KUCHING, Jan 5: For the first time in nine years, Amanah Saham Sarawak Berhad (ASSB) has declared a total interim dividend distribution of RM11.71 million for the initial half of the financial year ending June 30, 2024.
Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg announced that this comprises an interim income distribution of 2.50 sen per unit which will benefit 57,613 registered ASSAR unitholders as of Dec 31, 2023.
Following the distribution, ASSB’s, a wholly-owned unit trust management company of Permodalan ASSAR Sdn Bhd, Net Asset Value (NAV) remains unchanged at RM1.064 per unit.
The resilient performance of ASSAR is attributed to successful restructuring initiatives completed in October 2022. This strategic move shielded ASSAR from prevalent market volatility driven by factors such as rate hikes, global economic uncertainties, and geopolitical tensions.
“ASSAR’s performance was not encouraging when I took over as chief minister. That’s why we never get dividend for the past nine years. Subsequently, I instructed for ASSAR to be revamped and we worked hard to adjust the investment ratio by increasing investments in fixed instruments for a more consistent return, with some percentage for equity funds.
“Equity market is very volatile. If you invest wrongly, there would be no profit and it cannot be revived. So it is important to study and analyse the capital and equity markets properly,” Abang Johari revealed at the press conference to announce the ASSAR annual interim dividend at Hikmah Exchange here today.
The restructuring process involved a shift in the investment portfolio, with at least 70 per cent invested in fixed income securities, money market instruments, and deposits, and a maximum of 30 per cent allocated to equity investments.
“At one point, even the board wanted to give up but I said no, as there must be a solution to this. Thank God, our revamp exercise has borne fruit and today, we can give dividends to the unitholders,” he added.
Looking ahead, Abang Johari expressed optimism about ASSAR’s performance beyond 2030, notably as all eyes are currently on Sarawak’s strength and potential in the green energy sector.
“We hope to expand and accelerate our green energy development that will bring in more investments. With our strength in renewable energy and right strategy, ASSAR can also benefit so the future of ASSAR is bright,” he emphasised.
Meanwhile, in the first six months of the current financial year ending June 30, 2024, ASSAR generated a total gross income of RM15.59 million. Notably, 49 per cent (RM7.59 million) comes from interest income from fixed income securities, 33 per cent (RM5.14 million) from profits on the sale of equity/shares, and the remaining 18 per cent (RM2.86 million) from dividend income from equity holdings, interest income from money market instruments, and capital gains from the sale of fixed income securities.
After deducting expenses, the net income for the ASSAR Fund during this period amounted to RM13.29 million.
Deputy Premier Datuk Amar Douglas Uggah Embas, Sarawak Secretary Datuk Amar Mohamad Abu Bakar Marzuki, and Sarawak Attorney-General and ASSB Board of Director member Datu Saferi Ali were among those present. — DayakDaily
