PNB’s wealth distribution unmatched, says DPM

From a RM200mil capital when it was formed in 1979, PNB now has assets worth RM266bil.

Datuk Seri Dr Ahmad Zahid Hamidi

TEMERLOH: Permodalan Nasional Bhd’s (PNB) success in helping re-distribute wealth is unmatched in the world, said Datuk Seri Dr Ahmad Zahid Hamidi.

The Deputy Prime Minister said dividend and bonus payouts by the fund management body last year reached almost RM14bil.

“The objective of PNB and its subsidiaries is to re-distribute the country’s wealth.

“No other country has this approach of taking over selected equities of listed and non-listed companies to be placed in an investment portfolio, with unit trust holders to benefit financially,” he said at the closing of Minggu Saham Amanah Malaysia 2017 here yesterday.

Dr Ahmad Zahid recalled a time when a particular country tried to adopt the methods of PNB and its subsidiaries only to end in failure.

“A corporation was set up but it only lasted five years. It failed when the country changed leadership. They lacked the political will to continue.

“Problems also emerged when they did not focus solely on managing their investment portfolio and instead over-diversified.

“PNB’s success, on the other hand, is due to the strong and lasting political will of our past leaders, all the way to Prime Minister Datuk Seri Najib Tun Razak,” he added.

Dr Ahmad Zahid said part of PNB’s success was also due to its management integrity.

“From a RM200mil capital when it was formed in 1979, PNB now has assets worth RM266bil,” he said, adding that this success should be an example to other government-linked corporations.

Dr Ahmad Zahid said PNB’s successes had also made the people change their saving habit.

“People used to only save money through force, such as salary deduction by the EPF. Now this has changed to voluntary savings.

“The latest study shows that the saving habit among Malaysians now stands at 38%. In advanced nations, it is above 40%. This means we are nearly there,” he added.

Also present were PNB group chairman Tan Sri Abdul Wahid Omar, PNB president and group chief executive officer Datuk Abdul Rahman Ahmad and Pahang Mentri Besar Datuk Seri Adnan Yaakob.

Abdul Wahid said the number of visitors to the exhibition surpassed PNB’s target of 150,000, with 183,426 people attending over five days.