MAA Mutual Bhd, the unit trust arm of MAA Holdings Bhd, which launched three unit trust funds in February last year, has announced the maiden unit splits for all the funds for its financial year ended Dec 31, 2002.
MAA Mutual chief executive officer Sazali Zainal Abidin said in a statement that the 10% unit split or on a basis of one additional unit for every 10 existing units held on Dec 31, 2002 had been declared for MAA Mutual Growth Fund (MMGF).
Besides MMGF, he said the company also declared unit splits of 5% each or on a basis of five additional units for every 100 existing units held as at Dec 31, 2002 for both MAA Mutual Progress Fund (MMPF) and MAA Bond Fund (MMBF).
According to Sazali, MAA Mutual is the first locally owned insurance company to launch a unit trust scheme.
MMGF is an equity growth fund while MMPF is a small capital equity fund and MMBF a fixed-income fund, which collectively make up MAA Mutual Trust (MMT).
Sazali said that although MAA Mutual was new in the unit trust industry, the company had made great strides in capturing a bigger slice of the market.
In less than a year since our launch, MAA Mutual already has an agency task force of over 500 agents and we are targeting an agency taskforce of 2,000 by the end of this year, said Sazali.
He also said MAA Mutual had submitted a proposal to the Securities Commission to launch two syariah funds which could be incorporated in the MMT scheme.
We hope to launch the syariah funds by the middle of next month, Sazali said, adding that MAA Mutual had opened two branch offices in Kuching and Kota Kinabalu to cater for the growing demand and another two branches would be opened in peninsular Malaysia this year.
Sazali said the unit trust industry would continue to be among the fastest growing financial services in Malaysia.
The industry is set to grow at a compounded rate of 15% per annum to achieve the targeted size of 40% of the total market capitalisation of the KLSE by the year 2020, he said.
As at Oct 31, 2002, the total net asset value of the industry stood at RM54.2bil, representing 11.07% of the total market capitalisation of the KLSE.
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