Abang-johari.jpgKUCHING (Apr 13): Parti Pesaka Bumiputar Bersatu (PBB) Satok branch announced that it will launch the first of its kind investment arm called ‘Amanah Pelaburan Satok’ (Satok Trustee Investment Fund – STIF) in Kuching.

In revealing this, its assemblyman Datuk Amar Abang Johari Tun Openg said at the moment, they now have RM2 million in capital to commence with the investment arm on its asset management venture.

STIF would enable the Bumiputera community, which owns commercial properties at Jalan Satok , Jalan Kulas, Jalan Haji Taha and in the vicinity of Satok Mosque, to participate in the fast development of Satok business district, in particular to safeguard those commercial properties, he told a press conference after chairing PBB Satok Branch exco meeting on Friday night.

“As you know, the government is fast developing the business district of Satok and these properties are vulnerable from other investors who have stronger liquidity in terms of cash. Therefore, those Bumiputera who want to ensure better returns and safeguard their assets in the future, can invest in the fund,” said the housing and tourism minister.

He said the fund will be based on Permodalan Nasional Berhad (PNB) model and will be headed by former State Secretary Tan Sri Abdul Aziz Hussain.

The date of the launch will be announced later and will be officiated at by Chief Minister Tan Sri Datuk Amar Adenan Satem.

Abang Johari reiterated that these type of investment is very important and was agreed upon by former chief minister Pehin Sri Abdul Taib Mahmud to protect the Bumiputera community who had registered properties in the Satok area, especially to safeguard the property of the owners who have passed away.

“In Syariah law, once the owner has passed away, he usually divided his property to the siblings usually in cash,” he explained.

Abang Johari said it would be difficult for another Bumiputera in business to buy these assets belonging to the deceased owner as they do not have that kind of money and this is where this trustee can help the family of the deceased.

“If not protected, these Bumiputera properties will eventually disappear to (be acquired by) those with greater purchasing power and more cash to buy it. This is not that we want to be racist but we want to help the Bumiputera community in Satok to still own the property,” he added.

He revealed that to date, three such commercial properties in Satok area had been sold as the owners had passed away and the setting up of the trustee will ensure that this does not happen again.

He hoped that by next year, 2015, there will be another RM5 million in investment fund from the government to get this investment arm going.

“The fund will also be generated from Minor Rural Project (MRP) grants from the government through my constituency and through MP from Petra Jaya Datuk Fadillah Yusof,” he said.

Abang Johari revealed the value of the share as RM1 per share for investors to invest in the investment arm. –Source