PERMODALAN Nasional Bhd (PNB) will continue to look for quality investment opportunities across all sectors of the Malaysian economy, including undervalued stocks of companies with resilient business and prudent management, chairman Tan Sri Dr Ahmad Sarji Abdul Hamid said.
Speaking at PNB's annual hi-tea in Kuala Lumpur yesterday, he said PNB would also pick stocks of companies that had potential to obtain sustainable long term earnings growth and those which adopted good corporate governance policy.
Sarji said 2002 had been a challenging year for PNB, particularly due to the volatile stock market condition. However, PNB has continued to re-align its stock selection and asset allocation of its investment portfolio to ensure that its unit trusts are able to distribute competitive returns to unit holders, he said.
At the hi-tea, Sarji also unveiled PNB's 25th anniversary logo, which carries the motto Carving a Vision, Achieving Excellence.
Sarji said PNB, which will be celebrating its 25th anniversary in March, had appointed 177 nominee directors to represent it in 136 companies in which PNB had substantial investment.
He said PNB had to date, invested in 361 companies in various sectors, mobilising funds totalling RM39bil. Of the 361 companies, 20 are now PNB subsidiaries, 59 associated companies and 282 investment companies. Of the 361 companies, 84% is publicly-listed companies and 16% is non-listed, he added.
Sarji said PNB's investment was mostly in the financial sector, which constituted about 37% of its total portfolio. Its other major investing sectors are trading and services (26%) and plantation (10%).
He said that as at Dec 31, 2002, PNB managed seven equity unit trust funds and two property unit trust funds, mobilising about 40 billion units for eight million unit holders.
PNB chief executive Datuk Hamad Kama Piah Che Othman, when asked whether PNB would introduce any new fund this year, said: We hope so. We are always ready (to launch new fund) but we want to wait for the right time (to launch the fund).
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