Unit trust funds to get boost from JCorp capital injection


  • Business
  • Thursday, 06 Mar 2003

BY ZAZALI MUSA IN JOHOR BARU

JOHOR Corp (JCorp) needs to inject at least RM400mil in capital into its two unit trust funds Amanah Saham Johor (ASJ) and Dana Johor (DJ) to boost their prices to RM1 and 50 sen respectively. 

According to its group chief executive Tan Sri Muhammad Ali Hashim, JCorp subsidiary Pelaburan Johor Bhd (PJB) which manages the funds has targeted to reach the desired price levels by 2005. 

“We are willing to put in some money only in the mid- or long-term basis as right now our main focus is to reduce the group's debts,” Ali told reporters after receiving The Edge-Lipper Malaysian Unit Trust Fund Awards 2002. 

He said that boosting the unit prices of the two schemes was part of the group's restructuring exercise but it could only be carried out upon receiving approval from the federal government. 

Ali said the group's main task now was to reduce its existing debts of RM3.382bil, excluding those of its public-listed companies and independent subsidiaries. 

“The fund injection could either come from the state government or JCorp itself,” he said. 

Ali said ASJ and DJ unit holders should not worry as the idea of closing down the two schemes did not arise. 

As of last month, there were 125,000 and 35,000 unitholders for the ASJ and DJ unit trusts, which had net asset value of RM58mil and RM72mil respectively. 

On the performance of the group's KLSE-listed entities Kulim Bhd, Sindora Bhd, KPJ Healthcare Bhd and Johor Land Bhd, Ali said they had performed much better for the financial year ended Dec 31, 2002. 

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