holders’ Funds
Unit Holders’ capital
Investment fluctuation account
601,516,801 510,267,126 401,045,889 307,550,717 191,778,911
2,499,821
10,670,818
6,887,199
12,447,790
19,219,003
(70,214,929) (49,382,940) (104,371,134) (37,645,709) (34,496,255)
Net Assets
533,801,693 471,555,004 303,561,954 282,352,798 176,501,659
Number Of Units In Circulation
952,657,887 786,377,126 605,411,225 433,207,506 255,664,295
Net Asset Value Per Unit
(Ex-distribution) (in RM)
140
0.5603
0.5997
0.5014
0.6518
0.6904
Expenditure for the
period/year ended
6 months
period ended
31.03.2003
RM
30.09.2002
RM
30.09.2001
RM
30.09.2000
RM
30.09.1999
RM
Investment income
Amortisation of premium
Interest income
Gain/(loss) on sale of investment
344,938
(456,933)
3,531,544
3,272,923
1,337,709
657,790
(719,366)
7,862,907
8,087,214
20,450,577
1,879,367
(73,538)
8,126,353
5,599,391
4,737,924
4,230,531
(9,845)
8,097,674
5,174,709
6,221,816
6,691,070
10,943,808
1,782,739
(765,405)
8,030,181
36,339,122
20,269,497
23,714,885
18,652,212
3,439,336
70,463
7,500
23,450
173,972
3,151,125
67,051
7,500
–
170,270
3,709,241
73,661
7,500
31,209
211,052
2,741,104
62,252
7,500
5,670
120,751
–
–
–
–
Expenditure
Manager’s fee
1,622,908
Trustee’s fee
34,052
2,500
Tax agent’s fee
12,390
Administration
85,467
Interest on unquoted fixed income
securities written off
108,493
Investment in unquoted fixed income
1,440,000
–
–
–
–
3,714,721
3,395,946
4,032,663
2,937,277
32,624,401 16,873,551
(1,675,652) (1,252,070)
19,682,222
(950,557)
15,714,935
(321,459)
4,163,741
(112,749)
30,948,749
865,319
15,621,481
174,840
18,731,665
1,045,682
15,393,476
11,535,929
4,050,992
31,814,068
15,796,321
19,777,347
26,929,405
9,843,936
3,987,439
8,205,339
16,066,348
16,445,053
Total Expenditure
3,305,810
Taxation
4,724,371
(560,630)
after taxation
brought forward
Distribution
carried forward
Statement of Assets and
Liabilities as at
13,894,928
13,894,928
31.03.2003
RM
35,801,507 24,001,660
35,843,695
43,374,458
(25,957,571) (20,014,221) (27,638,356) (27,308,110)
9,843,936
3,987,439
8,205,339
16,066,348
30.09.2002
RM
30.09.2001
RM
30.09.2000
RM
30.09.1999
RM
Assets
Investments
Other assets
369,913,332
3,991,150
402,869,844 378,483,825 404,860,850 404,132,862
4,387,869
8,964,560
8,217,534
22,725,182
Total Assets
373,904,482
407,257,713 387,448,385 413,078,384 426,858,044
Liabilities
2,798,847
-
4,695,942
25,957,571
13,172,332
20,014,221
3,036,541
27,638,356
7,088,480
27,308,110
Total Liabilities
2,798,847
30,653,513
33,186,553
30,674,897
34,396,590
Net Assets
371,105,635
490,605,830
491,799,325 485,000,923 479,130,641 467,187,531
13,894,928
9,843,936
3,987,439
8,205,339
16,066,348
(133,395,123) (125,039,061)(134,726,530) (104,932,493) (90,792,425)
376,604,200 354,261,832 382,403,487 392,461,454
371,105,635
376,604,200 354,261,832 382,403,487 392,461,454
655,367,885
657,933,885 644,220,351 635,309,187 613,990,427
0.5663
0.5724
0.5499
0.6019
0.6392
141
Expenditure for the
year ended
30.06.2003
RM
Investment income
Interest income
Net realised gain on sale
of investments
Expenditure
Manager’s fee
Trustee’s fee
Administration
Interest on unquoted fixed income
Investment in unquoted fixed income
Total Expenditure
30.06.2002
RM
30.06.2001
RM
30.06.2000
RM
30.06.1999
RM
1,646,347
(7,066)
4,439,825
1,522,780
–
3,290,632
479,963
(1,464,923)
13,475,168
808,140
(1,110,513)
8,539,895
1,552,850
(338,395)
6,159,439
6,972,293
2,096,216
411,645
19,462,501
10,333,738
2,486,155
49,862
6,000
60,515
–
–
7,785,539
6,079,106
4,813,412
1,776,370
42,763
6,000
64,731
1,543,790
40,403
6,000
68,567
1,271,044
37,621
6,000
76,486
573,458
20,071
6,000
28,580
72,329
–
–
–
–
960,000
–
–
–
–
3,634,861
1,889,864
1,658,760
1,391,151
628,109
Taxation
15,827,640
–
8,443,874
–
6,126,779
–
4,687,955
–
4,185,303
–
after taxation
15,827,640
1,960,932
8,443,874
2,027,820
6,126,779
680,463
4,687,955
3,069,623
4,185,303
4,260,828
17,788,572
10,471,694
6,807,242
7,757,578
8,446,131
brought forward
Distribution
carried forward
Statement of Assets and
Liabilities as at
653,647
18,442,219
(17,380,529)
880,332
11,352,026
(10,698,379)
1,556,461
3,107,014
1,387,282
8,363,703
(7,483,371)
10,864,592
(9,308,131)
9,833,413
(6,726,399)
1,061,690
653,647
880,332
1,556,461
3,107,014
30.06.2003
RM
30.06.2002
RM
30.06.2001
RM
30.06.2000
RM
30.06.1999
RM
Assets
Investments
Other assets
283,884,324
4,641,053
216,703,036 167,339,739 152,846,137
2,419,685
3,138,178
2,600,103
95,327,339
1,124,067
Total Assets
288,525,377
219,122,721 170,477,917 155,446,240
96,451,406
Liabilities
388,906
17,380,529
264,910
10,698,379
77,564
7,483,371
112,206
9,308,131
245,695
6,726,399
Total Liabilities
17,769,435
10,963,289
7,560,935
9,420,337
6,972,094
270,755,942
208,159,432 162,916,982 146,025,903
89,479,312
269,694,252
1,061,690
207,505,785 162,036,650 144,469,442
653,647
880,332
1,556,461
86,372,298
3,107,014
Net Assets
142
270,755,942
208,159,432 162,916,982 146,025,903
89,479,312
289,675,487
222,882,887 174,031,887 155,135,524
92,777,916
0.9347
0.9339
0.9361
0.9413
0.9644
Mayban Dana Yakin
Expenditure for the year/period ended
30.04.2003
RM
30.04.2002
RM
5 months
period ended
30.04.2001
RM
Investment income
Profit on Mudharabah deposits
Income from fixed income securities
Profit on sale of investment
20,671
(13,041)
404,379
117,126
1,657,670
1,715,022
–
–
191,051
–
389,450
2,732,251
–
–
98,812
–
34,500
41,407
3,901,827
3,312,752
174,719
957,654
51,075
6,000
3,360
22,644
276,297
14,736
6,000
3,580
17,407
68,705
3,664
3,000
–
2,835
Total Expenditure
1,040,733
318,020
78,204
Taxation
2,861,094
(349,623)
2,994,732
(72,198)
96,515
(5,654)
Net distributable income after taxation
2,511,471
4,202,621
2,922,534
2,108,981
90,861
22,131
Undistributed income brought forward
6,714,092
705,521
5,031,515
112,992
112,992
–
7,419,613
(6,568,317)
5,144,507
(4,438,986)
112,992
–
Expenditure
Manager’s fee
Trustee’s fee
Tax agent’s fee
Administration
Distribution
Undistributed income carried forward
851,296
705,521
112,992
30.04.2003
RM
30.04.2002
RM
30.04.2001
RM
Assets
Investments
Other assets
105,839,535
2,156,029
40,513,860
3,697,824
13,174,280
59,446
Total Assets
107,995,564
44,211,684
13,233,726
1,532,455
6,133,557
2,390,007
4,150,437
41,770
–
Statement of Assets and Liabilities as at
Liabilities
Total Liabilities
7,666,012
6,540,444
41,770
Net Assets
100,329,552
37,671,240
13,191,956
109,172,965
851,296
(9,694,709)
34,347,640
705,521
2,618,079
13,402,369
112,992
(323,405)
100,329,552
37,671,240
13,191,956
230,598,000
34,699,000
14,150,000
0.4351
1.0857
0.9323
143
6 months
period ended
30.04.2003
RM
6 months
period ended
31.10.2002
RM
Investment income
Interest income
Loss on sale of investment
51,159
1,445,000
(2,500,222)
112,913
804,350
(2,197)
Total Investment (Loss)/Income
(1,004,063)
915,066
Statement of Income and Expenditure for the period ended
Expenditure
Manager’s fee
Trustee’s fee
Administration
404,285
32,343
2,000
15,272
291,210
23,297
2,000
22,674
Total Expenditure
453,900
339,181
Net distributable (loss)/income
Taxation
(1,457,963)
(249,418)
575,885
(168,359)
Net distributable (loss)/income after taxation
(1,707,381)
117,529
407,526
156,449
(1,589,852)
563,975
563,975
–
Distribution
(1,025,877)
–
563,975
–
Undistributed (loss)/income carried forward
(1,025,877)
563,975
30.04.2003
RM
31.10.2002
RM
Assets
Investments
Other assets
75,927,615
517,127
75,114,091
208,456
Total Assets
76,444,742
75,322,547
45,849
–
29,119
–
Liabilities
Total Liabilities
Net Assets
Undistributed (loss)/income
144
45,849
29,119
76,398,893
75,293,428
87,014,464
(1,025,877)
(9,589,694)
76,398,893
83,595,974
563,975
(8,866,521)
75,293,428
186,304,000
177,169,000
0.4101
0.4250
Mayban Dana Ikhlas
Statement of Income and Expenditure for the period ended
Investment income
Income from fixed income securities
Profit on sale of investment
6 months
period ended
31.05.2003
RM
3 months
period ended
30.11.2002
RM
4,642
(63,828)
171,199
520,669
623,830
979,429
–
(5,117)
135,501
36,040
98,500
6,340
2,235,941
271,264
Expenditure
Manager’s fee
Trustee’s fee
Tax agent’s fee
Administration
404,839
25,153
2,000
3,150
24,903
106,082
7,115
2,000
–
535
Total Expenditure
460,045
115,732
Taxation
1,775,896
(147,473)
155,532
(14,569)
Net distributable income after taxation
1,628,423
132,086
140,963
15,624
1,760,509
156,587
156,587
–
Distribution
1,917,096
–
156,587
–
1,917,096
159,587
31.05.2003
RM
30.11.2002
RM
Assets
Investments
Other assets
67,234,191
403,743
58,335,311
547,085
Total Assets
67,637,934
58,882,396
27,096
–
2,787,296
–
Undistributed income carried forward
Liabilities
Total Liabilities
27,096
2,787,296
Net Assets
67,610,838
56,095,100
66,688,356
1,917,096
(994,614)
56,646,311
156,587
(707,798)
67,610,838
56,095,100
140,360,000
118,925,000
0.4817
0.4717
145
Mayban Ethical Trust Fund and Mayban Value Trust Fund
Mayban Ethical Trust Fund and Mayban Value Trust Fund were launched on 7 January 2003. Their first
financial period will end on 31 August 2003. No audited financial statements have been prepared as at the
date of this Prospectus.
Mayban Enhanced Bond Trust Fund was launched on 27 May 2003. Its first financial period will end on 31
March 2004. No audited financial statements have been prepared as at the date of this prospectus.
AUDITORS’ REPORT
The financial statements of the Funds for the past five financial years have been audited by other firms of
chartered accountants and were reported on without any qualification.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OF THE FUNDS
(a)
Basis of preparation
The financial statements have been prepared under the historical cost convention and comply with
applicable Approved Accounting Standards in Malaysia and applicable Securities Commission
Guidelines on Unit Trust Funds in Malaysia.
(b)
Investments
Quoted equity securities and derivative instruments are stated at the last done market price quoted
as at balance sheet date. The difference between the aggregate market value and cost on that date
is treated as unrealised profit or loss and is transferred to the investment fluctuation account.
Trustee investments are those investments as referred to under Section 5 of the Trustee Act, 1949
(Act 208).
Investment in unquoted equity securities are stated at cost. Provision is made for permanent diminution
in value where considered appropriate.
Investment in quoted and unquoted fixed income securities are stated at cost adjusted for accretion
of discount, net of amortisation of premium to maturity date. Provision is made for permanent diminution
in value where considered appropriate.
(c)
Income recognition
Dividend income
Dividend income is recognised on a declared basis, when the right to receive the dividend has been
established.
Interest income
Interest income is recognised on an accrual basis.
146
Profit on Mudharabah deposit is recognised on an accrual basis.
Gain/(loss) on sale of investments
The realised gain or loss on sale of investment is measured as the difference between the net disposal
proceeds and the carrying amount of the investment, calculated on the weighted average cost basis.
Accretion of discount/amortisation of premium
Discount is accreted and premium is amortised on a time proportion basis that takes into account the
effective yield on the investment in unquoted fixed income securities.
(d)
Distribution equalisation is accounted for at the date of creation and cancellation of units of the Fund.
It represents the average amount of distributable income included in the creation and cancellation
prices of units.
(e)
Cash and cash equivalents
Cash and cash equivalents represent cash at bank and deposits with financial institutions.
INFORMATION OF THE MANAGEMENT COMPANY
The Management Company has, within the last 5 years immediately preceding the date of this statement,
offered for sale units in Mayban Unit Trust Fund, Mayban Balanced Trust Fund, Mayban Income Trust
Fund, Mayban Dana Yakin, Mayban Index-Linked Trust Fund, Mayban Dana Ikhlas, Mayban Ethical Trust
Fund, Mayban Value Trust Fund, Mayban Enhanced Bond Trust Fund and Mayban First Capital Guaranteed
Trust Fund.
The summarised results for the Management Company for the past five years ended 30 June are set out
below:
Year Ended
30.6.2003
RM
Year Ended
30.6.2002
(Restated)
RM
Operating revenue
32,785,409
24,674,150
19,699,201
25,577,037
18,017,634
Profit before taxation
Taxation
15,043,461
(4,152,924)
13,753,139
(3,942,552)
12,086,659
(3,285,159)
18,304,627
(5,097,844)
13,436,142
(36,150)
Profit after taxation
Accumulated retained profits
brought forward
10,890,537
9,810,587
8,801,500
13,206,783
13,399,992
9,811,549
21,084,766
15,684,774
Profits available for distribution
Dividends
Accumulated retained profits
carried forward
19,783,636
9,973,049
30,674,173
(22,312,000)
19,783,636
–
8,362,173
19,783,636
Year Ended
30.6.2001
(Restated)
RM
Year Ended
30.06.2000
(Restated)
RM
Year Ended
30.6.1999
(Restated)
RM
18,613,049
34,291,549
(8,640,000) (24,480,000)
9,973,049
9,811,549
29,084,766
(8,000,000)
21,084,766
147
The summarised balance sheets of the Management Company for the past five years ended 30 June are
set out below:
30.6.2003
RM
Current assets
Current liabilities
Net current assets
Property and equipment
Long term receivables
Deferred taxation
Shareholders’ funds
Share capital
Profit and loss account
30.6.2002
(Restated)
RM
30.6.2001
(Restated)
RM
30.06.2000
(Restated)
RM
30.6.1999
(Restated)
RM
18,789,552
32,444,329
37,867,525
57,205,430
65,067,574
(9,450,354) (10,196,473) (25,497,757) (44,640,490) (41,416,488)
9,339,198
651,203
2,221,288
150,484
22,247,856
286,544
1,125,782
123,454
12,369,768
278,420
1,155,020
169,841
12,564,940
187,500
1,059,109
–
23,651,086
293,610
1,140,070
–
12,362,173
23,783,636
13,973,049
13,811,549
25,084,766
4,000,000
8,362,173
4,000,000
19,783,636
4,000,000
9,973,049
4,000,000
9,811,549
4,000,000
21,084,766
12,362,173
23,783,636
13,973,049
13,811,549
25,084,766
Note
During the financial year ended 30 June 2003, the Company applied four new MASB Standards, which
became effective from 1 July 2002, and accordingly modified certain accounting policies. The change in
accounting policy due to the application of MASB Standard 25: Income taxes has resulted in prior year
adjustments.
Under MASB Standard 25, deferred tax liabilities are recognised for all taxable temporary differences.
Previously, deferred tax liabilities were provided for on account of timing differences only to the extent that
a tax liability was expected to materialise in the foreseeable future. In addition, the Company has commenced
recognition of deferred tax assets for all deductible temporary differences, when it is probable that sufficient
taxable profit will be available against which the deductible temporary differences can be utilised. Previously,
deferred tax assets were not recognised unless the expected realisation was reasonably certain.
Pursuant to this change in accounting policy, the above figures in relation to the financial years ended 30
June 1999 to 30 June 2002 have been accordingly restated.
AUDITORS’ REPORT
We have acted as the auditors of the Management Company for the financial year ended 30 June 2003
which we have reported on without any qualification.
The financial statements for the earlier years covered in this Report were audited by other firms of chartered
accountants and were reported on without any qualification.
148
STATEMENT OF ASSETS AND LIABILITIES
The statement of assets and liabilities together with the notes thereto of the Management Company has
been prepared based on the audited financial statements as at 30 June 2003 and should be read in
conjunction with the notes thereto:
NON-CURRENT ASSETS
Property and equipment
Deferred taxation
Note
RM
2
3
4
651,203
2,221,288
150,484
3,022,975
CURRENT ASSETS
Investments
Trade receivables
Other receivables
Cash and bank balances
5
6
7
8
94,301
2,786,767
2,345,327
13,563,157
18,789,552
CURRENT LIABILITIES
Trade payables
Other payables
Tax payable
9
10
1,316,150
7,887,279
246,925
9,450,354
NET CURRENT ASSETS
9,339,198
12,362,173
FINANCED BY:
Share capital
Retained profits
Shareholders’ equity
11
12
4,000,000
8,362,173
12,362,173
149
NOTES TO THE STATEMENT OF ASSETS AND LIABILITIES
1.
SIGNIFICANT ACCOUNTING POLICIES (EXTRACTED FROM THE AUDITED FINANCIAL
STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003)
(a)
Basis of Preparation
The financial statements of the Company have been prepared under the historical cost convention
and comply with the provisions of the Companies Act, 1965 and applicable approved accounting
standards in Malaysia.
During the financial year ended 30 June 2003, the Company adopted the following Malaysian
Accounting Standards Board (“MASB”) Standards:
MASB Standard 23
MASB Standard 24
MASB Standard 25
MASB Standard 27
(b)
Impairment of Assets
Financial Instruments: Disclosure and Presentation
Income Taxes
Borrowings Costs
Investments
Investments in unit trusts are stated at the lower of cost and market value.
(c)
Property and Equipment and Depreciation
Property and equipment are stated at cost less accumulated depreciation and impairment losses.
The policy for the recognition and measurement of impairment losses is in accordance with
Note 1(d).
Depreciation of property and equipment is provided for on a straight-line basis to write-off the
cost of each asset over the estimated useful life at the following annual rates:
Office renovation
Motor vehicles
Furniture and fittings
Office equipment and computers
20%
20%
20%
20% - 25%
Upon disposal of an item of property or equipment, the difference between the net disposal
proceeds and the carrying amount is charged or credited to the income statement.
(d)
Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of the assets, other
than the financial instruments, to determine whether there is any indication of impairment. If any
such indication exists, impairment is measured by comparing the carrying values of the assets
with their recoverable amounts. Recoverable amount is the higher of net selling price and value
in use, which is measured by reference to discounted future cash flows.
An impairment loss is charged to the income statement immediately. Reversal of impairment
losses recognised in prior years is recorded when there is an indication that the impairment
losses recognised for the asset no longer exist or have decreased.
150
(e)
Trade and Other Receivables
Trade and other receivables are carried at anticipated realisable values. Bad debts are written
off when identified. An estimate is made for doubtful debts based on a review of all outstanding
amounts as at the balance sheet date.
(f)
Trade and Other Payables
Trade and other payables are stated at cost which is the fair value of the consideration to be paid
in the future for goods and services received.
(g)
Income Tax
Income tax on the profit or loss for the year comprises current and deferred taxes. Current tax is
the expected amount of income taxes payable in respect of the taxable profit for the year and is
measured using the tax rates that have been enacted at the balance sheet date.
Deferred tax is provided for, using the liability method, on temporary differences at the balance
sheet date between the tax bases of assets and liabilities and their carrying amounts in the
financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary
differences and deferred tax assets are recognised for all deductible temporary differences,
unused tax losses and unused tax credits to the extent that it is probable that taxable profits will
be available against which the deductible temporary differences, unused tax losses and unused
tax credits can be utilised.
Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill
or from the initial recognition of an asset or liability in a transaction which is not a business
combination and at the time of the transaction, affects neither accounting profit nor taxable
profit.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset
is realised or the liability is settled, based on tax rates that have been enacted or substantively
enacted at the balance sheet date. Deferred tax is recognised in the income statement, except
when it arises from a transaction which is recognised directly in equity, in which case the deferred
tax is also charged or credited directly in equity, or when it arises from a business combination
that is an acquisition, in which case the deferred tax is included in the resulting goodwill or
negative goodwill.
Prior to the adoption of MASB Standard 25 : Income Taxes on 1 July 2002, deferred tax was
provided for using the liability method in respect of significant timing differences and deferred
tax assets were not recognised unless the expected realisation was reasonably certain. This
change in accounting policy has been accounted for retrospectively and the effects of this change
are disclosed in the notes to the financial statements.
(h)
Revenue and Other Income Recognition
Initial service and management fees are recognised as income on an accrual basis at the rates
provided for in the prospectus of the respective unit trust funds managed by the Company.
Interest income is recognised on an accrual basis.
Dividend income is recognised when the unitholder/shareholder’s right to receive payment is
established.
Gain or loss on disposal of units is recognised at the transaction date by deducting the weighted
average cost of units from the net proceeds.
151
(i)
Financial Instruments
Financial instruments are recognised in the balance sheet when the Company has become a
party to the contractual provisions of the instrument. The accounting policies on recognition and
measurement of these items are disclosed in their respective accounting policies.
Financial instruments are classified as liabilities or equity in accordance with the substance of
the contractual arrangement. Interest, dividends and gains and losses relating to a financial
instrument classified as a liability, are reported as expense or income. Distributions to holders of
financial instruments classified as equity are charged directly to equity. Financial instruments are
offset when the Company has a legally enforceable right to offset and intends to settle either on
a net basis or to realise the asset and settle the liability simultaneously.
2.
PROPERTY AND EQUIPMENT
Office renovations
Motor vehicles
Furniture and fittings
Office equipment and computers
Cost
RM
Accumulated
Depreciation
RM
277,736
5,273
289,042
1,144,622
1,716,673
87,180
3,779
158,908
815,603
1,065,470
Net Book
Value
RM
190,556
1,494
130,134
329,019
651,203
Included in the above property and equipment are the cost of fully depreciated assets which are still
in use costing RM801,978.
3.
LONG TERM RECEIVABLES
Less: Amount due within 12 months included in other receivables
Maturity of long term receivables:
Within one year
More than 1 year and less than 3 years
More than 3 years and less than 5 years
5 years or more
RM
2,529,783
(308,495)
2,221,288
308,495
896,981
1,086,867
237,440
2,529,783
The long-term receivables relate to loans made to the Company’s employees under the Employees’
benefits scheme. The maturity of these loans is to the year of retirement of the said employees. The
loans bear interest of 3.5% per annum.
4.
DEFERRED TAXATION
At 1 July
Recognised in the income statement
At 30 June
152
RM
123,454
27,030
150,484
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current
tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal
authority. The net deferred tax assets shown in the balance sheet have been determined after
appropriate offsetting as follows:
RM
197,453
(46,969)
150,484
Deferred tax assets
Deferred tax liabilities
The components and movements of deferred tax assets and liabilities during the financial year prior
to offsetting are as follows:
At 1 July
Recognised in the income statement
At 30 June
5.
Other
Temporary
Differences
RM
144,463
52,990
197,453
Total
RM
123,454
27,030
150,484
INVESTMENTS
Unit trusts - unquoted
Less: Provision for diminution in value
Indicative market value:
Unit trusts
6.
Accelerated
Capital
Allowances
RM
(21,009)
(25,960)
(46,969)
RM
126,675
(32,374)
94,301
94,301
TRADE RECEIVABLES
Trade receivables comprise management fee receivable from the unit trust funds and net amounts
owing due to the creation and cancellation of units.
The Company’s normal trade credit term ranges from 10 to 30 days. Other credit terms are assessed
and approved on a case-by-case basis.
The Company has no significant concentration of credit risk that may arise from exposures to a single
debtor or to groups of debtors.
7.
OTHER RECEIVABLES
Due from holding company
Due from fellow subsidiaries
Deposits
Staff loans
Prepayments
Sundry receivables
RM
211,271
30,098
10,865
308,495
87,758
1,696,840
2,345,327
The amounts due from holding company and fellow subsidiaries are unsecured, interest free and
have no fixed terms of repayment.
153
The Company has no significant concentration of credit risk that may arise from exposures to a
single debtor or to groups of debtors other than an amount owing from the Employees Provident
Fund Board (“EPF”) of RM1,668,881 arising from the sale of units under the EPF Investment Scheme.
8.
CASH AND BANK BALANCES
RM
1,618,987
Cash on hand and at bank
Deposits with:
- a licensed bank
- licensed finance companies
- a discount house
Mudharabah deposits with:
- a licensed bank
- a discount house
5,793,145
2,200,526
2,550,499
400,000
1,000,000
13,563,157
The weighted average effective interest/profit rates of deposits during the financial year and the
average maturities of deposits as at the balance sheet date were as follows:
Fixed deposits
Repo
Mudharabah deposits
9.
Weighted average
interest/profit rates
%
3.14
2.70
2.71
Average
Maturities
Days
59
2
4
TRADE PAYABLES
Trade payables comprise net amounts owing due to the creation and cancellation of units. The normal
trade credit terms granted to the Company is 10 days.
10.
OTHER PAYABLES
RM
295,631
1,944,945
4,429,486
1,217,217
7,887,279
Due to a fellow subsidiary
Commission payable
Sundry payable
Accruals and provisions
The amount due to a fellow subsidiary is interest free, unsecured and payable within one month.
11.
SHARE CAPITAL
Number of Ordinary
Shares of RM1 Each
Amount
RM
Authorised:
At 1 July / 30 June
5,000,000
5,000,000
Issued and fully paid:
At 1 July / 30 June
4,000,000
4,000,000
154
12.
RETAINED PROFITS
As at 30 June 2003, the Company has tax exempt profits available for distribution of approximately
RM9,000, subject to the agreement of the Inland Revenue Board.
As at 30 June 2003, the Company has sufficient tax credit under Section 108 of the Income Tax Act,
1967 to frank the payment of dividends amounting to RM6,946,000 out of its retained profits. If the
balance of the retained profits of RM1,416,000 were to be distributed as dividends prior to there being
sufficient tax credit, the Company would have a Section 108 shortfall of approximately RM396,000.
13.
CAPITAL COMMITMENT
RM
Capital expenditure:
Approved and contracted for - property and equipment
14.
3,567,548
FINANCIAL RISK MANAGEMENT POLICIES
The Company’s financial risk management policy seeks to ensure that adequate financial resources
are available for the development of the Company’s businesses whilst managing its market, credit,
interest rate and liquidity risks. The Company operates within clearly defined guidelines that are approved
by the Board and the Company’s policy is not to engage in speculative transactions.
(a)
Market Risk Management
The risk that the value of investments may fluctuate in response to the economic climate, political
and social environment, hence potentially reducing the value of the investments. The market risk
is managed by holding minimum level of stock in unit trust (Managers’ Stock) to reduce the
market risk exposure.
(b)
Credit Risk Management
As most of the receivables are short term in nature which consists of income receivable from
respective trust funds to be settled within one month, the credit risk arising from these financial
assets are minimal. The long term loans advanced to staff are not subject to much risks as the
regular repayment for these loans are obtainable from salary deduction.
(c)
Interest Rate/Liquidity Risk Management
The investment in financial assets are mainly short term in nature and are mostly held in fixed
deposits or short term money market instruments. Due to the shorter duration of these investments,
the exposure to interest rate as well as liquidity risks is minimised.
(d)
Operational Risk Management
Operational risks are risks that arise from internal processes of an organisation. They may
result from inadequacies or failures to comply or risks of fraudulent acts, which may result in
direct or indirect loss to the Company. This risk is reduced through the establishment of
appropriate compliance guidelines and internal control policies. The policies are observed via
the various operational procedures to reflect proper internal controls such as the segregation of
duties for checks and balances. In addition, the establishment of a Compliance Unit also
strengthens this internal control process.
155
15.
FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
Financial instruments comprise financial assets, financial liabilities and also off-balance sheet
derivatives. The fair value of a financial instrument is the amount at which the instrument could be
exchanged or settled between knowledgeable and willing parties in an arm’s length transaction, other
than in a forced or liquidation sale. The information presented herein represents best estimates of fair
values of financial instruments at the balance sheet date.
Quoted and observable market prices, where available, are used as the measure of fair values.
However, for a significant portion of the Company’s financial instruments, where such market prices
are not available, various methodologies have been used to estimate the approximate fair values of
such instruments. These methodologies are significantly affected by the assumptions used and
judgements made regarding risk characteristics of various financial instruments, discount rates,
estimates of future cash flows, future expected loss experience and other factors. Changes in the
assumptions could significantly affect these estimates and the resulting fair value estimates. Therefore,
for a significant portion of the Company’s financial instruments, the respective fair value estimates do
not purport to represent, nor should they be construed to represent, the amounts that the Company
could realise in a sales transaction at the balance sheet date. The fair value information presented
herein should also in no way be construed as representative of the underlying value of the Company
as a going concern.
The on-balance sheet financial assets and financial liabilities of the Company whose fair values are
required to be disclosed in accordance with MASB Standard 24 comprise all its assets and liabilities
with the exception of property plant and equipment and provision for current and deferred taxation.
The estimated fair values of those on-balance sheet financial assets and financial liabilities as at the
balance sheet date approximate their carrying amounts as shown in the balance sheet, except for
the following:
2002
Financial assets
Investments
Carrying
Value
RM
2,221,288
94,301
Fair Value
RM
Carrying
Value
RM
Fair Value
RM
1,887,842
94,301
1,125,782
270,829
978,015
302,216
The following methods and assumptions are used to estimate the fair values of the following classes
of financial instruments:
(a)
Cash and Bank Balances and Trade/Other Receivables/Payables
The carrying amount approximates fair value due to the relatively short term maturity of the
financial instruments.
(b)
Investments
The fair value of unquoted unit trusts is based on the net asset value per unit of the respective
unit trust funds, as quoted in the newspapers at the close of business on balance sheet date.
(c)
Long Term Receivables
The fair values of long term receivables are estimated based on expected future cash flows of
contractual instalment payments, discounted at applicable and pertaining rates at balance sheet
date offered for similar facilities to new borrowers with similar credit profile.
156
16.
CURRENCY
All amounts are stated in Ringgit Malaysia.
As at 30 June 2003, the Company has tax exempt profits available for distribution of approximately
RM9,000, subject to the agreement of the Inland Revenue Board.
As at 30 June 2003, the Company has sufficient tax credit under Section 108 of the Income Tax Act,
1967 to frank the payment of dividends amounting to RM6,946,000 out of its retained profits. If the
balance of the retained profits of RM1,416,000 were to be distributed as dividends prior to there being
sufficient tax credit, the Company would have a Section 108 shortfall of approximately RM396,000.
Yours faithfully
Ernst & Young
AF: 0039
Chartered Accountants
Abdul Rauf bin Rashid
2305/05/04(J)
Partner
157
17
Disclosure and Consent
The consents of the Trustee, the Banker, the Solicitor, the Syariah Advisers, the Ethical Panel of Advisers,
the External Fund Manager, Company Secretary, Auditor and Reporting Accountants and Tax Advisers to
the inclusion of their names in the form and context in which such names appear in this Master Prospectus
have been given before the issue of this Master Prospectus and have not been subsequently withdrawn.
Ernst & Young, Chartered Accountants and Ernst & Young Tax Consultants Sendirian Berhad have given
their written consents to the inclusion of their report as Accountants and Taxation Advisers respectively in
the form and context in which they appear in this Master Prospectus and have not withdrawn such consents
prior to the lodgement of a copy of this Master Prospectus for registration.
158
18
Exemptions/Variation Granted
by the Securities Commission
Variation to the Guidelines on Unit Trust Fund on MILTF
•
Schedule C, Appendix 1, paragraph 2.0 (1)
The Fund has been granted by the SC a variation to Schedule C, Appendix 1, paragraph 2.0 (1) on
investment restriction of the Guidelines on Unit Trust Funds and is allowed to hold share capital of
any single issuer of up to the maximum weighting of the component stocks of the KLCI (The normal
restriction is 10% of the Fund’s NAV).
•
Schedule C, Appendix 1, paragraph 2.0 (3)
The Fund has been granted by the SC a variation to Schedule C, Appendix 1, paragraph 2.0 (3) on
investment restriction of the Guidelines on Unit Trust Funds and is allowed to hold securities of, and
the securities relating to, any group of companies to a maximum of 30 % of the NAV of the Fund (The
normal restriction is 20% of the Fund’s NAV).
159
Documents Available
for Inspection
19
For a period of not less than 12 months at the registered office of the Manager and the Trustee, the
following documents or copies thereof, where applicable, may be inspected, without charge:(i)
The Deed of the Funds;
(ii)
Each material contracts or documents referred to in the Prospectus;
(iii)
The latest annual and Interim reports of the funds;
(iv)
All reports, letters or other documents, valuations and statements by any expert, any part of which is
extracted or referred to in the Prospectus;
(v)
The audited accounts of the Manager and the funds for the current financial year (where applicable);
(vi)
The audited accounts of the Manager and the fund for the for the last 5 financial years or from the date
of incorporation /commencement, if less than 5 years, preceding the date of prospectus; and;
(vii) All consent given by experts or persons whose statement appears in the Prospectus.
160
20
Directors’ Declaration
This Master Prospectus has been seen and approved by the directors of Mayban Unit Trust Berhad, and
they collectively and individually accept full responsibility for the accuracy of all information contained
herein and confirm, having made all enquiries which are reasonable in the circumstances, that to the best
of their knowledge and belief, there are no other facts or omission of which would make any statement
herein misleading.
•
Dato’ Richard Ho Ung Hun
(Chairman/Director)
•
Hj Mohd Hashir Bin Hj Abdullah
(Independent Director)
•
Dr. Khoo Kah Lin
•
Md. Yusof bin Hussin
•
Md. Agil bin Mohd Natt
(Director)
•
Johar bin Che Mat
(Director)
161
Directory of Maybank and
Mayban Finance Branches
21
21.1 Mayban Distribution Branches
FEDERAL TERRITORY
KL MAIN SSC
1st Floor, Menara Maybank
50050 Kuala Lumpur
Tel : 03-2074 7037 / 20747972
Fax : 03-2078 9761
CAW. PERBANKAN ISLAM
WANGSA MAJU SSC
70, Jalan 2A/27A, Section 1
Bandar Wangsa Maju
53300 Kuala Lumpur
Tel : 03-4143 9187 / 4142 9200
Fax : 03-4142 2346
KL MAIN PBC
Level 26.2, 26th Floor
Menara Maybank
50050 Kuala Lumpur
Tel : 03-2074 7610 / 2074 7241
Fax : 03-2078 9080
DATARAN MAYBANK (PBC)
Ground Floor
Mayban Assurance Towers
Dataran Maybank
1, Jalan Ma’arof
59000 Kuala Lumpur
Tel : 03-2284 1253
Fax : 03-2284 1264
AMPANG PARK SSC
Lot 1.01,
Ampang Park Shopping Complex
Jalan Ampang
50450 Kuala Lumpur
Tel : 03-2164 6308 / 2161 1478
Fax : 03-2161 9294
DAYABUMI SSC
Lots: F1/26 & 27
City Point Dayabumi Complex
Jalan Sultan Hishamuddin
50500 Kuala Lumpur
Tel : 03-2274 7469 / 2260 1927
Fax : 03-2273 6082
BANGSAR BARU SSC
66, 68 & 70, Jalan Maarof
Bangsar Baru
59100 Kuala Lumpur
Tel : 03-2282 311/ 2282 3093
Fax : 03-2282 3132
DESA PANDAN SSC
7 & 9, Jalan 3/76D
Desa Pandan
56100 Kuala Lumpur
Tel : 03-9281 3598 / 9200 3725
Fax : 03-981 3650
BANGSAR UTAMA SSC
20-22, Jalan 1/82B
Bangsar Utama
59200 Kuala Lumpur
Tel : 03-2282 1621 / 2282 1254
Fax : 03-2282 2253
DESA SERI HARTAMAS SSC
No. 21 & 23, Jalan 23/70A
Desa Sri Hartamas
50680 Kuala Lumpur
Tel : 03-6203 5600 / 6203 1417
Fax : 03-6203 2459
BATU CANTONMENT SSC
775, 4 ½ Mile, Jalan Ipoh
51200 Kuala Lumpur
Tel : 03-6252 2082 / 6252 4287
Fax : 03-6256 8553
GLENEAGLES SSC
Suite G-02
Gleneagles Intan Medical Centre
282, Jalan Ampang
50450 Kuala Lumpur
Tel : 03-4253 5428 / 4253 5429
Fax : 03-4256 9566
BUKIT BINTANG SSC
G-Floor, Bgn Yayasan Selangor
Jalan Bukit Bintang
55100 Kuala Lumpur
Tel : 03-2142 8264 / 2148 9270
Fax : 03-2142 9525
BUKIT DAMANSARA SSC
G-Floor, Block C
Kompleks Pejabat Damansara
Jalan Semantan
Bukit Damansara
50490 Kuala Lumpur
Tel : 03-2095 3259 / 2095 3280
Fax : 2095 0142
162
GLENEAGLES PBC
Suite G-02
Gleneagles Intan Medical Centre
282, Jalan Ampang
50450 Kuala Lumpur
Tel : 03-4253 5428 / 4253 5429
Fax : 03-4256 9566
GOMBAK SSC
Lot 3799, Pasar Moden Batu 5
Jalan Gombak
53000 Kuala Lumpur
Tel : 03-4022 2130 / 4022 2180
Fax : 03-4022 1400
JALAN BUNUS SSC
105, Jalan Bunus
Off Jalan Masjid India
50100 Kuala Lumpur
Tel : 03-2692 9462 / 2691 1568
Fax : 03-2691 1768
JALAN IPOH SSC
AG 1, 2, 9 & 10
Ground Floor, Plaza Pekeliling
2, Jalan Tun Razak
50500 Kuala Lumpur
Tel : 03-4044 6411 / 4041 6049
Fax : 03-4041 5161
JALAN KELANG LAMA SSC
Lots 14330-3
Jalan Kelang Lama
58000 Kuala Lumpur
Tel : 03-7982 6414 / 7982 1558
Fax : 03-7981 3512
JALAN KENANGA SSC
42 - 44, Jalan Merlimau
Off Jalan Kenanga
55200 Kuala Lumpur
Tel : 03-9222 6431 / 9222 6430
Fax : 03-9223 3195
JALAN KUCHAI LAMA SSC
No. 51G, Jalan 5/11B
Enterpreneur’s Park
Off Jalan Kuchai Lama
58200 Kuala Lumpur
Tel : 03-7983 0023 / 7983 4836
Fax : 03-7980 0241
JALAN MAKTAB SSC
Ground Floor
Wisma FELDA
Jalan Perumahan Gurney
54000 Kuala Lumpur
Tel : 03-2698 0357 / 2698 0349
Fax : 03-2693 0552
JALAN P.RAMLEE SSC
Ground Floor
Jalan P. Ramlee
50250 Kuala Lumpur
Tel : 03-2143 0316 / 2143 0325
Fax : 03-2143 0319
JALAN PUDU SSC
418-24, Jalan Pudu
55100 Kuala Lumpur
P.O. Box 6226
Pudu Post Office
55720 Kuala Lumpur
Tel : 03-2142 3555 / 2141 4529
Fax : 03-2142 1673
JALAN RAJA LAUT SSC
G-Floor (Utara)
Wisma PKNS
Jalan Raja Laut Tambahan
50350 Kuala Lumpur
Tel : 03-2698 8853 / 2698 8315
Fax : 03-2691 7181
JALAN RAJA MUDA SSC
Grd Floor, Wisma Awal
171, Jalan Raja Muda
50300 Kuala Lumpur
Tel : 03-2691 7409 / 2698 9376
Fax : 03-2698 1615
JALAN SULTAN ISMAIL SSC
Level 1 & 2, Menara IMC
8, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2032 3366 / 2031 0722
Fax : 03-2032 2775
JALAN TUN H.S.LEE SSC
92, Ground Floor
Jalan Tun H.S.Lee
50000 Kuala Lumpur
Tel : 03-2031 3639 / 2078 7931
Fax : 03-2072 6798
JALAN TUANKU ABDUL RAHMAN
SSC
404-10
Jalan Tuanku Abdul Rahman
55100 Kuala Lumpur
Tel : 03-2691 9413 / 2698 2359
Fax : 03-2692 2219
JINJANG SSC
21, 23, 25 & 27
Jalan 2/32
Off 6 ½ Mile
Jalan Kepong
52000 Kuala Lumpur
Tel : 03-6257 1188 / 6250 1458
Fax : 03-6251 1089
KEPONG COMMERCIAL PARK
SSC
Ground 1st 2nd & 3rd Floors
No. 9 & 11
Jalan 2/33B MWE
Kepong Commercial Park
Batu 6 ½ , Jalan Kepong
52000 Kuala Lumpur
Tel : 03-6258 7100 / 6258 5521
Fax : 03-6258 5177
KOMPLEKS BANDAR SSC
103-107, Jalan Mega Mendong
Bandar Park
Jalan Kelang Lama
58000 Kuala Lumpur
Tel : 03-7982 3627 / 7982 3450
Fax : 03-7981 6496
KOMPLEKS PERNAS SOGO SSC
Level 2, Unit 49
Kompleks Pernas Sogo
190, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Tel : 03-2694 1303 / 2691 1300
Fax : 03-2694 1301
KOMPLEKS WILAYAH SSC
Lots UG20-UG22
Wilayah Complex
Jalan Dang Wangi
50100 Kuala Lumpur
Tel : 03-2691 5390 / 2691 3011
Fax : 03-2698 9951
KLCC SSC
Concourse Level
Petronas Twin Towers
KL City Centre
50088 Kuala Lumpur
Tel : 03-2026 7217 / 2026 8569
Fax : 03-2026 9329
KLCC (PBC)
Concourse Level
Petronas Twin Tower
Kuala Lumpur City Centre
50088 Kuala Lumpur
Tel : 03-2026 3013
Fax : 03-2026 2997
MENARA PERKESO SSC
Tingkat Bawah (Kanan)
Menara Perkeso
No. 281, Jalan Ampang
50538 Kuala Lumpur
Tel : 03-4251 5317 / 4251 5330
Fax : 03-4251 5361
MENARA PROMENADE SSC
Ground Floor
Menara Promenade
No. 189, Jalan Tun Razak
50450 Kuala Lumpur
Tel : 03-2166 3388 / 2168 2008
Fax : 03-2166 3355
MENARA PROMENADE PBC
Ground Floor
Menara Promenade
No. 189, Jalan Tun Razak
50450 Kuala Lumpur
Tel : 03-2160 2059
Fax : 03-2166 2662
MID-VALLEY CITY SSC
G(E) – 016, Ground Floor
Mid-Vally Megamall
Mid-Valley City
Linkaran Syed Putra
59200 Kuala Lumpur
Tel : 03-2282 0098 / 2282 8969
Fax : 03-2282 5353
PEKELILING SSC
Wisma Koperasi Tentera
Ground Floor
1, Jalan 2/65C
Off Jalan Pahang Barat
53000 Kuala Lumpur
Tel : 03-4022 1758 / 4024 2761
Fax : 03-4024 2635
SEGAMBUT SSC
27, Jalan Segambut Pusat
51200 Kuala Lumpur
Tel : 03-6257 1386 / 6257 1368
Fax : 03-6250 6750
SELAYANG SSC
175, Jalan 2/3A
Bandar Utara Selayang
Off km 12, Jalan Ipoh
68100 Batu Caves, Kuala Lumpur
Tel : 03-6138 8893 / 6138 8892
Fax : 03-6138 7067
SENTUL RAYA SSC
12 & 14, Jalan 14/48A
The Boulevard Shop Office
Off Jalan Sentul
50100 Kuala Lumpur
Tel : 03-4041 7720 / 4040 3120
Fax : 03-4041 2936
SETAPAK SSC
343, Jalan Pahang
53000 Kuala Lumpur
Tel : 03-4021 5311 / 4021 5237
Fax : 03-4021 5750
SUNGAI BESI SSC
Suite 163-0-14, Ground Floor
Wisma Mah Sing
163, Jalan Sungai Besi
57100 Kuala Lumpur
Tel : 03-9221 1442 / 9221 9841
Fax : 03-9221 9824
WISMA GENTING SSC
Ground & Mezzanine Floors
Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur
Tel : 03-2163 5051 / 2162 6024
Fax : 03-2161 6131
TAMAN MALURI SSC
No. 188, Jalan Mahkota
Taman Maluri
55100 Kuala Lumpur
Tel : 03-9281 2255
Fax : 03-9283 2555
WISMA GENTING PBC
Level 2, Wisma Genting
Jalan Sultan Sulaiman
50250 Kuala Lumpur
Tel : 03-2161 4822
Fax :03-2032 3668
TAMAN MIDAH SSC
102-6, Jalan Midah Satu
Taman Midah, Cheras
56000 Kuala Lumpur
Tel : 03-9132 7367 / 9131 1878
Fax : 03-9130 6414
WISMA HANGSAM SSC
Wisma Hangsam
1, Jalan Hang Lekir
50000 Kuala Lumpur
Tel : 03-2078 0532
Fax : 03-2013 5425
TAMAN SEGAR SSC
37, Jalan Manis Enam
Taman Segar
56100 Cheras
Kuala Lumpur
Tel : 03-9133 2403 / 9133 5705
Fax : 03-9131 8670
TAMAN SETIAWANGSA SSC
Lot No. 16860
Jalan 8/55A & 13/55A
Taman Setiawangsa
54200 Selangor
Tel : 03-4251 6722 / 4257 1334
Fax : 03-4251 7575
TAMAN SRI GOMBAK SSC
11-13, Jalan SG 3/14
Taman Sri Gombak
68100 Batu Caves
Selangor
Tel : 03-6187 9037 / 6187 9036
Fax : 03-6187 2545
WISMA SCA SSC
Ground Floor, Wisma SCA
3, Jalan Sungai Besi
57100 Kuala Lumpur
Tel : 03-9222 6414 / 9222 6406
Fax : 03-9222 0712
WISMA SIME DARBY SSC
Suite G1 & G1M, East Wing
Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
Tel : 03-2693 8743 / 2693 7129
Fax : 03-2692 5015
WISMA TAN KIM SAN SSC
518A, Jalan Ipoh
51200 Kuala Lumpur
Tel : 03-4042 8030 / 4042 5828
Fax : 03-4042 3112
TAMAN TUN DR. ISMAIL (TTDI)
SSC
2, Lorong Rahim Kajai 14
Taman Tun Dr. Ismail
60000 Kuala Lumpur
Tel : 03-7727 3051 / 7729 3671
Fax : 03-7729 2770
TAMAN TUN DR. ISMAIL (TTDI)
PBC
1st Floor, No. 2
Lorong Rahim Kajai 14
Taman Tun Dr. Ismail
60000 Kuala Lumpur
Tel : 03-7728 1834 / 7728 1204
Fax : 03-7728 1204
163
SELANGOR
PETALING JAYA MAIN SSC
50-52, Jalan Sultan 52/4
46200 Petaling Jaya, Selangor
P O Box 270 Jalan Sultan
Petaling Jaya
Selangor
Tel : 03-7958 1490 / 7958 1343
Fax : 03-7957 2980
BALAKONG SSC
15 & 16, Seksyen 3
Pekan Batu 11, Cheras
Jalan Balakong
43200 Cheras
Selangor
Tel : 03-9075 4773 / 9074 5408
Fax : 03-9075 4776
BANDAR AMPANG SSC
20G-28G, Jalan Wawasan 4/5
Bandar Baru Ampang
68000 Ampang
Selangor
Tel : 03-4270 1936 / 4270 1931
Fax : 03-4270 1937
INTAN MILLENNIUM PBC
Suite 1.01 & 2.01
Intan Millennium Square
68 Jalan Batai Laut 4
Taman Intan
41300 Klang
Selangor
Tel : 03-3345 3570
Fax : 03-3341 8266
JALAN GOPENG, KLANG SSC
12, Jalan Gopeng
41400 Klang
Selangor
Tel : 03-3343 9500 / 3343 9508
Fax : 03-33439503
JALAN TEMOH, KLANG SSC
9 & 11, Jalan Temoh
Off Jalan Goh Hock Huat
41400 Klang
Selangor
Tel : 03-3342 4937 / 3344 3645
Fax : 03-3342 5618
KEPONG SSC
8-10, Jalan 53 Desa Jaya
52100 Kepong
Selangor
Tel : 03-6274 8276 / 6276 0001
Fax : 03-03-6276 1099
PJ NEW TOWN SSC
22, Jalan Yong Shook Lin
46200 Petaling Jaya
Selangor
Tel : 03-7958 8570 / 7958 8575
Fax : 03-7958 8571
KLANG SSC
14-22, Jalan Kepayang
Off Jalan Meru
41050 Klang
Selangor
Tel : 03-3342 6434 / 3343 2060
Fax : 03-3341 4143
PJ NEW TOWN PBC
22, Jalan Yong Shook Lin
46200 Petaling Jaya
Selangor
Tel : 03-7958 8570
Fax : 03-7958 8571
KUALA KUBU BAHRU SSC
45 & 46, Jalan Maxwell
44000 Kuala Kubu Bahru
Selangor
Tel : 03-6064 5160 / 6064 1276
Fax : 03-6064 2536
JALAN YONG SHOOK LIN SSC
Grd, Floor, Wisma IJM
Jalan Yong Shook Lin
46200 Petaling Jaya
Selangor
Tel : 03-7956 9181 / 7620 0026
Fax : 03-7957 3886
KLIA SSC
Unit 1A & 1B Block E
Jalan KLIA S3
Southern Common
Amenities Facility
K.L.I.A. (Selatan)
64000 KLIA
Selangor
Tel : 03-8787 2036 / 8787 3008
Fax : 03-8787 3009
JALAN 222 SSC
11, Jalan 51A/222
46100 Petaling Jaya
Selangor
Tel : 03-7957 3815 / 7957 0590
Fax : 03-7956 2860
KUALA SELANGOR S/C
11 & 13, Jalan Raja Jalil
45000 Kuala Selangor
Selangor
Tel : 03-3289 7200 / 3289 1754
Fax : 03-3289 3709
DAMANSARA UTAMA SSC
62-66, Jalan SS21/35
Damansara Utama
47400 Petaling Jaya
Tel : 03-7726 8411 / 7726 7366
Fax : 03-7722 2784
KAJANG SSC
Ground & Mezzanine Floor
28-30, Jalan Tukang
43000 Kajang
Selangor
Tel : 03-8737 6290 / 8736 4611
Fax : 03-8736 4009
PANDAMARAN SSC
188 & 190, Jalan Batu Unjur 1
Bayu Perdana
41200 Klang
Selangor
Tel : 03-3323 0669 / 3323 0179
Fax : 03-3323 0710
GENTING HIGHLANDS SSC
2nd Floor, Genting Hotel Building
Pejabat Pos Genting Highlands
Genting Highlands
Selangor-Pahang Border
69000 Genting Highlands
Tel : 03-6101 3236 / 6101 2433
Fax : 03-6101 1242
KAPAR SSC
Sub-lots 157 & 158
Jalan Besar, Pekan Kapar
42200 Kapar
Selangor
Tel : 03-3259 1670 / 3250 8812
Fax : 03-3250 0546
INTAN MILLENNIUM SSC
Suite 1.01 & 2.01
Intan Millennium Square
68 Jalan Batai Laut 4
Taman Intan
41300 Klang
Selangor
Tel : 03-3345 3534 / 3345 3529
Fax : 03-3341 5959
KELANA JAYA VIEW PARK S/C
115-117, Block E
Kelana Park View
Kelana Jaya
47301 Petaling Jaya
Selangor
Tel : 03-7804 2624 / 7804 2264
Fax : 03-7804 3354
PANDAN INDAH SSC
L1-03, L1-06, L2-03
Level 1 & 2,
Menara Maxisegar,
Jalan Pandan Indah 4/2
Pandan Indah
55100 Kuala Lumpur
Tel : 03-4297 4844 / 4297 4846
Fax : 03-4297 4842
BANDAR BARU SELAYANG SSC
77, Jalan 2/16
Bandar Baru Selayang
68100 Batu Caves, Selangor
Tel : 03-6138 6291 / 6138 6448
Fax : 03-6138 9058
BANTING SSC
No. 416, 418 & 420
Jalan Jugra
42700 Banting
Selangor
Tel : 03-3181 2585 / 3187 1329
Fax : 03-3187 1433
164
PANDAN JAYA SSC
16 & 16A, Jalan Pandan 3/6A
Taman Pandan Jaya
55100 Kuala Lumpur
Tel : 03-9286 1908 / 9286 1909
Fax : 03- 9282 2019
PORT KLANG SSC
60-64, Persiaran Raja Muda Musa
42000 Port Klang
Selangor
Tel : 03-3165 2611 / 3168 2626
Fax : 03-3167 3425
PUCHONG JAYA SSC
No.7, Jalan Kenari 1
Bandar Puchong Jaya
47100 Puchong
Selangor
Tel : 03-5882 0275 / 5882 0270
Fax : 03-5882 0276
PUTRAJAYA SSC
Aras 1, Block C 7
Parcel C, Pusat Pentadbiran
Kerajaan Persekutuan
62502 Putrajaya
Selangor
Tel : 03-8888 0366 / 8889 5182
Fax : 03-8888 0308
PUTRA INDAH SSC
G-M Floor, Wisma SSP
1, Jalan SR 8/3, Serdang Jaya
Section 8
43300 Seri Kembangan
Selangor
Tel : 03-8948 8237 / 8945 1079
Fax : 03-8948 3293
RAWANG SSC
17, Jalan Bandar Rawang 2
Bandar Baru Rawang
48000 Rawang
Selangor
Tel : 03-6091 9092 / 6091 6729
Fax : 03-6091 6820
SEA PARK SSC
1, Jalan 21/11A, SEA Park
46300 Petaling Jaya
P.O. Box 235
Jalan Sultan Pos Office
46200 Petaling Jaya
Selangor
Tel : 03-7876 3823 / 7876 3994
Fax : 03-7875 2064
SECTION 18, SHAH ALAM SSC
44, 46 & 48
Jalan Pinang C 18/C
Seksyen 18
40200 Shah Alam
Selangor
Tel : 03-5542 2566 / 5542 1536
Fax : 03-5542 1534
SECTION 20, SHAH ALAM SSC
No. 19 & 21
Jalan Singa C 20/C
Seksyen 20
40000 Shah Alam
Selangor
Tel : 03-5032 0828 / 5032 0829
Fax : 03-5032 0088
SEKINCHAN SSC
82-83, Jalan Ria
45400 Sekinchan
Selangor
Tel : 03-3241 1869 / 3241 0351
Fax : 03-3241 0559
SELAYANG UTAMA SSC
1, Jalan SU 10
Taman Selayang Utama
58100 Selayang
Selangor
Tel : 03-6138 0877 / 6137 3059
Fax : 03-6138 8831
SEMENYIH SSC
1 & 2, Taman Semenyih
43500 Semenyih
Selangor
Tel : 03-8723 8613 / 8723 8612
Fax : 03-8723 9179
SHAH ALAM SSC
10, Persiaran Perbandaran
Section 14
40000 Shah Alam
Selangor
P O Box 7109
40702 Shah Alam
Selangor
Tel : 03-5519 1155 / 5519 2339
Fax : 03-5510 3005
SHAH ALAM PBC
Level 4, Bangunan Maybank
10, Persiaran Perbandaran
Section 14, 40000 Shah Alam
Selangor, P O Box 7109
40702 Shah Alam
Selangor
Tel : 03-5512 4587
Fax : 03-5512 4586
SS2, SSC
8&10, Jalan SS2/63
47300 Petaling Jaya
Selangor
Tel : 03-7877 3324 / 7877 5493
Fax : 03-7877 5291
TAMAN PUTRA SSC
9&11, Jalan Bunga Tanjung 9C
Taman Putra
68000 Ampang
Selangor
Tel : 03-4297 0875 / 4291 0407
Fax : 03-4291 6672
SS2, SSC
58, 60, 62 & 64
Jalan SS2/67
47300 Petaling Jaya
Selangor
Tel : 03-7876 7790 / 7876 7662
Fax : 03-7876 4399
TAMAN SRI SERDANG SSC
Lots 231-233, Jalan 18/23
Taman Sri Serdang
43300 Seri Kembangan
Selangor
Tel : 03-8942 6190 / 8943 9867
Fax : 03-8948 0777
SS2, PBC
58,60,62 & 64
Jalan SS2/67
47300 Petaling Jaya
Selangor
Tel : 03-7894 9645
Fax : 03-7874 1705
TTDI JAYA SSC
3 & 5, Jalan 1/4 Section U2
TTDI Jaya
40000 Shah Alam
Selangor
Tel :03-7847 2235 / 7847 2236
Fax : 03-7847 2242
SUBANG JAYA SSC
C8, C9 & C10, Jalan SS15/4D
Subang Jaya
47500 Petaling Jaya
Selangor
Tel : 03-5633 9022 / 5638 1759
Fax : 03-5634 1918
TANJUNG KARANG SSC
18-20, Jalan Besar
45500 Tanjong Karang
Selangor
Tel : 03-3269 8037 / 3269 5886
Fax : 03-3269 5840
SULTAN ABDUL AZIZ
SHAH AIRPORT SSC
Grd-Floor, Kompleks FIMA
AIRTEL, Subang International
Airport
47200 Petaling Jaya
Selangor
Tel : 03-7846 1445 / 7846 4316
Fax : 03-7846 2566
TECHNOLOGY PARK MALAYSIA
SSC
Lot No. G-1 & G-2
Ground Floor
Support Service Building
Technology Park Malaysia
Lebuhraya Puchong – Sg Besi
Bukit Jalil
57000 Kuala Lumpur
Tel : 03-8966 1069 / 8966 1073
Fax : 03-8966 1076
SUNGAI BESAR SSC
30E & 32E, Jalan Mahsuri
45300 Sungai Besar
Selangor
Tel : 03-3224 6928 / 3324 6504
Fax : 03-3224 1199
USJ SUBANG SSC
57, 59 & 61, Jalan USJ 9/5S
UEP Subang Jaya
47620 Petaling Jaya
Selangor
Tel : 03-8024 2850 / 8024 4904
Fax : 03-8024 1250
TAMAN BUKIT EMAS SSC
93 & 95, Jalan SS25/2
Taman Bukit Emas
47301 Petaling Jaya
Selangor
Tel : 03-7803 1402 / 7880 4736
Fax : 03-7803 6169
UEP SUBANG JAYA SSC
66, Jalan USJ 10/1B
UEP Subang Jaya
47620 Subang Jaya
Selangor
Tel : 03-5632 8730 / 5631 0494
Fax : 03-5635 0881
TAMAN MELAWATI SSC
209-10, Jalan Negara 2
Taman Melawati
53100 Kuala Lumpur
Tel : 03-4105 6292 / 4107 8473
Fax :03-4108 2260
UEP SUBANG JAYA PBC
66, Jalan USJ 10/1B
UEP Subang Jaya
47620 Subang Jaya
Selangor
Tel : 03-5634 8883
Fax : 03-5634 7701
NEGERI SEMBILAN
BAHAU SSC
58-60, Jalan Besar
72100 Bahau
Negeri Sembilan
Tel : 06-454 1137 / 454 1631
Fax : 06-454 4927
BANDAR SEREMBAN SSC
88, Jalan Dato’ Bandar Tunggal
70000 Seremban
Negeri Sembilan
Tel : 06-762 5821 / 764 9059
Fax : 06-7764 9061
GEMAS S/C
4 & 5, Jalan Tampin
73400 Gemas
Negeri Sembilan
Tel : 07-948 5375 / 948 2776
Fax : 07-948 2752
KUALA KLAWANG SSC
121, Jalan Keyser
Wisma UMNO
Jalan Dato’ Moyang Salleh
71600 Kuala Klawang
Negeri Sembilan
Tel : 06-613 6344 / 613 6419
Fax : 06-613 7660
KUALA PILAH SSC
95-6, Jalan Dato’ Undang Johol
72000 Kuala Pilah
Negeri Sembilan
Tel : 06-484 1873 / 481 1128
Fax : 06-481 5906
MANTIN SSC
1, Jalan Besar, Kawasan Hijau
71700 Mantin
Negeri Sembilan
Tel : 06-758 1266 / 758 4641
Fax : 06-758 3160
NILAI SSC
Pt 4768 & 4769
Jalan TS 1/19
Taman Semarak
71800 Nilai
Negeri Sembilan
Tel : 06-799 4172 / 799 1354
Fax : 06-799 3314
PORT DICKSON SSC
409, Jalan Baru
71000 Port Dickson
Negeri Sembilan
Tel : 06-647 1172 / 647 1060
Fax : 06-647 5380
165
RAHANG SSC
74, Jalan Tuanku Antah
70100 Seremban
Negeri Sembilan
Tel : 06-763 7080 / 761 1500
Fax : 06-763 3052
SENAWANG S/C
No 19-21, Lorong Sri Mawar
12/1 Taman Sri Mawar
70450 Seremban
Negeri Sembilan
Tel : 06-679 4330 / 679 4327
Fax : 06-679 4329
SEREMBAN SSC
166-169
Jalan Dato’ Bandar Tunggal
70000 Seremban
Negeri Sembilan
Tel : 06-763 3341 / 762 5242
Fax : 06-763 3340
PERAK
IPOH MAIN SSC
Bangunan Mayban Trust
28, Jalan Tun Sambanthan
30000 Ipoh
Perak
P.O. Box 450, 30912 Ipoh
Tel : 05-243 1287 / 241 5188
Fax : 05-253 7262
BAGAN SERAI SSC
100, Jalan Besar
34300 Bagan Serai
Perak
Tel : 05-721 2714 / 721 1262
Fax : 05-721 1252
BATU GAJAH SSC
Lot 1&2, Jalan Pejabat Pos
31000 Batu Gajah
Perak
Tel : 05-3662 285 / 3661 445
Fax : 05-3662 888
BERCHAM S/C
PT 110068 & 110069
Jalan Bercham
31400 Ipoh
Perak
Tel : 05-545 4288 / 545 4188
Fax : 05-545 7388
BIDOR SSC
16-17, Jalan Persatuan
35500 Bidor
Perak
Tel : 05-434 0036 / 434 1500
Fax : 05-434 3752
CAMERON HIGHLANDS SSC
69-70, Persiaran Camelia 4
39000 Tanah Rata
Perak
Tel : 05-491 4546 / 491 4769
Fax : 05-491 2560
GRIK SSC
Ground Floor, UMNO Building
Jalan Sultan Iskandar
33300 Grik
Perak
Tel : 05-791 1125 / 791 1278
Fax : 05-791 2778
IPOH GARDEN SSC
112, Jalan Canning Estate
Ipoh Garden
31400 Ipoh
Perak
Tel : 05-547 4561 / 547 4642
Fax : 05-547 9813
166
JALAN SULTAN IDRIS SHAH SSC
Ground Floor, 194-206
Jalan Sultan Idris
30000 Ipoh
Perak
Tel : 05-241 4904 / 253 5552
Fax : 05-253 9549
JALAN SULTAN IDRIS SHAH PBC
Level 2, 194-206
Jalan Sultan Idris
30000 Ipoh
Perak
Tel : 05-243 0528
Fax : 05-243 0873
JELAPANG SSC
277-281, Jalan Silibin
30100 Ipoh
Perak
Tel : 05-528 6196 / 527 3897
Fax : 05-526 6287
KAMPAR SSC
154-156, Jalan Gopeng
31900 Kampar
Perak
Tel : 05-465 1900 / 466 5088
Fax : 05-465 3272
KAMUNTING SSC
396 & 398, Taman Saujana
Jalan Kamunting
34600 Kamunting
Perak
Tel : 05-805 7787 / 808 9884
Fax : 05-806 9881
KUALA KANGSAR SSC
68-70, Jalan Raja Bendahara
Fasa II Bandar Baru
33000 Kuala Kangsar
Perak
Tel : 05-766 7181 / 776 2893
Fax : 05-776 5342
LUMUT SSC
No 1 Jalan Sultan Idris Shah
32200 Lumut
Perak
Tel : 05-683 2536 / 692 0601
Fax : 05-683 5825
MALIM NAWAR S/C
26A, Jalan Besar
31700 Malim Nawar
Perak
Tel : 05-477 4580 / 477 4581
Fax : 05-477 4648
MENGLEMBU SSC
Jalan Tranchell
31450 Ipoh
Perak
Tel : 05-282 0196 / 282 2076
Fax : 05-281 5602
PANTAI REMIS SSC
Lots 2725-6, Jalan Besar
34900 Pantai Remis
Perak
Tel : 05-677 2601 / 677 1446
Fax : 05-677 1127
PASIR PUTIH SSC
191-193, Jalan Pasir Putih
31650 Ipoh
Perak
Tel : 05-254 1303 / 242 6739
Fax : 05-255 3737
PUSAT PERDAGANGAN
GREENTOWN, IPOH SSC
2,4 & 6, Persiaran Greentown 1
Pusat Perdagangan Greentown
30450 Ipoh
Perak
Tel : 05-254 1355 / 254 1362
Fax : 05-253 8768
SITIAWAN SSC
2, 3 & 3A
Taman Sitiawan Maju II
Jalan Lumut
32000 Sitiawan
Perak
Tel : 05-692 5384 / 692 5368
Fax : 05-692 5385
SUNGAI SIPUT SSC
Jalan Besar
31100 Sungai Siput
Perak
Tel : 05-597 2841 / 597 5821
Fax : 05-598 2188
TAIPING SSC
16, Jalan Panggung Wayang
34000 Taiping
Perak
Tel : 05-807 2660 / 805 6598
Fax : 05-805 1540
TANJONG MALIM SSC
Jalan Chong Ah Peng
35900 Tanjong Malim
Perak
Tel : 05-485 1584 / 459 0092
Fax : 05-459 6758
TAPAH SSC
Jalan Besar,
35000 Tapah
Perak
Tel : 05-403 4101 / 403 4103
Fax : 05-401 3016
TELUK INTAN SSC
Medan Mahkota
Jalan Ah Cheng
36000 Teluk Intan
Perak
Tel : 05-625 1105 / 625 1108
Fax : 05-625 1107
JOHOR
JOHOR BHARU MAIN SSC
Lot 1-22, Level 1, 2 & 3
Johor Bharu City Square
106-108, Jalan Wong Ah Fook
80000 Johor Bharu
Johor
Tel : 07-223 4158 / 228 2411
Fax : 07-224 4978
JOHOR BHARU MAIN PBC
Level 3, Lot M1-22
Johor Bharu City Square
106-108, Jalan Wong Ah Fook
80000 Johor Bharu
Johor
Tel : 07-226 2800
Fax : 07-226 2807
BANDAR BARU PERMAS JAYA
SSC
No. 51 & 53
Jalan Permas Jaya 4/4
Bandar Baru Permas Jaya
81750 Masai
Johor
Tel : 07-388 1048 / 388 1208
Fax : 07-386 1203
BANDAR TENGGARA S/C
1B, Jalan Tun Abdul Jalil
Pusat Bandar, Bandar Tenggara
81000 Kulai
Johor
Tel : 07-896 1332 / 896 1324
Fax : 07-896 1354
BANGUNAN MCA,
JOHOR BHARU SSC
Jalan Segget
80000 Johor Bahru
Johor
Tel : 07-224 4930 / 223 0067
Fax : 07-224 2535
BATU PAHAT SSC
32-4, Jalan Rahmat
83000 Batu Pahat
Johor
Tel : 07-431 7119 / 434 1441
Fax : 07-431 2777
JALAN LARKIN SSC
113-5, Jalan Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Tel : 07-238 3626 / 238 9604
Fax : 07-236 0659
JALAN TEBRAU SSC
69-75, Jalan Meranti Merah
Kebun Teh
80250 Johor Bahru
Johor
Tel : 332 7960 / 333 2989
Fax : 07-331 8334
JALAN ZABEDAH
BATU PAHAT SSC
84, Jalan Rahmat
83000 Batu Pahat
Johor
Tel : 07-431 6844 / 431 6822
Fax : 07-431 8555
KLUANG SSC
30-24, Jalan Dato’ Haji Hassan
86000 Kluang
Johor
Tel : 07-771 6228 / 772 9915
Fax : 07-772 3321
KOTA TINGGI SSC
18 & 19, Jalan Niaga Satu
Pusat Perdagangan
81900 Kota Tinggi
Johor
Tel : 07-883 2112 / 883 3268
Fax : 07-883 2868
KULAI SSC
146-7, Jalan Raya
81000 Kulai
Johor
Tel : 07-663 4372 / 663 1252
Fax : 07-663 8466
LABIS SSC
No 7/1, 7/2 & 7/3
Jalan Yong Peng
85300 Labis
Johor
Tel : 07-925 2022 / 925 1621
Fax : 07-925 5133
LAYANG LAYANG SSC
No. 1 & 3, Jalan Sutera 1
Taman Mewah
81850 Layang-layang
Johor
Tel : 07-752 6485 / 771 6185
Fax : 07-752 6491
MASAI SSC
66-7, Jalan Besar
81750 Masai
Johor
Tel : 07-251 1966 / 251 5411
Fax : 07-251 9858
MERSING SSC
22-4, Jalan Ismail
86800 Mersing
Johor
Tel : 07-799 1242 / 799 1611
Fax : 07-799 1187
MUAR SSC
104, Jalan Abdullah
80400 Muar
Johor
Tel : 06-954 0459 / 953 4036
Fax : 06-952 3550
PALOH SSC
2, Jalan Temenggong
86600 Paloh
Johor
Tel : 07-781 2766 / 781 2767
Fax : 07-781 2737
PASIR GUDANG SSC
14, Pusat Perdagangan
Jalan Bandar
81700 Pasir Gudang
Johor
Tel : 07-251 4778 / 251 4698
Fax : 07-251 1820
PEKAN NENAS SSC
3-4, Jalan Johor
81500 Pekan Nenas
Johor
Tel : 07-699 1049 / 699 2700
Fax : 07-699 1773
PONTIAN KECHIL SSC
704-706, Jalan Alsagolf
Pontian Kechil
82000 Pontian
Johor
Tel : 07-687 7028 / 687 1271
Fax : 07-687 0957
RENGIT SSC
Lot 10, Jalan Muhibbah
83100 Rengit
Johor
Tel : 07-424 1320 / 424 1322
Fax : 07-424 1677
SEGAMAT SSC
UMNO Building
Jalan Awang
85000 Segamat
Johor
Tel : 07-931 0521 / 931 7782
Fax : 07-931 5112
SIMPANG RENGGAM SSC
1-2, Jalan Kijang
Taman Mohd Yassin
86200 Simpang Renggam
Johor
Tel : 07-755 3855 / 755 6499
Fax : 07-755 0749
SKUDAI SSC
18-20, Jalan Perwira 17
Taman Ungku Tun Aminah
81300 Skudai
Johor
Tel : 07-558 1251 / 556 3944
Fax : 07-556 0171
SUNGAI RENGIT S/C
7, Jalan Pasar
Sungai Rengit
81620 Pengerang
Johor
Tel : 07-826 3030 / 826 3466
Fax : 07-826 3161
TAMAN BUKIT PASIR, SSC
2, Jalan Kundang 3
Taman Bukit Pasir
83000 Batu Pahat
Johor
Tel : 07-433 4845 / 433 4846
Fax : 07-433 3988
TAMAN JOHOR JAYA SSC
85-87, Jalan Dedap 6
Taman Johor Jaya
81100 Johor Bahru
Johor
Tel : 07-358 5100 / 355 2875
Fax : 07-354 5657
TAMAN MELODIES SSC
111/111A, Jalan Meranti Merah
Taman Melodies
80250 Johor Bahru
Johor
Tel : 07-331 5312 / 331 5313
Fax : 07-338 2195
TAMAN MELODIES PBC
111/111A, Jalan Meranti Merah
Taman Melodies
80250 Johor Bahru
Johor
Tel : 07-333 0200
Fax : 07-335 0687
TAMAN PELANGI SSC
10 & 12, Jalan Pingai
Taman Pelangi
80400 Johor Bharu
Johor
Tel : 07-335 4735 / 331 5784
Fax : 07-334 7267
TAMAN UNIVERSITI S/C
No. 1, Kebudayaan 4
Taman University
81300 Skudai
Johor
Tel : 07-521 4560 / 521 4561
Fax : 07-521 4562
TAMPOI SSC
59, Jalan Sri Bahagia Lima
Taman Seri Bahagia,
Tampoi, 81250 Johor Bahru
Johor
Tel : 07-237 3539 / 237 3408
Fax : 07-237 1825
TANGKAK SSC
10-11, Jalan Muar,
84900 Tangkak
Johor
Tel : 06-978 1269 / 978 3341
Fax : 06-978 4968
YONG PENG SSC
216 & 218, Jalan Besar
Taman Sembrong Baru
83700 Yong Peng
Johor
Tel : 07-467 5809 / 467 5807
Fax : 07-467 2455
167
MELAKA
PENANG
MELAKA MAIN SSC
114 & 114A, Graha Peladang
Jalan Hang Tuah
75300 Melaka
Tel : 06-282 4828 / 282 2214
Fax : 06-283 8126
PENANG MAIN OFFICE SSC
9, Lebuh Union
10200 Penang
Tel : 04-262 3278 / 261 2067
Fax : 04-262 8162
ALOR GAJAH SSC
4772-AG, Jalan Simpang Empat
78000 Alor Gajah
Melaka
Tel : 06-556 9106 / 556 4245
Fax : 06-556 1742
JALAN MUNSHI ABDULLAH SSC
171-175, Jalan Munshi Abdullah
75000 Melaka
Tel : 06-286 3394 / 292 5785
Fax : 06-284 0652
PLAZA MELAKA SSC
537-539, Plaza Melaka
Jalan Gajah Berang
75200 Melaka
Tel : 06-283 7002 / 283 7003
Fax : 06-283 7004
TAMAN MALIM JAYA SSC
138 – 142, Jalan Suria 2
Taman Malim Jaya
75250 Melaka
Tel : 06-334 1559 / 335 2606
Fax : 06-334 1578
TAMAN MELAKA RAYA SSC
213, Jalan Melaka Raya Satu
Taman Melaka Raya
75000 Melaka
Tel : 06-281 2266 / 281 7766
Fax : 06-281 1166
PENANG MAIN OFFICE PBC
9, Lebuh Union
10200 Penang
Tel : 04-261 5000
Fax : 04-263 5050
BAYAN LEPAS SSC
8K-8L, Jalan Tun Dr. Awang
11900 Bayan Lepas
Penang
Tel : 04-643 7727 / 643 7726
Fax : 04-644 8068
BUKIT MERTAJAM
(BANDAR PERDA) SSC
No. 447, 448 & 449
Jalan Pematang Rawa
Bandar Perda
14000 Bukit Mertajam
Penang
Tel : 04-621 2777 / 621 2838
Fax : 04-621 2188
BURMA HOUSE PENANG PBC
405-G-1, Burmah House
Burmah Road
10350 Penang
Tel : 04-229 3377 / 229 5151
Fax : 04-229 7616
BUTTERWORTH SSC
4277, Bagan Luar Road
12000 Butterworth
Penang
Tel : 04-323 3085 / 323 3087
Fax : 04-331 0715
CAMPBELL STREET S/C
No. 50, Campbell Street
10100 Penang
Tel : 04-261 3698 / 261 3803
Fax : 04-263 0168
DATO KRAMAT SSC
647-9, Jalan Dato Kramat
10460 Penang
Tel : 04-226 2627 / 226 2936
Fax : 04-228 4484
168
GELUGOR SSC
345-H, Bangunan Kelab Gelugor
Jalan Sultan Azlan Shah
11700 Gelugor
Penang
Tel : 04-657 5729 / 659 1308
Fax : 04-658 2797
GREENLANE SSC
10, Jalan Masjid Negeri
11600 Georgetown
Penang
Tel : 04-829 2299 / 826 1027
Fax : 04-829 9955
JELUTONG SSC
552-556, Jalan Jelutong
11600 Penang
Tel : 04-657 3477 / 657 3400
Fax : 04-658 8572
KAMPUNG BAHRU SSC
38-C, D & E, Jalan Air Itam
11500 Penang
Tel : 04-828 4728 / 828 4931
Fax : 04-829 9598
MENARA PSCI SSC
Unit 1.01, Menara PSCI
39, Jalan Sultan Ahmad Shah
10050 Georgetown
Penang
Tel : 04-229 9313
Fax : 04-229 3099
NIBONG TEBAL SSC
3615-6, Jalan Che Ahmad
Bandar Nibong Tebal
14300 Nibong Tebal
Penang
Tel : 04-593 9482 / 593 1303
Fax : 04-593 3840
PENANG ROAD SSC
1, Arked Ria Satu
10000 Komtar
Penang
Tel : 04-264 5105 / 262 0723
Fax : 04-262 4654
PENGKALAN WELD SSC
216-222, Weld Quay
Macallum Street Ghuat
10300 Penang
Tel : 04-261 8067 / 261 8158
Fax : 04-263 4920
PRAI INDUSTRIAL ESTATE SSC
No. 2741, 2742 & 2743
Jalan Chain Ferry
Taman Inderawasih
13600 Prai
Penang
Tel : 04-339 2749 / 399 2968
Fax : 04-390 4451
PULAU TIKUS SSC
Grd. Floor, Canton Square
56, Cantonment Road
10250 Penang
Tel : 04-226 2270 / 226 2476
Fax : 04-227 2530
SIMPANG AMPAT SSC
1637 & 1638
Jalan Bukit Tambun
Simpang Ampat
14100 Seberang Perai Selatan
Penang
Tel : 04-588 3582
Fax : 04-588 3586
TAMAN SELAT, BUTTERWORTH
SSC
17-19, Jalan Selat
Taman Selat
12000 Butterworth
Penang
Tel : 04-332 1176 / 332 1178
Fax : 04-332 1055
TANJUNG BUNGAH SSC
1-H, Jalan Sungai Kelian
Tanjung Bungah
11200 Penang
Tel : 04-899 1277 / 899 3513
Fax : 04-890 3074
KEDAH
ALOR SETAR SSC
1535, Jalan Sultan Badlishah
05000 Alor Star
Kedah
Tel : 04-731 6935 / 731 5323
Fax : 04-733 1550
BALING SSC
63-D, Jalan Badlishah
09100 Baling
Kedah
Tel : 04-470 1257 / 470 1676
Fax : 04-470 2363
BEDONG SSC
64 & 65, Jalan Market
08100 Bedong
Kedah
Tel : 04-458 3068
Fax : 04-458 3486
JITRA SSC
175 & 176, Jalan PJ 7
Pekan Jitra 2
06000 Jitra
Kedah
Tel : 04-916 2248 / 917 1237
Fax : 04-917 3646
KULIM HI-TECH PARK SSC
Suite B-2, Ground Floor
KHTP Business Centre
Kulim Hi-Tech Park
09000 Kulim
Kedah
Tel : 04-403 3986 / 403 3687
Fax : 04-403 3682
KULIM SSC
254, Jalan Tunku Putra
09000 Kulim
Kedah
Tel : 04-490 5785 / 490 6494
Fax : 04-490 1755
MERGONG SSC
105A & B
Seberang Jalan Putra
05150 Alor Star
Kedah
Tel : 04-732 8072 / 733 7222
Fax : 04-733 8948
PEKAN MELAYU S/C
728-9, Jalan Seberang Perak
05400 Alor Star
Kedah
Tel : 04-771 8875 / 772 3337
Fax : 04-771 4740
PULAU LANGKAWI SSC
5-11, Jalan Pandak Mayah 1
Pusat Bandar Kuah
07000 Langkawi
Kedah
Tel : 04-966 6208 / 966 1195
Fax : 04-966 7488
SUNGAI PETANI SSC
G27, Ground Floor
Central Square Complex
23, Jalan Kampung Baru
08000 Sungai Petani
Kedah
Tel : 04-421 2511 / 421 2512
Fax : 04-421 6191
TAMAN RIA JAYA SSC
138 & 139
Jalan Kelab Cinta Sayang
Taman Ria Jaya,
08000 Sungai Petani
Kedah
Tel : 04-441 3358 / 441 2992
Fax : 04-441 3934
PERLIS
KANGAR SSC
Upper Grd, Floor. Menara KWSP
Jalan Bukit Lagi
01000 Kangar
Perlis
Tel : 04-976 4846 / 976 3419
Fax : 04-976 4834
PAHANG
JALAN BESERAH SSC
B320-322,
Taman Beserah Ria
Jalan Beserah
25300 Kuantan
Pahang
Tel : 09-560 1162 / 560 1163
Fax : 09-566 2070
KELANTAN
GUA MUSANG SSC
45, Jalan Besar
18300 Gua Musang
Kelantan
Tel : 09-912 1591 / 912 4200
Fax : 09-912 1232
KUALA LIPIS SSC
92A & 92B, Jalan Besar
27200 Kuala Lipis
Pahang
Tel : 09-312 1146 / 312 6100
Fax : 09-312 1026
KOTA BAHRU SSC
3880-E, Jalan Mahmood
15200 Kota Bharu
P.O. Box 108
15710 Kota Bharu
Kelantan
Tel : 09-747 4159 / 748 2739
Fax : 09-748 5008
KUALA ROMPIN SSC
1-2, Bandar Baru,
26800 Kuala Rompin
Pahang
Tel : 09-414 5588 / 414 5251
Fax : 09-414 5367
KUALA KRAI SSC
Lots 1526-9
Jalan Tengku Zainal Abidin
18000 Kuala Krai
Kelantan
Tel : 09-966 6335 / 966 6045
Fax : 09-966 3893
MENTAKAB SSC
1, Jalan Haji Kassim
28409 Mentakab
Pahang
Tel : 09-277 1151 / 277 1152
Fax : 09-277 2177
TANAH MERAH SSC
G-Floor, UMNO Building
17500 Tanah Merah
Kelantan
Tel : 09-955 6190 / 955 6189
Fax : 09-955 6188
MUADZAM SHAH SSC
MM 55–59
Jalan Persiaran Dara
Medan Mewah
26700 Muadzam Shah
Pahang
Tel : 09-452 2089 / 452 2345
Fax : 09-452 2745
WAKAF SIKU SSC
5493D &E
Jalan Sultan Yahya Petra
15200 Kota Bharu
Kelantan
Tel : 09-747 2826 / 748 5626
Fax : 09-748 7436
KUANTAN MAIN SSC
UMNO Building
1, Jalan Hj Abdul Aziz
25000 Kuantan
Pahang
Tel : 09-512 1196 / 512 1173
Fax : 09-514 1622
TEMERLOH SSC
A-73, Jalan Ahmad Shah
28000 Temerloh
Pahang
Tel : 09-296 1797 / 296 1707
Fax : 09-296 4643
BENTONG SSC
117-8, Jalan Loke Yew
28700 Bentong
Pahang
Tel : 09-222 4594 / 222 6340
Fax : 09-222 5026
TRIANG SSC
6-7, Jalan Bandar
28300 Triang
Pahang
Tel : 09-255 7936 / 255 5422
Fax : 09-255 3121
BUKIT UBI SSC
61-65, Jalan Tun Ismail
25000 Kuantan
Pahang
Tel : 09-517 9673 / 517 9674
Fax : 09-515 7462
169
TERENGGANU
CAWANGAN PERBANKAN ISLAM
KUALA TRENGGANU SSC
81 & 8A, Jalan Banggol
20100 Kuala Terengganu
Terengganu
Tel : 09-624 6759 / 624 6758
Fax : 09-624 6908
JERTEH SSC
Lots 405 & 406, Jalan Besar
22000 Jerteh
Terengganu
Tel : 09-697 2767 / 697 1767
Fax : 09-697 2331
KEMAMAN SSC
K-118, Jalan Sulaiman
24000 Kemaman
Terengganu
Tel : 09-858 2134 / 858 1541
Fax : 09-859 5069
KUALA TERENGGANU SSC
No.92, Jalan Sultan Ismail
Terengganu
Tel : 09-622 1421 / 622 7533
Fax : 09-623 2067
PAKA SSC
8343, Jalan Besar
23100 Paka
Terengganu
Tel:09-827 6190 / 827 6767
Fax:09-827 6260
SABAH/LABUAN
KARAMUNSING SSC
Bangunan Maybank
No. 1, Lorong Kemajuan
Karamunsing,
88000 Kota Kinabalu
Sabah
Tel : 088-258 340 / 246 194
Fax : 088-252 190
KARAMUNSING PBC
Level 1, Bangunan Maybank
No. 1, Lorong Kemajuan
Karamunsing
88000 Kota Kinabalu
Sabah
Tel : 088-215 088 / 215 033
Fax : 088-243 705 / 252 190
BANDAR PASARAYA, SSC
Lots 92 & 93
Bandar Pasaraya
4th Miles North Road
90000 Sandakan
Sabah
Tel : 089-222 528 / 222 530
Fax : 089-222 534
170
INANAM SSC
10-12, Paramount Industrial Dev.
Jalan Kolombong
81100 Kota Kinabalu
Sabah
Tel : 088-435 503 / 420 425
Fax : 088-428 587
JALAN PERPADUAN
KOTA KINABALU SSC
Lot 6 & 7, Jalan Perpaduan
Kampong Air,
88000 Kota Kinabalu
Sabah
Tel : 088-243 825 / 243 827
Fax : 088-223 911
KENINGAU SSC
Lot 11 & 12, Block C
Foo Long Shopping Complex
89000 Keningau
Sabah
Tel : 089-341 276 / 333 319
Fax : 087-334 491
KOTA KINABALU SSC
9, Beach Street
88000 Kota Kinabalu
Sabah
Tel : 088-256 124 / 254 641
Fax : 088-244 505
KUDAT SSC
Lots 4-6, Block ‘B’
SEDCO New Shophouses
Pekan Tomborungus
89050 Kudat
Sabah
Tel : 088-611 145 / 612 977
Fax : 088 – 612 407
LABUAN SSC
Lot E005, Ground Floor Podium
Financial Park Labuan Complex
Jalan Merdeka
87000 Labuan Wilayah
Persekutuan Labuan
Sabah
Tel : 087-443 388 / 443 390
Fax : 087-414 998
LAHAD DATU SSC
MDL No. 1280-2
Block 24, Jalan Lily
99100 Lahad Datu
Sabah
Tel : 089-881 934 / 880 934
Fax : 089-887 145
SANDAKAN SSC
48, Jalan Tiga
90000 Sandakan
Sabah
Tel : 089-224 068 / 273 177
Fax : 089-272 979
SEMPORNA SSC
Block 1, Lot No. 7
91300 Semporna
Sabah
Tel : 089-785 393 / 784 852
Fax : 089-781 680
SINSURAN S/C
Lots 9, Block D
Sinsuran Complex
88000 Kota Kinabalu
Sabah
Tel : 088-216 359 / 267 536
Fax : 088-214 961
SIPITANG SSC
1 & 2, Jalan Balai,
89850 Sipitang
Sabah
Tel : 087-821 757 / 822 842
Fax : 087-821 577
TAWAU SSC
262-264, Fajar Complex
Jalan Mahkamah
91000 Tawau
Sabah
Tel : 089-757 307 / 753 127
Fax :089-763 355
SARAWAK
WISMA SATOK SSC
Level 1, Wisma Satok
Jalan Satok
93400 Kuching
Sarawak
Tel : 082-428 566 / 425 713
Fax : 082-250 299
WISMA SATOK PBC
Level 1, Wisma Satok
Jalan Satok
93400 Kuching
Sarawak
Tel : 082-231 088
Fax : 082-231 093
AL-IDRUS COMMERCIAL
CENTRE, KUCHING SSC
194, Ground Floor
Al-Idrus Commercial Centre
Jalan Satok
93400 Kuching
Sarawak
Tel : 082-259 999 / 252 929
Fax : 082-251 828
BINTULU SSC
24-25, New Commercial Centre
97000 Bintulu
Sarawak
Tel : 086-310 322 / 333 211
Fax : 086-332 843
BOULEVARD CENTRE
MIRI SSC
Lots 2429 & 2430
Boulevard Centre
Jalan Permaisuri Pujut
98000 Miri
Sarawak
Tel : 085-433 822
Fax : 085-432 758
JALAN BAKO, SIBU SSC
64, Jalan Bako
Off Jalan Brooke Drive
96000 Sibu
Sarawak
Tel : 084-345 195 / 345 111
Fax : 084-345 199
JALAN PARRY, MIRI SSC
Ground, 1st & 2nd
Lot 949, Block 9
Jalan Parry
98000 Miri
Sarawak
Tel : 085-436 966 / 436 977
Fax : 085-436 955
JALAN PENDING SSC
Lot 7018-7019, Jalan Pending
93450 Kuching, Sarawak
Tel : 082-343 037 / 485 315
Fax : 082-335 936
JALAN TAR, KUCHING SSC
Lots 250-253
Jalan Tunku Abdul Rahman
93100 Kuching
Sarawak
Tel : 082-423 730 / 250 766
Fax : 082-250 577
KAPIT SSC
73B & C, Jalan Airport
96800 Kapit
Sarawak
Tel : 084-789 744 / 797 727
Fax : 084-796 090
LAWAS SSC
Lot 231-233, Jalan Sloating
98850 Lawas
Sarawak
Tel : 085-285 397 / 284 397
Fax : 085-285 449
LIMBANG SSC
57, Lorong Maybank
98700 Limbang
Sarawak
Tel : 085-212 277 / 216 217
Fax : 085-211 879
MEDAN JAYA, BINTULU SSC
29, Medan Jaya
Commercial Centre
Jalan Tun Hussein Onn
97000 Bintulu
Sarawak
Tel : 086-317 877 / 317 822
Fax : 082-317 811
MIRI SSC
Lot 112, Jalan Bendahara
98008 Miri
Sarawak
Tel : 085-413 649 / 412 282
Fax : 085-418 450
MUKAH SSC
No. 2 & 3, Lot 512 Block 68
Mukah New Township
96400 Mukah
Sarawak
Tel : 084-872 292 / 872 739
Fax : 084-871 571
PELITA COMMERCIAL CENTRE
SSC
Wisma Yong Lung
Ground & 1st Floor
Lot 698, Block 7 MCLD
Jalan Pujut, C.D.T. No. 28
98000 Miri
Sarawak
Tel : 085-411 877
Fax : 085-427 877
SARIKEI SSC
18 & 19, Jalan Getah
96100 Sarikei
Sarawak
Tel : 086-310 322 / 333 211
Fax : 086-332 843
SIBU SSC
35, 37 & 39
Jalan Kampung Nyabor
96000 Sibu
Sarawak
Tel : 084-332 082 / 328 821
Fax : 084-311 060
7th MILE BAZAAR SSC
Lot 1949-1951
Ground Floor
Kota Sentosa Batu 7
Jalan Penrissen
93250 Kuching
Sarawak
Tel : 082-617 044 / 628 812
Fax : 082-616 250
21.2 Mayban Finance Distribution Point Branches
MFB FEDERAL TERRITORY
KL MAIN SSC
Level 1, Mayban Finance Tower
No. 1, Jalan Maarof
Dataran Maybank
59000 Kuala Lumpur
Tel : 03-2297 2600 / 2297 2606
Fax : 03-2283 2216
AMPANG SSC
No. 2 & 3, Jalan Memanda 7
Batu 4 1/2 Jalan Ampang
Taman Dato’ Ahmad Razali
68000 Ampang
Selangor
Tel : 03-4251 3014 / 4251 3809
Fax : 03-4251 3815
BUKIT BINTANG SSC
No. 120, Jalan Pudu
55100 Kuala Lumpur
Tel : 03-2148 0511 / 2148 0528
Fax : 03-2148 5281
CHERAS SSC
No. 37, 39,41 & 43
Jalan 4/96A
Taman Cheras Makmur
56100 Cheras
Kuala Lumpur
Tel : 03-9130 6424 / 9132 0917
Fax : 03-9130 6248
JALAN IPOH SSC
No. 512-1, 3rd Miles
Jalan Ipoh
51200 Kuala Lumpur
Tel : 03-4044 5387 / 4044 5346
Fax : 03-4044 4753
JALAN KELANG LAMA SSC
Lot 14328, 4 ½ Miles
Jalan Kelang Lama
58100 Kuala Lumpur
Tel : 03-7981 3399 / 7981 5614
Fax : 03-7981 5443
MEDAN TUANKU SSC
No. 1, 3, 5, 7 & 9
Medan Tuanku Satu
50300 Kuala Lumpur
Tel : 03-2693 1235 / 2693 1975
Fax : 03-2698 7376
OUG SSC
No. 140 & 142
Jalan Mega Mendung
Bandar Kompleks
5 ½ Miles, Jalan Kelang Lama
58200 Kuala Lumpur
Tel : 03-7981 4080 / 7980 6986
Fax : 03-7981 6629
PANDAN INDAH SSC
No. 5, GM Jalan Pandan 4/34
Pandan Indah
55100 Kuala Lumpur
Tel : 03-4297 0476 / 4297 0472
Fax : 03-4297 0471
PUDU SSC
No 428, Jalan Pudu
55100 Kuala Lumpur
Tel : 03-2143 1350 / 2143 1087
Fax : 03-2143 1360
SELAYANG SSC
No. 99, Jalan 2/3A
Bandar Pusat Utara
68100 Batu Caves
Kuala Lumpur
Tel : 03-6136 2399 / 6136 2635
Fax : 03-6136 8643
SETAPAK SSC
No. 122-124
Taman Seri Setapak
Batu 3½ , Setapak
Jalan Gombak
53000 Kuala Lumpur
Tel : 03-4022 0922 / 4021 8467
Fax : 03-4022 5043
TAMAN MALURI SSC
No. 142, Jalan Jejaka
Taman Maluri Cheras
56100 Kuala Lumpur
Tel : 03-9281 3740 / 9281 3743
Fax : 03-9281 3749
TAMAN TUN DR ISMAIL (TTDI)
SSC
Tingkat Bawah, Bangunan AHP
No. 2 Jalan Tun Mohd Fuad 3
Taman Tun Dr Ismail
60000 Kuala Lumpur
Tel : 03-7729 4232 / 7729 4232
Fax : 03-7729 5037
WANGSA MAJU SSC
No. 84, Jalan 1/27F
Pusat Bandar Wangsa Maju
53300 Kuala Lumpur
Tel : 03-4142 0508 / 4143 4853
Fax : 03-4142 0506
MFB SELANGOR
BANTING SSC
No. 386, Jalan Jugra
42700 Banting
Selangor
Tel : 03-3187 4629 / 3187 4651
Fax : 03-3187 4615
DAMANSARA JAYA SSC
No. 65 & 67, Jalan SS 22/19
Damansara Jaya
47400 Petaling Jaya
Selangor
Tel : 03-7729 7276 / 7729 7277
Fax : 03-7727 7781
KAJANG SSC
No. 65 & 66, Jalan Besar
43000 Kajang
Selangor
Tel : 03-8736 7994 / 8736 8258
Fax : 03-8736 8522
KELANG SSC
No. 10 & 12 Jalan Kapar
41400 Klang
Selangor
Tel : 03-3341 4911 / 3341 4933
Fax : 03-3342 0955
PETALING JAYA SSC
No. 6 & 8, Jalan Yong Shook Lin
46050 Petaling Jaya
Selangor
Tel : 03-7657 6155 / 7955 9781
Fax : 03- 7956 0161
PORT KLANG SSC
No. 80 & 82
Jalan Batu Unjur 1
Bayu Perdana
41200 Klang
Selangor
Tel : 03-3323 8396 / 3323 8400
Fax : 03-3323 8394
PUCHONG SSC
No 32 & 34
Jalan Bandar Tiga
Pusat Bandar Puchong
47100 Puchong
Selangor
Tel : 03-5882 0752 / 5882 0735
Fax : 03-5882 0741
171
RAWANG SSC
No. 1, Batu 18, Jalan Ipoh
48000 Rawang
Selangor
Tel : 03-6091 3113 / 6091 3116
Fax : 03-6091 3118
SERI GOMBAK S/C
No. 10, Jalan SG ½
Taman Seri Gombak
68100 Batu Caves
Selangor
Tel : 03-6187 7500 / 6189 6500
Fax : 03-6188 0377
SHAH ALAM SSC
No. 8, 9 & 10, Tingkat Bawah
Kompleks PKNS
40000 Shah Alam
Selangor
Tel : 03-5510 0204 / 5510 0062
Fax : 03-5510 6228
SUBANG JAYA SSC
No. 54 & 56, Jalan SS15/4D
Subang Jaya
47500 Petaling Jaya
Selangor
Tel : 03-5634 4880 / 5633 4614
Fax : 03-5634 2740
USJ SUBANG JAYA S/C
No. 39, Jalan USJ 10/1G
47620 Subang Jaya
Selangor
Tel : 03-5631 4341 / 5632 6351
Fax : 03-5631 7027
MFB NEGERI SEMBILAN
SEREMBAN SSC
Ground, Mezzanine & 1st Floor
56 & 57, Jalan Tuanku Antah
70000 Seremban
Negeri Sembilan
Tel : 06-765 5953 / 763 3867
Fax : 06-762 5529
TAMPIN SSC
No PT 62, Tampin Square,
73000 Tampin
Negeri Sembilan
Tel : 06-441 8533
Fax : 06-441 7477
MFB PERAK
MFB JOHOR
MFB MELAKA
IPOH BERCHAM SSC
No. 277 & 279, Jalan Bercham
Taman Desa Kenchana
31400 Ipoh
Perak
Tel : 05-549 5889 / 549 5886
Fax : 05-549 5881
BATU PAHAT SSC
No. 31 & 32, Jalan Mengkudu
Taman Abdul Rahman Jaafar
83000 Batu Pahat
Johor
Tel : 07-434 4255 / 07-436 1126
Fax : 07-431 1144
MALIM BUSINESS PARK SSC
Ground & 1st Floor
No. 11 & 13, Jalan PPM 9
Malim Business Park
75250 Melaka
Tel : 06-336 4595 / 336 9600
Fax : 06-336 4479
IPOH JALAN KAMPAR S/C
Ground & Mezzanine Floor
No. 59, Jalan Kampar
30250 Ipoh
Perak
Tel : 05-241 2077 / 241 2159
Fax : 05-253 5995
IPOH SSC
No. 64 - 66, Jalan Yang Kalsom
35200 Ipoh
Perak
Tel : 05-253 7636 / 253 2462
Fax : 05-253 5116
KAMUNTING SSC
No 356 & 358
Jalan Kamunting
34600 Kamunting
Perak
Tel : 05-807 8091 / 807 8090
Fax : 05-807 8093
PARIT BUNTAR SSC
No. 21 & 23, Jalan Damai
Taman Damai
Bandar Baru Parit Buntar
34200 Parit Buntar
Perak
Tel : 05-716 0582 / 716 7306
Fax : 05-716 0130
JOHOR BHARU SSC
No. 49-A, Bangunan Perkim
Jalan Segget
80000 Johor Bahru
Johor
Tel : 07-223 5215 / 223 5214
Fax : 07-224 1485
JOHOR JAYA SSC
No. 55, Jalan Rose Merah 2/3
Taman Johor Jaya
81100 Johor Bahru
Johor
Tel : 07-351 4575 / 351 4570
Fax : 07-351 4573
KLUANG SSC
No. 20 & 22
Jalan Dato’ Captain Ahmad
86000 Kluang
Johor
Tel : 07-772 2311 / 772 1622
Fax : 07-772 3402
MUAR SSC
No. 57-1 & 57-2, Jalan Sulaiman
84000 Muar
Johor
Tel : 06-951 3631 / 951 3816
Fax : 06-952 6700
SEGAMAT SSC
No. 62J & 62K
Jalan Genuang
85000 Segamat
Johor
Tel : 07-931 3501/ 931 7977
Fax : 07-931 9902
SITIAWAN SSC
No 17, Jalan Raja Omar
32000 Sitiawan
Perak
Tel : 05-691 5602 / 691 8007
Fax : 05-691 8371
TAMAN PERLING SSC
No. 270 & 270A
Jalan Simbang
Taman Perling
81200 Johor Bahru
Johor
Tel : 07-234 7969 / 07-234 7970
Fax : 07-234 7945
TAIPING SSC
74 & 76, Jalan Taming Sari
34000 Taiping
Perak
Tel : 05-806 3702 / 808 0888
Fax : 05-806 3698
UNGKU TUN AMINAH SSC
No. 8, Jalan Pewira 17
Taman Ungku Tun Aminah,
81300 Skudai
Johor
Tel : 07-556 6849 / 557 7660
Fax : 03-557 1152
YONG PENG SSC
Wisma Kota No. 1
Jalan Kota
83700 Yong Peng
Johor
Tel : 07-467 5402 / 467 5401
Fax : 07-467 5409
172
MELAKA BUNGA RAYA SSC
No. 148, Jalan Bunga Raya
75100 Melaka
Tel : 06-283 5230 / 283 5217
Fax : 06-284 2741
MELAKA SSC
No. 225,226 & 227
Taman Melaka Raya
Jalan Bandar Hilir
75000 Melaka
Tel : 06-284 4387 / 283 8648
Fax : 06-284 4499
MFB PENANG
AYER ITAM SSC
No. 48 & 50, Lintang Angsana
Bandar Baru Ayer Itam
11500 Ayer Itam
Penang
Tel : 04-829 0473 / 829 1635
Fax : 04-829 1537
BUKIT MERTAJAM SSC
No. 4177 & 4178
Jalan Padang Lalang
Taman Desa Damai
14000 Bukit Mertajam
Penang
Tel : 04-538 2211 / 538 2219
Fax : 04-538 2210
BUTTERWORTH SSC
No. 4776 & 4777
Jalan Bagan Luar
12000 Butterworth
Penang
Tel : 04-331 2414 / 332 2267
Fax : 04-332 3469
GEORGETOWN SSC
No. 368-1-5 & 368-1-16
Belissa Row, Jalan Burma
10350 Penang
Tel : 04-226 7492 / 226 7493
Fax : 04-226 7510
JELUTONG SSC
Ground Floor & 2nd Floor
No. 222, Jalan Jelutong
11600 Penang
Tel : 04-282 2857 / 282 4072
Fax : 04-282 3800
PENANG SSC
2nd Floor
No. 72, Leboh Bishop
10200 Penang
Tel : 04-261 6145 / 264 5181
Fax : 04-261 6144
SEBERANG JAYA SSC
No. 5, Jalan Todak 2
Bandar Baru Seberang Jaya
13700 Penang
Tel : 04-397 1950 / 397 1954
Fax : 04-397 1946
MFB KEDAH
ALOR SETAR SSC
No. 1548 & 1549
Jalan Kota
05000 Alor Setar
Kedah
Tel : 04-733 8443 / 733 8446
Fax : 04-731 6261
KULIM SSC
No 5 & 6, Taman Manggis
Jalan Kelang Lama
09000 Kulim
Kedah
Tel : 04-490 0640 / 490 0642
Fax : 04-490 0645
LANGKAWI SSC
No. 66, 67 & 68
Jalan Pandak Mayah Lima
Pusat Bandar Kuah
07000 Langkawi
Kedah
Tel : 04-966 6077 / 966 6570
Fax : 04-966 7396
SUNGAI PETANI SSC
No. 13 &14
Kompleks Seri Tamin
Jalan Ibrahim,
08000 Sungai Petani
Kedah
Tel : 04-422 9121 / 422 9122
Fax : 04-422 9116
MFB PERLIS
KANGAR SSC
No. 2, Lorong Seruling
01000 Kangar
Perlis
Tel : 04-978 2091 / 976 5844
Fax : 04-976 1132
MFB PAHANG
MFB SABAH
MFB SARAWAK
KUANTAN JLN BERSERAH SSC
A 6628, A6630 & A6632,
Jalan Beserah,
25250 Kuantan
Pahang
Tel : 09-566 9703 / 09-566 9621
Fax : 09-566 3363
INANAM SSC
No. 1 & 3, Block D
Inanam Point Inanam
Commercial Centre
83000 Inanam
Sabah
Tel : 088-437 431 / 437 641
Fax : 088-438 423
KUCHING SSC
Lot 208-211, Section 11
Jalan Satok
93400 Kuching
Sarawak
Tel : 082-421 975 / 082-418 604
Fax : 082-429 649
KUANTAN SSC
No. 67-69,
Jalan Tun Ismail,
25000 Kuantan
Pahang
Tel : 09-515 7422 / 515 0019
Fax : 09-513 7011
MENTAKAB SSC
No. 48, Jalan Temerloh,
24800 Mentakab
Pahang
Tel : 09-227 1037 / 227 4571
Fax : 09-227 5221
TEMERLOH SSC
No. F79, Jalan Tengku Ismail
28000 Temerloh
Pahang
Tel : 09-296 2022 / 296 2682
Fax : 09-296 4388
MFB KELANTAN
KOTA BHARU SSC
PT 65, 66 & 67
Jalan Kebun Sultan
15350 Kota Bharu
Kelantan
Tel : 09-744 6558 / 748 6879
Fax : 09-743 0980
MFB TERENGGANU
KUALA TERENGGANU SSC
No. 1-J, Kompleks Perdana
Jalan Air Jernih
Terengganu
Tel : 09-622 3715 / 622 3716
Fax : 09- 623 2239
KOTA KINABALU SSC
No. 14, 15 & 16, Block K
Jalan Ikan Juara Satu
Sadong Jaya, Karamunsing
88100 Kota Kinabalu
Sabah
Tel : 088-245 000 / 245 004
KOTA KINABALU II (KG.AIR) SSC
No. 13, Block D SEDCO Complex
Lorong Hj Ahmad, Kg Air
88000 Kota Kinabalu
Sabah
Tel : 088-246 564 / 234 190
Fax : 088- 218 534
MIRI SSC
No. 939 & 940, Block 9
MCLD, Jalan Asmara
98000 Miri
Sarawak
Tel : 085-410 996 / 416 328
Fax : 085-416 775
SIBU SSC
Lot. 645, 646 & 647 Block 6
Jalan Kampong Nyabor
96000 Sibu
Sarawak
Tel : 084-317 343 / 342 328
Fax : 084-320 094
LAHAD DATU SSC
No 56 & 57, Block H
Jalan Bunga Raya
Bandar Wilayah
91100 Lahad Datu
Sabah
Tel : 089-882 144 / 881 463
Fax : 089-881 479
SANDAKAN SSC
Ground & 1st Floor
Lot 1, Block Y
Bandar Ramai-Ramai
Leila Road
90000 Sandakan
Sabah
Tel : 089-214 822 / 089-214 322
Fax : 089-215 171
TAWAU SSC
Lot 1, Block 28, Fajar Complex
Jalan Mahkamah
91000 Tawau
Sabah
Tel : 089-777 511 / 089-777 706
Fax : 089-763 088
173

Master Prospectus

Transcription

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