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Message from the Chief Executive Officer Dear Investors, Thank you for expressing an interest in our MAYBANK GLOBAL BOND FUND (“the Fund”). The Fund is a feeder fund that aims to maximise investment returns by investing in a target fund, the Templeton Global Bond Fund. The Fund will invest in the Class A (mdis) SGD – H1 shares of the sub-fund of the Franklin Templeton Investment Funds that is, the Templeton Global Bond Fund (“Target Fund”). The Target Fund is an open-ended collective investment scheme domiciled in the Grand Duchy of Luxembourg and was launched on 28 February 1991. Its indicative asset allocation is as follows: At least 95% of the Fund’s Net Asset Value - Investments in the Shares of the Target Fund. 2% - 5% of the Fund’s Net Asset Value - Investments in liquid assets. The specific risks of investing in this Fund are currency risk, country risk, credit/default risk, concentration risk and investment manager risk and the specific risks associated with investing in the Target Fund are class hedging risk, counterparty risk, credit risk, credit-linked securities risk, defaulting fixed income securities risk, derivative risk, emerging markets risk, eurozone risk, foreign currency risk, interest rate risk, liquidity risk, low-rated or non-investment grade securities risk, market risk, sovereign debt risk, structured notes risk and swap agreement risk. These specific risks and other general risks are elaborated in Chapter 4 Risk Factors of the Prospectus. This Fund is suitable for investors: (i) who seek to maximise investment returns; (ii) who are willing to tolerate the risk associated with investing in non-investment grade
securities; and (iii) with a Medium to Long Term investment horizon. Investors wishing to invest in the Fund will incur a sales charge of up to 1.00% of the NAV per Unit. Other fees and charges that may be incurred when you invest in the Fund are elaborated in Chapter 6 Fees, Charges and Expenses of the Prospectus. If you are interested in the Fund, have any queries or require further information, please contact our client servicing personnel at 03-2297 7888 (ext. 7806/ 7923) at anytime during office hours (8.45 a.m. to 5.45 p.m.) from Monday to Thursday and (8.45 a.m. to 4.45 p.m.) on Friday on a Business Day. Alternatively, you may contact our distribution branches detailed in Section 19 of this Prospectus or e-mail your enquiries to [email protected].
We look forward to being of service to you. Best wishes,
Nor’ Azamin bin Salleh Managing Director/Chief Executive Officer
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Responsibility Statements
This Prospectus has been reviewed and approved by the directors of Maybank Asset Management Sdn Bhd and they collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable enquiries, they confirm to the best of their knowledge and belief, there are no false or misleading statements, or omission of other facts which would make any statement in this Prospectus false or misleading.
Statements of Disclaimer
The Securities Commission Malaysia has authorized the Fund and a copy of this Prospectus has been registered with the Securities Commission Malaysia.
The authorization, and the registration of this Prospectus, should not be taken to indicate that the Securities Commission Malaysia recommends the Fund or assumes responsibility for the correctness of any statement made or opinion or report expressed in this Prospectus.
The Securities Commission Malaysia is not liable for any non-disclosure on the part of the Manager responsible for the Fund and takes no responsibility for the contents in this Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT ON THE ACTION TO BE TAKEN SHOULD CONSULT THEIR PROFESSIONAL ADVISERS IMMEDIATELY. Additional Statements
No Units of the Fund will be issued or sold on the basis of this Prospectus later than one (1) year after the date of this Prospectus.
Investors are advised to note that recourse for false or misleading statements or acts made in connection with this Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets and Services Act 2007.
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Table of Contents
(1) DEFINITIONS ................................................................................................... 1
(2) CORPORATE DIRECTORY .................................................................................... 3
(3) KEY DATA ...................................................................................................... 5
(4) RISK FACTORS ................................................................................................10
4.1 General Risks of Investing in the Fund .............................................................. 10 4.2 Specific Risks of the Fund ............................................................................. 11 4.3 Specific Risks of the Target Fund .................................................................... 12 4.4 Differences in Law ...................................................................................... 19
(5) INFORMATION ON THE FUND .............................................................................20
5.1 Investment Objective of MGBF........................................................................ 20 5.2 Performance Benchmark ............................................................................... 20 5.3 Investment Strategy .................................................................................... 20 5.4 Temporary Defensive Positions ....................................................................... 20 5.5 Asset Allocation ......................................................................................... 20 5.6 Investor Profile .......................................................................................... 21 5.7 Risk Management Strategies........................................................................... 21 5.8 Borrowings and Securities Lending ................................................................... 21 5.9 Permitted Investments ................................................................................. 21 5.10 Investment Restrictions ................................................................................ 21 5.11 Bases of Valuation Of Investments ................................................................... 22 5.12 Information on the Target Fund ...................................................................... 22
(6) FEES, CHARGES AND EXPENSES ..........................................................................33
6.1 Sales Charge .............................................................................................. 33 6.2 Redemption Charge ..................................................................................... 33 6.3 Transfer Fee .............................................................................................. 34 6.4 Switching Fee ............................................................................................ 34 6.5 Management Fee ........................................................................................ 34 6.6 Trustee Fee............................................................................................... 34 6.7 Fund Expenses ........................................................................................... 35
(7) TRANSACTION INFORMATION .............................................................................37
7.1 Valuation Point .......................................................................................... 37 7.2 Computation of NAV and NAV per Unit .............................................................. 37 7.3 Pricing of Units .......................................................................................... 38 7.4 Incorrect Pricing ......................................................................................... 39
(8) TRANSACTION DETAILS ....................................................................................40
8.1 How and where to Purchase and Redeem Units of the Fund .................................... 40 8.2 Investment................................................................................................ 40 8.3 Redemption of Units .................................................................................... 40 8.4 Transfer of Units ........................................................................................ 40 8.5 Switching between Funds .............................................................................. 40 8.6 Dealing Cut-Off Time for Investment and Redemption of Units ................................ 40 8.7 Notice of Cooling-off Period........................................................................... 41 8.8 Distribution of Income .................................................................................. 41 8.9 Anti-Money Laundering Policies and Procedures................................................... 41
(9) THE MANAGEMENT AND ADMINISTRATION OF THE FUND...........................................43
9.1 Background Information ................................................................................ 43 9.2 Functions, Duties and Responsibilities of the Manager ........................................... 43 9.3 Summary of Financial Position of the Management Company ................................... 43 9.4 Board of Directors of the Manager ................................................................... 44
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9.5 Role of the Investment Committee .................................................................. 46 9.6 The Investment Committee Members................................................................ 46 9.7 Key Personnel of the Manager ........................................................................ 47 9.8 Material litigation ....................................................................................... 49
(10) THE OPERATOR AND INVESTMENT MANAGER OF THE TARGET FUND ............................50
10.1 Information on the Operator of the Target Fund .................................................. 50 10.2 Information on the Investment Manager of the Target Fund .................................... 50
(11) THE TRUSTEE ................................................................................................51
11.1 Background Information ................................................................................ 51 11.2 Financial Position ....................................................................................... 52 11.3 Profile of Key Personnel ............................................................................... 52 11.4 Trustee’s Declaration ................................................................................... 53 11.5 Duties and Responsibilities of the Trustee.......................................................... 53 11.6 Anti Money Laundering Provisions .................................................................... 54 11.7 Disclosure on Related-Party Transactions/Conflict of Interest ................................. 54 11.8 Trustee’s Statement of Responsibility ............................................................... 54 11.9 Litigation and Arbitration .............................................................................. 54
(12) SALIENT TERMS OF THE DEED ............................................................................55
12.1 Unit Holders’ Rights and Liabilities .................................................................. 55 12.2 Maximum Fees and Charges Permitted by the Deed .............................................. 55 12.3 Procedures to Increase the Direct and Indirect Fees and Charges ............................. 56 12.4 Retirement, Removal and Replacement of the Manager ......................................... 57 12.5 Retirement, Removal and Replacement of the Trustee .......................................... 57 12.6 Termination of the Fund ............................................................................... 58 12.7 Unit Holders’ Meeting .................................................................................. 58
(13) CONFLICT OF INTEREST AND RELATED PARTY TRANSACTIONS ...................................59
(14) CONSENT ......................................................................................................61
(15) ADDITIONAL INFORMATION ...............................................................................62
(16) DOCUMENTS AVAILABLE FOR INSPECTION .............................................................64
(17) TAXATION ADVISER’S LETTER ............................................................................65
(18) UNIT TRUST LOAN FINANCING RISK DISCLOSURE STATEMENT.....................................73
(19) DIRECTORY OF MAYBANK DISTRIBUTION BRANCHES ................................................74
(1) DEFINITIONS In this Prospectus, the following abbreviations or words shall have the following meanings unless otherwise stated:
Act means the Capital Markets and Services Act 2007 including all amendments thereto and all rules, regulations and guidelines issued thereunder.
Bursa Malaysia means the stock exchange managed or operated by Bursa Malaysia Securities Berhad (635998-W).
Business Day means a day on which Bursa Malaysia is open for trading Note: The Manager will accept any purchase request of Units or
redemption of Units of the Fund on any Business Day.
Commencement Date means the date on which investments of the Fund are first made and is the next Business Day after the Initial Offer Period Deed means the deed in respect of the Fund and any other supplemental
deed that may be entered into between the Manager and the Trustee and registered with the SC.
Eligible Market means a market which is regulated by a regulatory authority,
operates regularly, is open to the public and has adequate liquidity for the purposes of the Fund.
FIMM means the Federation of Investment Managers Malaysia.
Fund/MGBF means the MAYBANK GLOBAL BOND FUND. Forward Pricing means the Net Asset Value per Unit for the Fund valued or
calculated at the next valuation point after a purchase request of Units or a redemption of Units is received by the Manager.
Guidelines means the Guidelines on Unit Trust Funds issued by the SC and any
other relevant guidelines issued by the SC.
Initial Offer Period means 21 calendar days from the date of the Prospectus.
Investment Manager means the investment manager of the Target Fund, Franklin Advisers, Inc.
LPD means latest practicable date as at 31 July 2013.
Long Term means a period of 5 years and above.
Manager/ Management means Maybank Asset Management Sdn Bhd (421779-M)
Company/MaybankAM Maybank means Malayan Banking Berhad (3813-K).
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Maybank Distribution Branches means the Maybank branches used as distribution channels for the purpose of marketing and distribution of this Fund.
Medium Term means a period of 3 years to 5 years. Medium to Long Term means a period of 3 years and above. Net Asset Value or NAV means the total value of the Fund’s assets minus its liabilities at
the valuation point. For the purpose of computing the annual management fee and annual trustee fee, it should include the management fee and the trustee fee for the relevant day.
NAV per Unit means the NAV of the Fund divided by the total number of Units in
circulation at the valuation point. Operator Franklin Templeton International Services S.A. Prospectus means the prospectus of this Fund. Redemption Price means the price payable by the Manager to a Unit Holder pursuant
to a redemption request by the Unit Holder and will be the NAV per Unit of the Fund. The redemption price shall be exclusive of the redemption charge (if any).
RM means Ringgit Malaysia.
SC/ Securities Commission means the Securities Commission Malaysia.
Selling Price means the price payable by an investor or a Unit Holder for the
purchase of a Unit of the Fund and will be the NAV per Unit of the Fund. The selling price shall be exclusive of the sales charge.
SGD means Singapore Dollar. Shares means the Class A (mdis) SGD – H1 shares of the Target Fund which
is denominated in SGD. Note: (mdis) is a share class which distributes income (whenever available)
on a monthly basis and SGD - H1 refers to SGD hedged share class which means the currency of the share class is hedged against the USD.
Target Fund means the Templeton Global Bond Fund.
Trustee means RHB Trustees Berhad (573019-U) (formerly known as OSK Trustees Berhad).
Unit or Units means a measurement of the right or interest of a Unit Holder in
the Fund and means a Unit (including a fraction of a Unit) of the Fund.
Unit Holders means the person registered as the holder of a Unit or Units
including persons jointly registered for the Fund. USD means United States Dollar.
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(2) CORPORATE DIRECTORY MANAGER Maybank Asset Management Sdn Bhd (421779-M) REGISTERED OFFICE
14th Floor Menara Maybank 100 Jalan Tun Perak 50050 Kuala Lumpur
BUSINESS OFFICE
Tel No: 03 - 2074 7111 Fax No: 03 - 2032 1572 Level 12, Tower C, Dataran Maybank No 1, Jalan Maarof, 59000 Kuala Lumpur Tel No: 03 - 2297 7888 Fax No: 03 - 2297 7880
INVESTMENT MANAGER Franklin Advisers, Inc. OF THE TARGET FUND ADDRESS One Franklin Parkway San Mateo, CA 94403-1906 United States of America OPERATOR OF THE Franklin Templeton International Services S.A. TARGET FUND ADDRESS 26, Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg TRUSTEE RHB Trustees Berhad (573019-U) (formerly known as OSK
Trustees Berhad)
REGISTERED OFFICE
Level 10, Tower One RHB Centre, Jalan Tun Razak 50400 Kuala Lumpur Tel: 03- 9287 8888 Fax: 03- 9280 6507
BUSINESS OFFICE 6th Floor, Plaza OSK Jalan Ampang, 50450 Kuala Lumpur Tel: 03-9207 7777 Fax: 03-2175 3288/ 2175 3223 Email: [email protected] Website: www.rhbgroup.com
BOARD OF DIRECTORS Datuk Mohaiyani Binti Shamsudin (Non-Independent Non-Executive Director/ Chairman) Datuk Karownakaran @ Karunakaran a/l Ramasamy (Independent Non-Executive Director) Loh Lee Soon (Independent Non-Executive Director) Nor’ Azamin bin Salleh (Non-Independent Executive Director/ Managing Director)
INVESTMENT COMMITTEE MEMBERS
Datuk Karownakaran @ Karunakaran a/l Ramasamy (Non-Independent member) Suhaimi bin Ilias (Non-Independent member) Datuk Syed Izuan bin Syed Kamarulbahrin
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(Independent member) Mohd Shariff bin Sulaiman (Independent member)
COMPANY SECRETARY
Daeng Hafez Arafat bin Zuhud (LS0007002) 5, Jalan Bunga Kertas 2/15 40000 Shah Alam Selangor
AUDITORS
Ernst & Young Level 23A, Menara Milenium, Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur
TAX ADVISER Ernst & Young Tax Consultants Sdn Bhd
Level 23A, Menara Milenium, Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur
SOLICITORS Soon Gan Dion & Partners
1st Floor, No. 73 Jalan SS 21/1A Damansara Utama 47400 Petaling Jaya Selangor
PRINCIPAL BANKERS Malayan Banking Berhad (3813-K)
Menara Maybank, Jalan Tun Perak 50050 Kuala Lumpur
FEDERATION OF INVESTMENT MANAGERS MALAYSIA
Federation of Investment Managers Malaysia (FIMM) 19-07-3 7th Floor PNB Damansara No. 19 Lorong Dungun Damansara Heights 50490 Kuala Lumpur Telephone No. : 03-2093 2600 Fax No. : 03-2093 2700
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(3) KEY DATA THIS SECTION IS ONLY A SUMMARY OF THE SALIENT INFORMATION ABOUT THE FUND. INVESTORS SHOULD READ AND UNDERSTAND THE WHOLE PROSPECTUS BEFORE MAKING ANY INVESTMENT DECISION.
FUND
MGBF Page
Fund Category
Feeder Fund
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Fund Type
Income
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Base Currency
RM
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Investment Objective
The Fund aims to maximise investment returns by investing in the Target Fund, the Templeton Global Bond Fund.
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Investment Strategy
The Fund will invest in the Class A (mdis) SGD – H1 shares of the Target Fund, a sub-fund of the Franklin Templeton Investment Funds managed by Franklin Advisers, Inc. The base currency of the Target Fund is in USD, whereas the Shares of the Target Fund in which the Fund invest in are denominated in SGD. The Target Fund is an open-ended collective investment scheme domiciled in the Grand Duchy of Luxembourg and was launched on 28 February 1991. The Target Fund is regulated by the Commission de Surveillance du Secteur Financier under Part I of the Luxembourg law of December 20, 2002 relating to undertakings for collective investment. The investment strategy is further elaborated in Chapter 5 Information of the Fund.
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Asset Allocation
At least 95% of the Fund’s Net Asset Value - Investments in the Shares of the Target Fund. 2% - 5% of the Fund’s Net Asset Value - Investments in liquid assets.
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Specific Risks of the Fund
Currency risk, country risk, credit/default risk, concentration risk and investment manager risk.
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Specific Risks of the Target Fund
Class hedging risk, counterparty risk, credit risk, credit-linked securities risk, defaulting fixed income securities risk, derivative risk, emerging markets risk, eurozone risk, foreign currency risk, interest rate risk, liquidity risk, low-rated or non-investment grade securities risk, market risk, sovereign debt risk, structured notes risk and swap agreement risk.
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Investor Profile
This Fund is suitable for investors: (i) who seek to maximise investment returns;
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FUND
MGBF
Page
(ii) who are willing to tolerate the risk associated with investing in non-investment grade securities; and
(iii) with a Medium to Long Term investment horizon.
Distribution Policy
Distribution, if any, will be made from the realised income of the Fund. The Manager will not distribute any income for the initial six (6) months from the Commencement Date. Thereafter, distribution will be on a quarterly basis (subject to availability of income).
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Mode of Distribution
Unit Holders may elect to either receive income payment via cash payment mode or reinvestment mode. If the Unit Holder did not elect the mode of distribution, all distribution will be automatically reinvested into additional Units in the Fund. Unit Holders who elect to receive income payment via cash payment mode would be paid by way of cheque or direct debit into the Unit Holders’ bank account on income payment date (which is within ten (10) Business Days from the ex-distribution date).
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Reinvestment Policy
For Unit Holders who elect to reinvest the distribution in additional Units, the Manager will create such Units based on the NAV per Unit* at the income payment date (which is within ten (10) Business Days Business Days from the ex-distribution date). *There will not be any additional cost to Unit Holders for reinvestments in new additional Units.
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Performance Benchmark
JP Morgan Global Government Bond Index.
Note: The performance benchmark chosen for the Fund is the same as and corresponding with the Target Fund to allow for a similar comparison with the performance of the Target Fund. However, do note that the risk profile of the Fund is different from the risk profile of the performance benchmark.
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Trustee
RHB Trustees Berhad (573019-U) (formerly known as OSK Trustees Berhad).
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Financial Year End
30 June.
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Launch Date
4 November 2013.
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Initial Offer Period
21 calendar days from the date of the Prospectus.
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Initial Offer Price
RM1.00 per Unit.
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Target Fund Information
NAME OF TARGET FUND Templeton Global Bond Fund
INVESTMENT MANAGER Franklin Advisers, Inc. (regulated by the Securities and Exchange Commission, United States of America)
OPERATOR Franklin Templeton International Services S.A. (regulated by the Commission de Surveillance du Secteur Financier)
COUNTRY OF ORIGIN Luxembourg
REGULATORY AUTHORITY OF THE TARGET FUND
Commission de Surveillance du Secteur Financier
DATE OF ESTABLISHMENT OF THE TARGET FUND
28 February 1991
DATE OF ESTABLISHMENT OF THE HEDGED SHARE CLASS - Class A (mdis) SGD – H1
16 June 2008
This table describes the charges that you may DIRECTLY incur when you buy or redeem Units of the Fund
FUND
MGBF
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Sales Charge*
Up to 1.00% of the NAV per Unit will be imposed by the Manager. The sales charge for investing in the Target Fund is waived. Hence, the sales charge will be charged at the Fund level only.
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Redemption Charge*
A redemption charge of 1.00% of the NAV per Unit will be imposed for any redemption requests made within six (6) months from the date of the initial investment of the Unit Holder. Thereafter, no redemption charges will be imposed for redemption requests.
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Switching Fee
Not Applicable.
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Transfer Fee
Not Applicable.
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*The Manager reserves the right to waive or reduce the sales charge or redemption charge from time to time at its absolute discretion. Investors may also negotiate for a lower sales charge or redemption charge. All sales charges and redemption charges will be rounded up to two (2) decimal places. Sales charges will be retained by the Manager but redemption charges will be retained by the Fund. There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund.
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This table describes the charges that you may INDIRECTLY incur when you invest in Units of the Fund
FUND
MGBF
Page
Management Fee
Up to 1.75% of the NAV of the Fund per annum. Currently the Target Fund charges a fee of 0.75% per annum of the net asset value of the Target Fund as a management fee. There will be no double charging of management fee. Management fee paid to the Target Fund will be paid from the portion of management fee received by the Manager.
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Trustee Fee
0.05% per annum of the NAV of the Fund (subject to a minimum of RM12,000 per annum), accrued daily and paid monthly to the Trustee.
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Fund Expenses
Custody cost in relation to foreign investments only, commission paid to dealers (for money market placements only), audit fees, administrative charges such as printing of annual/interim report, tax certificates, reinvestment statements, postage and other services properly incurred in the administration of the Fund.
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There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund. Investors may be subjected to higher fees arising from the layered investment structure of a feeder fund.
FUND
MGBF
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Minimum Initial Investment
RM5,000.
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Minimum Additional Investment
RM1,000.
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Minimum Redemption
Nil.
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Restriction on Frequency of Redemption
There are no restrictions on the frequency of redemption.
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Minimum Holdings
1,000 Units.
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Payment of Redemption Proceeds
Redemption proceeds will be paid within ten (10) calendar days of the Manager’s receipt of a redemption request. The dealing cut-off time shall be at 4.00 p.m. on a Business Day. Any applications received before the cut-off time on a Business Day will be processed on the same Business Day based on the same day’s pricing of the Fund. Any applications received after the cut-off time on a Business Day will be treated as having been received on the next Business Day and will be processed on the next Business Day based on the next day’s pricing of the Fund.
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Transfer of Units
Transfer of ownership of Units is not allowed for this Fund save for the account of the deceased Unit Holder.
Transfer of ownership from the account of the deceased Unit Holder to his/her personal representative will only be undertaken through the process of estate administration and death claims procedures.
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Switching Option
No switching is allowed.
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Cooling-Off Period
Six (6) Business Days commencing from the date the application for Units is received by the Manager.
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Deed of the Fund
Principal deed dated 19 October 2012 and a first supplemental deed dated 2 September 2013.
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Unit prices and distributions payable, if any, may go down as well as up. Prospective investors should read and understand the contents of this Prospectus and, if necessary, should consult their adviser(s). There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund. For information concerning certain risk factors which should be considered by prospective investors, see “Risk Factors” commencing on page 10. If you are interested in the Fund, have any queries or require further information, please contact our client servicing personnel at 03-2297 7888 (ext. 7806/ 7923) at anytime during office hours (8.45 a.m. to 5.45 p.m.) from Monday to Thursday and (8.45 a.m. to 4.45 p.m.) on Friday on a Business Day. Alternatively, you may e-mail your enquiries to [email protected].
(4) RISK FACTORS
Prior to making an investment, prospective investors should consider the following risk factors in addition to the other information set out in this Prospectus:
4.1 General Risks of Investing in the Fund
Market Risk The value of an investment will decrease or increase due to changes in market factors i.e. economic, political or other events that impact large portions of the market. Market risk cannot be eliminated, hence the Fund’s investment portfolio may be prone to changing market conditions that may result in uncertainties and fluctuations in the value of the underlying of the Fund’s investment portfolio, causing the NAV or prices of Units to fluctuate.
Inflation Risk This is the risk that investors’ investments in the Fund may not grow or generate income at a rate that keeps pace with inflation. This would reduce investors’ purchasing power even though the nominal value of the investment in monetary terms has increased. Liquidity Risk The liquidity risk of the Fund is the ability of the Manager to honour redemption requests or to pay Unit Holders’ redemption proceeds in a timely manner. This is subject to the Fund’s holding of adequate liquid assets, its ability to borrow on a temporary basis as permitted by the relevant laws and/or its ability to redeem Shares of the Target Fund at or near the fair value. Should there be inadequate liquid assets held, the Fund may not be able to honour requests for redemption or to pay Unit Holders’ redemption proceeds in a timely manner and may be forced to dispose Shares of the Target Fund at unfavourable prices to meet redemption requirements. Loan Financing Risk Investors should assess the inherent risk of investing with borrowed money which should include the following: i) the ability to service the loan repayments and the effect of increase in interest rates
on the loan repayments; and ii) (in a case where Units are used as collateral to the loan) the ability to provide
additional collateral should Unit prices fall beyond a certain level. Management Risk This risk refers to the expertise of the Manager in managing the Fund. Inadequate expertise will jeopardise the investment of Unit Holders through the risk of reduced returns and in some cases the Unit Holders may also lose the capital invested in the Fund. Besides that, this risk also includes the possibility where the Manager may face insolvency.
Risk of Non-Compliance This is the risk that the Manager may not follow the provisions set out in this Prospectus or the Deed or the law, rules or guidelines that governs the Fund or its own internal procedures whether by oversight or by omission. This risk may also occur indirectly due to legal risk, which is a risk of circumstances from the imposition and/or amendment on the relevant regulatory frameworks, laws, rules, and other legal practices affecting the Fund.
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Non-compliance may result in the Fund being mismanaged and may affect the Unit Holders’ investment.
Returns Are Not Guaranteed Unit Holders should take note that by investing in the Fund, there is no guarantee of any income distribution or capital appreciation. Unlike fixed deposits which carry a specific rate of return, a unit trust fund does not provide a fixed rate of return.
4.2 Specific Risks of the Fund
Currency Risk As the base currency of the Fund is denominated in RM and the Shares of the Target Fund is denominated in SGD, the Fund is exposed to currency risk. Fluctuation in SGD exchange rates will affect the value of the Fund’s investments when converted into local currency i.e. RM and subsequently the value of Unit Holders’ investments.
Country Risk The investment of the Fund may be affected by risk specific to the country in which it invests in. Such risks include changes in a country’s economic, social and political environment. The value of the assets of the Fund may also be affected by uncertainties such as currency repatriation restrictions or other developments in the law or regulations of the country in which the Fund invest in, i.e. Luxembourg, the domicile country of the Target Fund. Credit / Default Risk The Fund may invest into money market instruments issued by financial institutions. The credit / default risk is when financial institutions default on payment obligations and/or make untimely payments to the Fund. In such a case, this may lead to a reduction in the NAV of the Fund. Concentration Risk As the Fund invests at least 95% of its NAV in the Target Fund, it is subject to concentration risk as the performance of the Target Fund would have a significant impact on the performance of the Fund. Investment Manager Risk
The Fund will invest in the Target Fund managed by a foreign asset management company. This risk refers to the risk associated with the Investment Manager of the Target Fund, which include: i) The risk of non-adherence to the investment objectives, strategy and policies of the
Target Fund;
ii) The risk of direct or indirect losses resulting from inadequate or failed operational and administrative processes and systems by the Investment Manager; and
iii) The risk that the Target Fund may underperform its benchmark due to poor
investment decisions by the Investment Manager.
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4.3 Specific Risks of the Target Fund
Class Hedging Risk The Target Fund may engage in currency hedging transactions with regards to a certain class of shares (the "hedged share class"). Hedged share classes are designed (i) to reduce exchange rate fluctuations between the currency of the hedged share class and the base currency of the Target Fund or (ii) to reduce exchange rate fluctuations between the currency of the hedged share class and other material currencies within the Target Fund’s portfolio. The hedged share class of the Target Fund in which the Fund will be investing in is SGD – H1 in which the currency of this class is denominated in SGD whereas the base currency of the Target Fund is denominated in USD. The hedging will be undertaken to reduce exchange rate fluctuations in case the base currency (USD) of the Target Fund or other material currencies within the Target Fund (the "reference currency(ies)") is(are) declining or increasing in value relative to the hedged currency (SGD). The hedging strategy employed will seek to reduce as far as possible the exposure of the SGD hedged share class and no assurance can be given that the hedging objective will be achieved. In the case of a net flow to or from the Target Fund’s SGD hedged share class, the hedging may not be adjusted and reflected in the net asset value of the Target Fund’s SGD hedged share class until the following or a subsequent business day following the valuation day on which the instruction was accepted. Investors should be aware that the hedging strategy may substantially limit shareholders of the SGD hedged share class of the Target Fund from benefiting from any potential increase in value of the share class expressed in the reference currency(ies), if the SGD hedged share class currency falls against the reference currency(ies). Additionally, shareholders of the SGD hedged share class of the Target Fund may be exposed to fluctuations in the net asset value per unit reflecting the costs of the relevant financial instruments. The costs of the relevant financial instruments will accrue solely to the SGD hedged share class. Any financial instruments used to implement such hedging strategies with respect to one or more classes of the Target Fund shall be assets and/or liabilities of the Target Fund as a whole, but will be attributable to the SGD hedged share class and the gains/losses on and the costs of the relevant financial instruments will accrue solely to the SGD hedged share class. However, due to the lack of segregated liabilities between classes of the Target Fund, costs which are attributed to a specific class may be ultimately charged to the Target Fund as a whole. Any currency exposure of a class may not be combined with or offset against that of any other class of the Target Fund. The currency exposure of the assets attributable to a class may not be allocated to other classes. No intentional leveraging should result from currency hedging transactions of a class although hedging may exceed 100% for short periods between redemption instructions and execution of the hedge trade.
Counterparty Risk
Counterparty risk is the risk to each party of a contract that the counterparty will fail to perform its contractual obligations and/or to fulfil its commitments under the term of such contract, whether due to insolvency, bankruptcy or other cause. When over-the-counter (OTC) or other bilateral contracts are entered into (inter alia OTC derivatives, repurchase agreements, security lending etc) the Target Fund may find itself exposed to risks arising from the solvency of its counterparties and from their ability to respect the conditions of these contracts. The Target Fund is exposed to the risk that the counterparty will fail to respect its commitments under the term of each contract.
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Credit Risk
Credit risk, a fundamental risk relating to all fixed income securities, is the chance that an issuer will fail to make principal and/or interest payments when due. Issuers with higher credit risk typically offer higher yields for this added risk. Conversely, issuers with lower credit risk typically offer lower yields. Generally, government securities are considered to be the safest in terms of credit risk, while corporate fixed income securities, especially those with poorer1 credit ratings, have the highest credit risk. Changes in the financial condition of an issuer, changes in economic and political conditions in general, or changes in economic and political conditions specific to an issuer, are all factors that may have an adverse impact on an issuer’s credit quality and security values. Moody’s and Fitch, among others, provide ratings for a wide array of fixed income securities (corporate, sovereign, or supranational) which are based on the issuers’ creditworthiness. The agencies may change their ratings from time to time due to financial, economic, political, or other factors, which, if the change represents a downgrade, can adversely impact the value of the affected fixed income securities. Credit-linked Securities Risk Credit-linked securities are fixed income securities that represent an interest in a pool of, or are otherwise collateralised by one or more corporate fixed income securities or credit default swaps incorporated debt or bank loan obligations. Such securities may represent the obligations of one or more corporations. The Target Fund has the right to receive periodic interest payments from the issuer of the credit-linked security (usually the seller of the underlying credit default swap(s)) at an agreed-upon interest rate, and a return of principal at the maturity date. The Target Fund bears the risk of loss of its principal investment, and the periodic interest payments expected to be received for the duration of its investment in the credit-linked security, in the event that one or more of the fixed income securities underlying the credit default swaps go into default or otherwise become non-performing. Upon the occurrence of such a credit event (including bankruptcy, failure to timely pay interest or principal, or a restructuring), the Target Fund will generally reduce the principal balance of the related credit-linked security by the Target Fund’s pro rata interest in the par amount of the defaulted underlying fixed income securities in exchange for the value of the defaulted underlying obligation or the defaulted underlying asset itself, resulting in a loss of a portion of the Target Fund's investment. Thereafter, interest on the credit-linked security will accrue on a smaller principal balance and a smaller principal balance will be returned at maturity. To the extent a credit-linked security represents an interest in underlying obligations of a single corporate or corporations, a credit event with respect to a single corporate presents greater risk of loss to the Target Fund than if the credit-linked security represented an interest in underlying obligations of multiple corporations. A credit-linked security representing interest in underlying obligations of multiple corporations presents lower risk of loss as compared to the credit-linked security representing interest in underlying obligations of a single corporate because the possibility of a credit-linked security of a single corporate default is higher than a credit-linked security of multiple corporations. If a credit-linked security of single corporate defaults, the credit-linked security will lose most or all of its value, whereas for a credit-linked security of multiple corporations, assuming only one of the underlying corporate defaults, the risk of loss will not be as high as a credit-linked security of a single corporate as it is diversified to a basket of multiple corporations. In addition, the Target Fund bears the risk that the issuer of the credit-linked security will default or become bankrupt. In such an event, the Target Fund may have difficulty being repaid, or fail to be repaid, the principal amount of its investment and the remaining periodic interest payments thereon.
1 Poorer means credit ratings that are lower in the scale of each respective rating agency.
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An investment in credit-linked securities also involves reliance on the counterparty to the credit default swap entered into with the issuer of the credit-linked security to make periodic payments to the issuer under the terms of the swap. Any delay or cessation in the making of such payments may be expected in certain instances to result in delays or reductions in payments to the Target Fund as an investor in such credit-linked securities. Additionally, credit-linked securities are typically structured as limited recourse obligations of the issuer of such securities such that the securities issued will usually be obligations solely of the issuer and will not be obligations or responsibilities of any other person. Most credit-linked securities are structured as US Rule 144A securities so that they may be freely traded among institutional buyers. The Target Fund will generally only purchase credit-linked securities, which are determined to be liquid in accordance with the Target Fund’s liquidity guidelines. However, the market for credit-linked securities may suddenly become illiquid. The other parties to the transaction may be the only investors with sufficient understanding of the derivative to be interested in bidding for it. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for credit-linked securities. In certain cases, a market price for a credit-linked security may not be available or may not be reliable, and the Target Fund could experience difficulty in selling such security at a price the Investment Manager believes is fair. The value of a credit-linked security will typically increase or decrease with any change in value of the underlying fixed income security, if any, held by the issuer and the credit default swap. Further, in cases where the credit-linked security is structured such that the payments to the Target Fund are based on amounts received in respect of, or the value of performance of, any underlying fixed income securities specified in the terms of the relevant credit default swap, fluctuations in the value of such obligation may affect the value of the credit-linked security. Defaulting Fixed Income Securities Risk The Target Fund may invest in fixed income securities on which the issuer is not currently making interest payments (defaulting fixed income securities). The Target Fund may buy these defaulting fixed income securities if, in the opinion of the Investment Manager, it appears likely that the issuer may resume interest payments or other advantageous developments appear likely in the near future. Due to the aforesaid nature of defaulting fixed income securities, these securities are very likely to face liquidity risk and the Investment Manager may not be able to dispose the defaulting fixed income securities at fair value as compared to fixed income securities that are not in default. The risk of depreciation in the net asset value of the Target Fund due to defaulting fixed income securities may also be considerably greater with lower-quality securities2 because they are generally unsecured and are often subordinated to other creditors of the fixed income security issuer. If the issuer of a fixed income security in the Target Fund’s portfolio defaults, the Target Fund may have unrealized losses on the fixed income security, which may lower the Target Fund’s net asset value per unit. In addition, the Target Fund may incur additional expenses if it must try to recover principal or interest payments on a defaulting fixed income security. Among the defaulting fixed income securities in which the Target Fund may invest in are those that are issued by entities organised and operated solely for the purpose of restructuring the investment characteristics of various assets or obligations.
2 Securities that are rated below BBB- by Standard & Poor’s or the equivalent rating by other rating agencies (Baa3 by Moody’s or BBB- by Fitch)
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Derivative Risk The Investment Manager may use various financial derivative instruments to reduce risks or costs or to generate capital gains or income in order to meet the investment objectives of the Target Fund. Throughout this section and others that refer to derivatives, privately negotiated or non-exchange traded derivatives are referred to as being “over-the-counter” (OTC). The Target Fund may use options, futures and forward contracts on currencies, securities, indices and interest rates for hedging and investment purposes. Performance and value of derivative instruments (swaps, options, forwards, futures, warrants, etc.) depend, at least in part, on the performance or value of the underlying asset. Derivative instruments involve cost, may be volatile, and may involve a small investment relative to the risk assumed (leverage effect). Their successful use may depend on the Investment Manager’s ability to predict market movements. Risks include default by the counterparty or the inability to close out a position because the trading market becomes illiquid. Some derivative instruments (such as interest rate swaps, options or futures which are related to interest rates) are particularly sensitive to changes in interest rates. Transactions in futures may carry a high degree of risk. The amount of the initial margin is small relative to the value of the futures contract so that transactions are “leveraged” or “geared”. A relatively small market movement will have a proportionately larger impact on the value of the Target Fund (viz-a-viz if no futures contracts was entered) which may work for or against the Target Fund. The placing of certain orders which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders [Note :- This refers to orders to buy or sell futures contract. The evolution of the market may make it difficult or impossible to sell a derivative contract (e.g. no offer to meet the demand, closure of the market due to economic or political conditions, etc.)]. Forward transactions, in particular those traded over-the-counter, have an increased counterparty risk. If a counterparty defaults, the Target Fund may not get the expected payment. This may result in the loss of the unrealised profit. Transactions in options may also carry a high degree of risk. Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options. Although the premium received by the Target Fund is fixed, the Target Fund may sustain a loss well in excess of that amount. The Target Fund will also be exposed to the risk of the purchaser exercising the option and the Target Fund will be obliged either to settle the option in cash or to acquire the underlying investment or asset in the options contract or deliver the underlying investment. If the option is “covered” by the Target Fund holding a corresponding position in the underlying investment or a future on another option (i.e. a future on an option similar to the one held by the Target Fund), the risk may be reduced. Currently, the Target Fund has not written or granted any option and does not intend to do so. In the event the Target Fund does write or grant any option, the Investment Manager will inform the Manager and the Manager may call for a Unit Holders’ meeting to replace the Target Fund. The risk of loss to the Target Fund for a swap transaction on a net basis depends on which party is obliged to pay the net amount to the other party. If the counterparty is obliged to pay the net amount (the amount that the Target Fund will finally get as opposed to the notional amount) to the Target Fund, the risk of loss to the Target Fund is the loss of the amount that the Target Fund is entitled to receive; if the Target Fund is obliged to pay the net amount, the Target Fund’s risk of loss is limited to the net amount due. Instruments traded in OTC markets (i.e. derivative instruments that are traded over-the-counter and that are not traded on a centralized exchange) may trade in smaller volumes, and their prices may be more volatile than instruments traded on exchanges. Such
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instruments may be less liquid than more widely traded instruments (i.e. those that are traded on a centralized exchange). In addition, the prices of such instruments may include an undisclosed dealer mark-up which the Target Fund may pay as part of the purchase price. Emerging Markets Risk All the Target Fund’s investments in securities issued by corporations, governments, and public-law entities in different nations and denominated in different currencies involve certain risks. These risks are typically increased in developing countries and emerging markets. Such risks, which may have adverse effects on portfolio holdings, may include: (i) investment and repatriation restrictions; (ii) currency fluctuations; (iii) the potential for unusual market volatility as compared to more industrialised nations; (iv) government involvement in the private sector; (v) limited investor information and less stringent investor disclosure requirements; (vi) shallow and substantially smaller liquid securities markets than in more industrialised countries, which means the Target Fund may at times be unable to sell certain securities at desirable prices; (vii) certain local tax law considerations; (viii) limited regulation of the securities markets; (ix) international and regional political and economic developments; (x) possible imposition of exchange controls or other local governmental laws or restrictions; (xi) the increased risk of adverse effects from deflation and inflation; (xii) the possibility of limited legal recourse for the Fund; and (xiii) the custodial and/or the settlement systems may not be fully developed. Investors of the Target Fund should be mindful that the liquidity of securities in emerging markets may be less liquid than comparable securities in industrialised countries. Eurozone risk
The Target Fund may invest in the eurozone (i.e. the economic and monetary union of european union member states that may have adopted the euro (€) as their common currency and sole legal tender). Mounting sovereign debt burdens (e.g. any sovereigns within the eurozone, which default on their debts, may be forced to restructure their debts and faced difficulties in obtaining credit or refinancing) and slowing economic growth among European countries, combined with uncertainties in European financial markets, including feared or actual failures in the banking system and the possible break-up of the eurozone and Euro currency, may adversely affect interest rates and the prices of both fixed income and equity securities across Europe and potentially other markets as well. These events may increase volatility, liquidity and currency risks associated with investments in Europe. The aforesaid economic and financial difficulties in Europe may spread across Europe and as a result, a single or several European countries may exit the eurozone or a sovereign within the eurozone may default on its debts. In any event of the break-up of the eurozone or Euro currency, the Target Fund may be exposed to additional operational or performance risks (i.e. in a situation of a break-up of the eurozone, operational risks would be linked to difficulties of valuation and payment and thus operational processes of orders). While the European governments, the European Central Bank, and other authorities are taking measures (e.g. undertaking economic reforms and imposing austerity measures on citizens) to address the current fiscal conditions, these measures may not have the desired effect and therefore the future stability and growth of Europe is uncertain. The performance and value of the Target Fund may be adversely affected should there be any adverse credit events (e.g. downgrade of the sovereign credit rating or default or bankruptcy of any eurozone countries). Foreign Currency Risk Changes in currency exchange rates may affect the value of the holdings and the Target Fund's yield thereon. Since the fixed income securities held by the Target Fund may be denominated in currencies different from its base currency (which is in USD), the Target Fund may be affected favourably or unfavourably by exchange control regulations or
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changes in the exchange rates between such base currency (which is in USD) and other currencies3. Changes in currency exchange rates may influence the value of the Target Fund’s Shares, and also may affect the value of interests earned by the Target Fund and gains and losses realised by the Target Fund. If the currency in which a security is denominated appreciates against the base currency, the price of the security could increase. Conversely, a decline in the exchange rate of the currency would adversely affect the price of the security. The Target Fund may or may not trade or settle in Chinese Renminbi (RMB) and in the event of the Target Fund trading or settling in RMB, the following risk will apply. As trading and settlement in RMB may not be the same as trading in freely floated currencies (e.g. United States Dollars, Australian Dollars etc), it is prudent to highlight the risk to RMB. The RMB is subject to a managed floating exchange rate based on market supply and demand with reference to a basket of currencies. Currently, the RMB is traded in two markets: one in Mainland China, and one outside Mainland China (primarily in Hong Kong). The RMB traded in Mainland China is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland China. The RMB traded outside Mainland China, on the other hand, is freely tradable. Whilst the RMB is traded freely outside Mainland China, the RMB spot, RMB related forward foreign exchange contracts and related instruments (i.e. any financial instrument denominated in RMB) reflect the structural complexities of this evolving market. Interest Rate Risk The investments of the Target Fund in fixed income securities are subject to interest rate risk. A fixed income security’s value will generally increase in value when interest rates fall and decrease in value when interest rates rise. Interest rate risk is the chance that such movements in interest rates will negatively affect a security’s value or, in the Target Fund’s case, its net asset value. Fixed income securities with longer-term maturities tend to be more sensitive to interest rate changes than shorter-term securities. As a result, longer-term securities tend to offer higher yields for this added risk. While changes in interest rates may affect the Target Fund’s interest income, such changes may positively or negatively affect the net asset value of the Target Fund’s Shares on a daily basis. Liquidity Risk Liquidity risk takes two forms: asset side liquidity risk and liability side liquidity risk. Asset
side liquidity risk refers to the inability of the Target Fund to sell a security at its quoted
price or market value due to such factors as a sudden change in the perceived value or
credit worthiness of the security, or due to adverse market conditions generally. Liability
side liquidity risk refers to the inability of the Target Fund to meet a redemption request,
due to the inability of the Target Fund to sell securities in order to raise sufficient cash to
meet the redemption request. Markets where the Target Fund’s securities are traded could
also experience such adverse conditions as to cause exchanges to suspend trading
activities. Reduced liquidity due to these factors may have an adverse impact on the net
asset value of the Target Fund and, as noted, on the ability of the Target Fund to meet
redemption requests in a timely manner and as such this may impact any redemption
request made in respect of the Fund. [Note : Asset side liquidity risk relates to the inability
by the Investment Manager to sell the investments or assets of the Target Fund and
liquidity side relates to redemption request by an investor in the Target Fund].
Low-rated or Non-investment Grade Securities Risk The Target Fund may invest in higher-yielding securities4 rated lower than investment grade5. Hence, investing in the Target Fund is accompanied by a higher degree of credit
3 The domestic currency of which the fixed income securities are denominated in. 4 Securities that are rated below BBB- by Standard & Poor’s or the equivalent rating by other rating agencies (Baa3 by Moody’s or BBB- by Fitch).
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risk. Investing in below investment grade securities such as, for example, high yield fixed income securities, may be considered a high risk strategy and can include securities that are unrated and/or in default. Lower-quality, higher-yielding securities may also experience greater price volatility when compared to higher-quality, lower-yielding securities. Additionally, default rates tend to rise for poorer6 rated fixed income securities during economic recessions or in times of high interest rate environment. Companies that issue high yield fixed income securities are not as strong financially and their low creditworthiness may increase the potential for their insolvency. These types of companies are more likely to encounter financial difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates that could affect their ability to make interest and/or principal payments on the fixed income security that they have issued.
Market risk This is a general risk which affects all types of investments. Fixed income security prices are determined mainly by financial market trends and by the economic development of the issuers, who are themselves affected by the overall situation of the global economy and by the economic and political conditions prevailing in each respective country. Because the fixed income securities the Target Fund holds fluctuate in price, the investment value in the Target Fund may go up and down. Sovereign Debt Risk Sovereign debts (“Sovereign Debts”) are fixed income securities issued or guaranteed by governments or government-related entities. Investment in Sovereign Debts issued or guaranteed by governments or their agencies and instrumentalities (“governmental equities”) involves a high degree of risk. The governmental entity that controls the repayment of Sovereign Debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt due to specific factors, including, but not limited to (i) their foreign reserves, (ii) the available amount of their foreign exchange as at the date of repayment, (iii) their failure to implement political reforms, and (iv) their policy relating to the International Monetary Fund. Sovereign Debt holders may also be affected by additional constraints relating to sovereign issuers which may include: (i) the unilateral rescheduling of such debt by the issuer and (ii) the limited legal resources available against the issuer (in case of failure of delay in repayment). The Target Fund investing in Sovereign Debts issued by governments or government related entities from countries referred to as emerging markets or frontier markets bear additional risks linked to the specificities of such countries (eg. Currency fluctuations, political and economic uncertainties, repatriation restrictions, etc).
Structured Notes Risk Structured notes such as credit-linked notes and similar notes involve a counterparty structuring a note whose value is intended to move in line with the underlying fixed income security specified in the note. Investment in structured notes may result in a loss if the value of the underlying security decreases. There is also a risk that the structured note issuer will default. Additional risks result from the fact that the documentation of such notes programmes tends to be highly customized whereby the structured note is tailored specifically to the need of the buyer (in this case the Target Fund) making it unique. As such, the liquidity of the structured note can be less liquid than its underlying fixed income
5 Investment grade refers to securities that are rated BBB- by Standard & Poor’s and above or the equivalent rating by other
rating agencies (Baa3 rated by Moody’s or BBB- rated by Fitch). 6 Poorer means credit ratings that are lower in the scale of each respective rating agency.
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security and this may adversely affect either the ability to sell the structured note or the price at which such a sale is transacted. Swap Agreements Risk The Target Fund may enter into interest rate, index and currency exchange rate swap agreements for the purposes of attempting to obtain a particular desired return at a lower cost to the Target Fund than if the Target Fund had invested directly in an instrument that yielded that desired return. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few days to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differential in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount", i.e., the return on or increase in value of a particular US dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a reference on which to calculate the obligations which the parties to a swap agreement have agreed to exchange. The Target Fund's obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Whether the Target Fund's use of swap agreements will be successful in furthering its investment objective will depend on the ability of the Investment Manager to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two party contracts and because they may have terms of greater than seven (7) calendar days, swap agreements may be considered to be illiquid. Moreover, the Target Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.
4.4 Differences in Law
As the Target Fund is regulated by the Commission de Surveillance du Secteur Financier in Luxembourg and the Fund is regulated by the Securities Commission Malaysia, hence, the laws and regulations governing the Target Fund may have differences with the Guidelines which governs the Fund. Nevertheless, the Target Fund is in compliance with the general investment principles of the Guidelines. The Manager will also monitor the Target Fund to ensure continuous compliance with the Guidelines. Should the Target Fund diverge from the general investment principles of the Guidelines which result in non-compliance with the requirements of the Guidelines, the Manager will take all necessary actions or steps to rectify the non-compliance which may include but not be limited to the replacement of the Target Fund or the termination of the Fund.
INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE TARGET FUND PROSPECTUS AND/OR SUPPLEMENTAL PROSPECTUS. IN THE EVENT OF ANY DISCREPANCY OF THE RISKS CONSIDERATION OF THE TARGET FUND AS SET OUT HEREIN WITH OF THE TARGET FUND’S PROSPECTUS AND/OR SUPPLEMENTAL PROSPECTUS, THE PROSPECTUS AND/OR SUPPLEMENTAL PROSPECTUS OF THE TARGET FUND SHALL PREVAIL.
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(5) INFORMATION ON THE FUND
5.1 Investment Objective of MGBF
The Fund aims to maximise investment returns by investing in the Target Fund, the Templeton Global Bond Fund.
Any material changes to the investment objective of the Fund would require the Unit Holders’ approval.
5.2 Performance Benchmark
The performance of the Fund is benchmarked against the JP Morgan Global Government Bond Index (Source: Bloomberg). The benchmark chosen for the Fund is the same as and corresponding with the Target Fund to allow for a similar comparison with the performance of the Target Fund. However, do note that the risk profile of the Fund is different from the risk profile of the performance benchmark.
5.3 Investment Strategy
The Fund will invest in the Class A (mdis) SGD – H1 shares of the Target Fund, a sub-fund of the Franklin Templeton Investment Funds managed by Franklin Advisers, Inc. The base currency of the Target Fund is in USD, whereas the Shares of the Target Fund in which the Fund invest in are denominated in SGD. The Target Fund is an open-ended collective investment scheme domiciled in the Grand Duchy of Luxembourg and was launched on 28 February 1991. The Target Fund is regulated by the Commission de Surveillance du Secteur Financier under Part I of the Luxembourg law of December 20, 2002 relating to undertakings for collective investment. Although the Fund is passively managed, the Manager will ensure the proper and efficient management of the Fund so that the Fund is able to meet sale and redemption requests by Unit Holders.
5.4 Temporary Defensive Positions
The Manager may adopt temporary defensive positions to protect the Fund’s investments to respond to adverse market, political or economic conditions by holding more than 5% of the Fund’s NAV in liquid assets that may be inconsistent with the Fund’s principal investment strategy and asset allocation. As the temporary defensive positions are adopted at the Fund’s level, the Manager’s view on market outlook may differ from the view of the Target Fund’s Investment Manager. As a result, there is a risk that the Fund will not achieve its investment objective by adopting such defensive strategies. However, for all intents and purposes, the Manager will resume the investment strategy to invest at least 95% of the Fund’s NAV in the Target Fund as soon as practical. In addition, the Manager may, in consultation with the Trustee and subject to Unit Holders’ approval, replace the Target Fund with another fund of a similar objective if, in the Manager’s opinion, the Target Fund no longer meets this Fund’s investment objective.
5.5 Asset Allocation
At least 95% of the Fund’s Net Asset Value - Investments in the Shares of the Target Fund. 2% - 5% of the Fund’s Net Asset Value - Investments in liquid assets.
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5.6 Investor Profile
This Fund is suitable for investors:
(i) who seek to maximise investment returns; (ii) who are willing to tolerate the risk associated with investing in non-investment
grade securities; and (iii) with a Medium to Long Term investment horizon.
5.7 Risk Management Strategies
The risk management strategy and technique employed by the Fund is to adopt temporary defensive positions as disclosed in the above section under the heading “Temporary Defensive Positions”.
In addition, the Manager may, in consultation with the Trustee and subject to Unit Holders’ approval, replace the Target Fund with another fund of a similar objective if, in the Manager’s opinion, the Target Fund no longer meets this Fund’s investment objective.
5.8 Borrowings and Securities Lending
The Fund may not borrow cash or other assets in connection with its activities. However, the Fund may borrow cash on a temporary basis for the purpose of meeting redemption requests for Units and for short term bridging requirements subject to the following: (a) the Fund’s cash borrowing is only on a temporary basis and that borrowings are not
persistent; (b) the borrowing period shall not exceed one month; (c) the aggregate borrowings of the Fund shall not exceed 10% of the Fund’s NAV at the
time the borrowing is incurred; and
(d) the Fund may only borrow from financial institutions.
The Fund may participate in the lending of securities within the meaning of the Securities Borrowing and Lending Guidelines issued by the SC.
5.9 Permitted Investments
The Fund is permitted to invest in the following:
(a) one collective investment scheme that is, the Templeton Global Bond Fund;
(b) liquid assets; and (c) any other investment permitted by the Securities Commission which is in line with
the objective of the Fund.
5.10 Investment Restrictions
The Fund shall not invest in the following:
(a) a fund-of-funds;
(b) a feeder fund; and
(c) any sub-fund of an umbrella scheme which is a fund-of-funds or a feeder fund.
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5.11 Bases of Valuation Of Investments
Collective Investment Schemes
The value of any investment in unquoted collective investment schemes shall be calculated/valued based on the last published repurchase price per unit for that collective investment scheme.
Illustration: For certain Business Days, where the last published repurchase price per unit for the unquoted collective investment scheme i.e. the Templeton Global Bond Fund is not available for the relevant Business Day, the value of investment in unquoted collective investment schemes shall be calculated/valued based on the last published repurchase price per unit for the collective investment scheme. For example, if Monday, 7 July 2014 is a business day and Tuesday, 8 July 2014 is a non-business day in Luxembourg where the Templeton Global Bond Fund is domiciled, the last published repurchase price for Templeton Global Bond Fund will be the price published on Monday, 7 July 2014 as there will be no repurchase price published on Tuesday, 8 July 2014. Hence, the value of investment in the Templeton Global Bond Fund shall be calculated/valued based on the last published repurchase price per unit which is the repurchase price per unit published on Monday, 7 July 2014.
Deposits
Investments such as bank bills and deposits placed with financial institutions are valued each day by reference to the value of such investments and the interests accrued thereon for the relevant period.
Foreign Exchange Rate Conversion
Where the value of an asset of the Fund is denominated in a foreign currency (if any), the assets are translated on a daily basis to Ringgit Malaysia using the bid foreign exchange rate quoted by either Reuters or Bloomberg, at United Kingdom time 4.00 p.m. on the same day.
5.12 Information on the Target Fund
(a) Investment objective
The investment objective of the Target Fund is to maximize, consistent with prudent investment management, total investment return consisting of a combination of interest income, capital appreciation and currency gains.
(b) Investment strategy The Target Fund seeks to achieve its objective by investing principally7 in a portfolio of fixed or floating rate fixed income securities (including non-investment grade securities8) and fixed income securities issued by government or government-related issuers worldwide. The Target Fund may also, in accordance with the investment restrictions, invest in fixed income securities of corporate issuers. Additionally, the Target Fund may purchase fixed income securities issued by supranational entities organised or supported by several national governments, such as the International Bank for Reconstruction and Development or the European Investment Bank.
7 Principally means that at least two-thirds of the Target Fund’s total assets (without taking into account ancillary liquid
assets). 8 Non-investment grade securities refer to securities that are rated below BBB- by Standard &Poor’s.
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The Target Fund may also utilise financial derivative instruments for investment purposes. These financial derivative instruments may be dealt either in regulated markets or over-the-counter, and may include, inter alia, swaps (such as credit default swaps or total return swaps), forwards and cross forwards, futures contracts (including those on government securities), as well as options. Use of financial derivative instruments may result in negative exposures in a specific yield curve/duration, currency or credit. The Target Fund may also invest in securities or structured products where the security is linked to or derives its value from another security or is linked to assets or currencies of any country. The Target Fund may hold up to 10% of its total net asset value in defaulting fixed income securities. The Target Fund may purchase fixed income securities denominated in any currency, and may hold equity securities to the extent that such securities result from the conversion or exchange of a preferred stock or fixed income securities.
(c) Permitted investments and investment restrictions of the Target Fund 1. Investment in transferable securities and liquid assets a) The Investment Manager will invest in:
(i) transferable securities and money market instruments admitted to or dealt on a regulated market within the meaning of directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments;
(ii) transferable securities and money market instruments dealt on another market in a member state of the European Economic Area (a “Member State”) which is regulated, operates regularly and is recognised and open to the pub;
(iii) transferable securities and money market instruments
admitted to official listing on a stock exchange in a non-EU Member State or dealt on another market in a non-EU Member State, which is regulated, operates regularly and is recognised and open to the public;
(iv) recently issued transferable securities and money market
instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on a stock exchange or on another regulated market, in the countries of the areas referred to under (i), (ii) and (iii) above, which operates regularly and is recognised and open to the public, and such admission is secured within a year of the purchase;
(v) units of Undertakings for Collective Investment in
Transferable Securities (“UCITS”) and/or other Undertakings for Collective Investment (“UCIs”), whether situated in a Member State or not, provided that:
such other UCIs have been authorised under the laws of any E.U. Member State or under laws which provide that they are subject to supervision considered by the Luxembourg supervisory authority to be equivalent to that laid down in EU law and that cooperation between authorities is sufficiently ensured;
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the level of protection for shareholders of the Target Fund in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009;
the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;
no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs;
(vi) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in an E.U. Member State or, if the registered office of the credit institution is situated in a non-Member State, provided that it is subject to prudential rules considered by the Luxembourg supervisory authority as equivalent to those laid down in Community9 law;
(vii) financial derivative instruments, including equivalent cash-
settled instruments, dealt in on a regulated market referred to in subparagraph (i) to (iv) above, and/or financial derivative instruments dealt in over-the-counter ("OTC derivatives"),provided that:
the underlying consists of instruments covered by this section under 1. a), financial indices, interest rates, foreign exchange rates or currencies, in which the Target Fund may invest according to its investment objectives
the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Luxembourg supervisory authority
the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Investment Manager’s initiative,
(viii) money market instruments other than those dealt in on a
regulated market and which fall under section 1 a), if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are:
9 Directives and regulations issued by the European Council and European parliament.
24
issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the European Union or the European Investment Bank, a non-Member State or, in case of a federal state, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or
issued by an undertaking any securities of which are dealt in on regulated markets referred to above, or
issued or guaranteed by an establishment subject to prudential supervision in accordance with criteria defined by the Community law, or by an establishment which is subject to and complies with prudential rules considered by the Luxembourg supervisory authority to be at least as stringent as those laid down by Community law, or
issued by other bodies belonging to the categories approved by the Luxembourg supervisory authority provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent (references to the three bullet points above) and provided that the issuer is a company whose capital and reserves amount to at least 10 million euro and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which include one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.
b) The Investment Manager may invest up to 10% of the net asset value of the Target Fund in transferable securities and money market instruments other than those referred to in (a) above;
c) The Target Fund may hold ancillary liquid assets; d) (i) The Target Fund may invest no more than 10% of its net
asset value in transferable securities and money market instruments issued by the same body. The Target Fund may not invest more than 20% of its net asset value in deposits made with the same body. The risk exposure to a counterparty of the Target Fund in an OTC derivative transaction may not exceed 10% of its net asset value when the counterparty is a credit institution referred to in section 1 a) (vi) above or 5% of its net asset value in other cases.
(ii) The total value of the transferable securities and money
market instruments held in the issuing bodies (countries issuing the fixed income securities) in which the Target Fund invests more than 5% of its net asset value must not exceed 40% of the value of its net asset value. This limitation does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision.
Notwithstanding the individual limits laid down in paragraph
1. d) (i), the Target Fund may not combine:
25
investments in transferable securities or money market instruments issued by a single body,
deposits made with a single body, and/or
exposures arising from OTC derivative transactions undertaken with a single body,
in excess of 20 % of its assets. (iii) The limit laid down under the first sentence of paragraph 1
d) (i) above shall be of 35% where the Target Fund has invested in transferable securities or money market instruments issued or guaranteed by a Member State, by its local authorities, by a non-Member State or by public international bodies of which one or more Member States are members.
(iv) The limit laid down under the first sentence of paragraph 1
d) (i) above shall be of 25% for bonds issued by a credit institution which has its registered office in a Member State and is subject by law, to special public supervision designed to protect bondholders. In particular, sums deriving from the issue of these bonds must be invested in conformity with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in case of bankruptcy of the issuer, would be used on a priority basis for the repayment of principal and payment of the accrued interest.
If the Target Fund invests more than 5% of its net asset
value in the bonds above and issued by one issuer, the total value of such investments may not exceed 80% of the value of the net asset value of the Target Fund.
(v) The transferable securities and money market instruments
referred to in paragraphs 1 d) (iii) and 1. d) (iv) are not included in the calculation of the limit of 40% referred to in paragraph 1 d) (ii).
The limit set out above under paragraphs 1 d) (i), (ii), (iii)
and (iv) may not be combined, and thus investments in transferable securities or money market instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with paragraph 1 d) (i), (ii), (iii) and (iv) may not exceed a total of 35% of the net asset value of the Target Fund.
Companies which are included in the same group for the
purposes of consolidated accounts, as defined in accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are regarded as a single body for the purpose of calculating the limits contained under paragraph 1 d). The Target Fund may cumulatively invest up to 20% of its net asset value in transferable securities and money market instruments within the same group.
(vi) Without prejudice to the limits laid down in paragraph e),
the limits laid down in this paragraph d) shall be 20% for investments in shares and/or bonds issued by the same body when the aim of the Target Fund's investment policy is to replicate the composition of a certain stock or bond index
26
which is recognised by the Luxembourg supervisory authority, provided
the composition of the index is sufficiently diversified,
the index represents an adequate benchmark for the market to which it refers,
it is published in an appropriate manner.
The limit laid down in the subparagraph above is raised to 35% where it proves to be justified by exceptional market conditions in particular in regulated markets where certain transferable securities or money market instruments are highly dominant provided that investment up to 35% is only permitted for a single issuer.
(vii) Where the Target Fund has invested in accordance with the
principle of risk spreading in transferable securities and money market instruments issued or guaranteed by any EU Member State, its local authorities, or public international bodies of which one or more EU Member States are members or by any other state of the OECD, the Investment Manager may invest 100% of the net asset value of the Target Fund in such securities provided that the Target Fund must hold securities from at least six different issues and securities from one issue must not account for more than 30% of the Target Fund's net asset value.
e) The Target Fund may not invest in voting shares of companies
allowing it to exercise a significant influence in the management of the issuer. Further, the Franklin Templeton Investment Funds may acquire no more than (i) 10% of the non-voting shares of any single issuing body, (ii) 10% of the debt securities of any single issuing body, (iii) 25% of the units of any single collective investment undertaking, (iv) 10% of the money market instruments of any single issuing body. However, the limits laid down under (ii), (iii) and (iv) may be disregarded at the time of acquisition if, at that time, the gross amount of the bonds or of the money market instruments or the net amount of the instruments in issue cannot be calculated.
The limits under this section e) shall not apply to (i) transferable
securities or money market instruments issued or guaranteed by a Member State, its local authorities, or public international bodies of which one or more Member States are members or by any other state, nor to (ii) shares held by the Investment Manager in the capital of a company incorporated in a state which is not a Member State investing its assets mainly in the securities of issuing bodies having their registered offices in that state, where under the legislation of that state such a holding represents the only way in which the Investment Manager can invest in the securities of issuing bodies of that state, provided that, however, the Target Fund, in its investment policy, complies with the limits laid down in Articles10 43 and 46 and in paragraphs (1) and (2) of article 48 of the Law11 relating to collective investment undertakings.
10 The articles of incorporation of the Company (Franklin Templeton Investment Funds) as amended from time to time. 11 Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, as may be amended from time
to time.
27
f) (i) Unless otherwise provided in the investment policy of the Target Fund, the Target Fund will not invest more than 10% of its net asset value in UCITS and other UCIs.
(ii) In the case restriction f) (i) above is not applicable to the
Target Fund, as provided in its investment policy, the Target Fund may acquire units of UCITS and/or other UCIs referred to in paragraph 1 a) (v), provided that no more than 20% of the Target Fund's net asset value be invested in the units of a single UCITS or other UCI.
For the purpose of the application of this investment limit,
each sub-fund of a UCITS and/or other UCI with multiple sub-funds is to be considered as a separate issuer provided that the principle of segregation of the obligations of the various compartments vis-à-vis third parties is ensured.
(iii) Investments made in units of UCIs other than UCITS may not
in aggregate exceed 30% of the net asset value of the Target Fund.
(iv) When the Target Fund invests in the units of UCITS and/or
other UCIs linked to the Franklin Templeton Investment Funds by common management or control, or by a substantial direct or indirect holding, no subscription or redemption fees may be charged to Franklin Templeton Investment Funds on account of its investment in the units of such other UCITS and/or UCIs.
In respect of the Target Fund's investments in UCITS and
other UCIs linked to Franklin Templeton Investment Funds as described in the preceding paragraph, the total management fee (excluding any performance fee, if any) charged to the Target Fund and each of the UCITS or other UCIs concerned shall not exceed 2% of the value of the relevant investments. Franklin Templeton Investment Funds will indicate in its annual report the total management fees charged both to the Target Fund and to the UCITS and other UCIs in which the Target Fund has invested during the relevant period.
(v) Franklin Templeton Investment Funds may acquire no more
than 25% of the units of the same UCITS and/or other UCI. This limit may be disregarded at the time of acquisition if at that time the gross amount of the units in issue cannot be calculated. In case of a UCITS or other UCI with multiple sub-funds, this restriction is applicable by reference to all units issued by the UCITS/UCI concerned, all sub-funds combined.
(vi) The underlying investments held by the UCITS or other UCIs in which the Target Fund invests in do not have to be considered for the purpose of the investment restrictions set forth under paragraph 1 d) above.
g) The Target Fund may subscribe, acquire and/or hold shares to be
issued or issued by one or more other Franklin Templeton
Investment Funds without the Target Fund being subject to the
requirements of the law of 10 August 1915 on commercial
28
companies (as amended) with respect to the subscription,
acquisition and/or the holding by a company of its own shares,
under the conditions however that:
(i) The target Franklin Templeton Investment does not, in turn, invest in the Target Fund invested in this target Franklin Templeton Investment Fund; and
(ii) No more than 10% of the assets that the target Franklin
Templeton Investment Fund whose acquisition is
contemplated may be invested in units of UCITS and/or
other UCIs; and (iii) Voting rights, if any, attaching to the shares of the target
Franklin Templeton Investment Fund are suspended for as
long as they are held by the Target Fund concerned and
without prejudice to the appropriate processing in the
accounts and the periodic reports; and (iv) In any event, for as long as these shares are held by the
Target Fund, their value will not be taken into
consideration for the calculation of the net assets of the
Target Fund for the purposes of verifying the minimum
threshold of the net assets imposed by the Law of 17
December 2010; and
(v) There is no duplication of management/entry or sale
charges between those at the level of the Target Fund
having invested in the target Franklin Templeton
Investment Fund, and this target Franklin Templeton
Investment Fund.
h) Franklin Templeton Investment Funds may not (i) acquire for the
benefit of the Target Fund securities which are partly paid or not paid or involving liability (contingent or otherwise) unless according to the terms of issue such securities will or may at the option of the holder become free of such liabilities within one year of such acquisition and (ii) underwrite or subunderwrite securities of other issuers for the Target Fund.
i) Franklin Templeton Investment Funds may not purchase or
otherwise acquire any investment in which the liability of the holder is unlimited.
j) Franklin Templeton Investment Funds may not purchase securities or
debt instruments issued by the Investment Manager or any connected person or by the Transfer Agent12 of Franklin Templeton Investment Funds.
k) Franklin Templeton Investment Funds may not purchase any securities on margin (except that Franklin Templeton Investment Funds may, within the limits set forth in clause 2 e) below, obtain such short term credit as may be necessary for the clearance of purchases or sales of securities) or make uncovered sales of transferable securities, money market instruments or other financial
12 Franklin Templeton International Services S.A.
29
instruments referred to above; except that Franklin Templeton Investment Funds may make initial and maintenance margin deposits in respect of futures and forward contracts (and options thereon).
2. Investment in other assets
a) Franklin Templeton Investment Funds may not purchase real estate, nor acquire any options, rights or interest in respect thereof, provided that Franklin Templeton Investment Funds may invest for the account of the Target Fund in securities secured by real estate or interest therein or in securities of companies investing in real estate.
b) Franklin Templeton Investment Funds may not make investments in
precious metals or certificates representing them. c) Franklin Templeton Investment Funds may not enter into
transactions involving commodities or commodity contracts, except that Franklin Templeton Investment Funds may, in order to hedge risk, enter into financial futures on such transactions within the limits laid down in clause 3 c) below.
d) Franklin Templeton Investment Funds may not make loans to other
persons or act as a guarantor on behalf of third parties or assume, endorse or otherwise become directly or contingently liable for, or in connection with, any obligation or indebtedness or any person in respect of borrowed monies, provided that for the purpose of this restriction:
(i) the acquisition of bonds, debentures or other corporate or
sovereign debt obligations (whether wholly or partly paid) and investment in securities issued or guaranteed by a member country of the OECD or by any supranational institution, organization or authority, short-term commercial paper, certificates of deposit and bankers' acceptances of prime issuers or other traded debt instruments shall not be deemed to be the making of a loan; and
(ii) the purchase of foreign currency by way of a back-to-back
loan shall not be deemed to be the making of a loan.
e) Franklin Templeton Investment Funds may not borrow for the account of the Target Fund, other than amounts which do not in aggregate exceed 10% of the net asset value of the Target Fund, taken at market value and then only as a temporary measure. Franklin Templeton Investment Funds may, however, acquire foreign currency by means of a back-to-back loan.
f) Franklin Templeton Investment Funds may not mortgage, pledge,
hypothecate or in any manner transfer as security for indebtedness, any of the securities or other assets of the Target Fund, except as may be necessary in connection with the borrowings mentioned in clause e) above. The purchase or sale of securities on a when-issued or delayed-delivery basis, and collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are not deemed the pledge of the assets.
30
3. Financial derivative instruments
The Investment Manager may use financial derivative instruments for investment, hedging and efficient portfolio management purposes, within the limits of the Law of 17 December 2010. Under no circumstances shall the use of these instruments and techniques cause the Target Fund to diverge from its investment policy. The Target Fund may invest in financial derivative instruments within the
limits laid down in clause 1. a) (vii) provided that the exposure to the
underlying assets does not exceed in aggregate the investment limits laid
down in clause 1. d) (i) to (v). When the Target Fund invests in index-based
financial derivative instruments, these investments do not have to be
combined in respect of the limits laid down in clause 1. d). When a
transferable security or money market instrument embeds a derivative, the
latter must be taken into account when complying with the requirements of
this restriction.
The global exposure relating to financial derivative instruments is
calculated taking into account the current value of the underlying assets,
the counterparty risk, foreseeable market movements and the time
available to liquidate the positions. The Investment Manager shall ensure that the global exposure of the Target
Fund relating to financial derivative instruments does not exceed the total
net assets of the Target Fund. The Target Fund’s overall risk exposure shall
consequently not exceed 200% of its total net assets. In addition, this
overall risk exposure may not be increased by more than 10% by means of
temporary borrowings (as referred to in clause 2. e) above) so that it may
not exceed 210% of the Target Fund’s total net assets under any
circumstances. The Target Fund apply either the Value-at-Risk (VaR) or the commitment
approach to calculate their global exposure, whichever is deemed to be
appropriate.
When the investment objective of the Target Fund indicates a benchmark
against which the performance might be compared, the method used to calculate the global exposure may consider a different benchmark than the one mentioned for performance or volatility purposes in the Target Fund’s investment objective.
FOR FURTHER DETAILS AND EXPLANATION OF THE PERMITTED INVESTMENTS AND RESTRICTIONS OF THE TARGET FUND PLEASE REFER TO THE PROSPECTUS AND/OR SUPPLEMENTAL PROSPECTUS OF THE TARGET FUND.
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(d) Performance of the share class of the Target Fund
The performance of the share class of the Target Fund benchmarked against the JP Morgan Global Government Bond Index is as set out below:
% Year To Date (as at 31 July
2013)
1-Year *3-Year *Since Launch
A (Mdis) SGD – H1 -0.8 6.4 6.1 9.9
Benchmark -4.7 -4.9 2.0 4.1
*Annualised. Past performance of the share class of the Target Fund is not an indication of its future performance Source: Morningstar, as at 31 July 2013. Performance details provided are in Shares class currency, based on net asset value to net asset value and include reinvested dividends.
(e) Fees and Charges of the Target Fund
The fees directly incurred by the Target Fund are as follows: Sales charge*: Up to 5% of the total amount invested. Redemption charge: Nil. * The sales charge for investing in the Target Fund is waived. Hence, the sales charge will be charged at the Fund level only. Annual management fee**: 0.75% per annum of the net asset value of the Target Fund. **Currently the Target Fund charges a fee of 0.75% per annum of the net asset value of the Target Fund as a management fee. There will be no double charging of management fee. Management fee paid to the Target Fund will be paid from the portion of management fee received by Manager. Other fees charged by the Target Fund are as follows: Custodian fee: 0.01% to 0.14% of the net asset value of the Target Fund. Annual administrative fee: Up to 0.20% of the net asset value of the Target Fund. Annual maintenance and servicing charges***: 0.30% of the net asset value of the Target Fund. ***The annual maintenance and servicing charges charged by the Target Fund will be rebated back to the Fund. Investors may be subjected to higher fees arising from the layered investment structure of a feeder fund.
32
(6) FEES, CHARGES AND EXPENSES Charges
The following describes the charges that investors may directly incur when buying or redeeming Units:
6.1 Sales Charge
A sales charge may be imposed on the purchase of Units of the Fund and may be utilised by the Manager to pay the marketing, advertising and distribution expenses of the Fund.
The sales charge shall be a percentage of the NAV per Unit of the Fund and is disclosed as follow:
FUND MGBF
Sales Charge*
Up to 1.00% of the NAV per Unit will be imposed by the Manager.
*The Manager reserves the right to waive or reduce the sales charge from time to time at its absolute discretion. Investors may also negotiate for a lower sales charge. All sales charges will be rounded up to two (2) decimal places and will be retained by the Manager.
Please note that the Fund’s investments in the Target Fund will be at its net asset value per unit. The sales charge for investing in the Target Fund is waived. Hence, the sales charge will be charged at the Fund level only. Illustration - Computation of sales charge
Example:
If an investor wishes to invest RM10,000.00 in the Fund which imposes a sales charge of 1.00% of the NAV per Unit of the Fund, the total amount of sales charge will be:
1.00% x 10,000.00 = RM100.00 The total amount to be paid by an investor for his or her investment will therefore be:
RM10,000.00 + RM100.00 = RM10,100.00 (inclusive of sales charge).
6.2 Redemption Charge
FUND MGBF
Redemption Charge*
A redemption charge of 1.00% of the NAV per Unit will be imposed for any redemption requests made within six (6) months from the date of the initial investment of the Unit Holder. Thereafter, no redemption charges will be imposed for redemption requests.
*The Manager reserves the right to waive or reduce the redemption charge from time to time at its absolute discretion. Investors may also negotiate for a lower redemption charge. All redemption charges will be rounded up to two (2) decimal places and will be retained by the Fund.
33
Illustration – Computation of redemption charge
Example:
If an investor wishes to redeem RM10,000.00 from the Fund within six (6) months from the date of the investment, the redemption charge will be: 1.00% x RM10,000.00 = RM100.00
An investor will therefore receive the redemption proceeds of RM10,000.00 – RM100.00
= RM9,900.00
6.3 Transfer Fee
Not Applicable.
6.4 Switching Fee
Not Applicable.
Fees And Expenses
The fees and expenses indirectly incurred by an investor when investing in the Fund are as follows:
6.5 Management Fee
The Manager is entitled to a management fee of up to 1.75% per annum of the NAV of the Fund, accrued daily and paid quarterly to the Manager.
Currently the Target Fund charges a fee of 0.75% per annum of the net asset value of the Target Fund as a management fee. There will be no double charging of management fee. Management fee paid to the Target Fund will be paid from the portion of management fee received by the Manager.
6.6 Trustee Fee
The Trustee is entitled to a trustee fee of 0.05% per annum of the NAV of the Fund (subject to a minimum of RM12,000 per annum), accrued daily and paid monthly to the Trustee.
The following is an example of the daily computation of the management fee and trustee fee:-
Total NAV (before deducting the management fee and trustee fee for the day) as at 30 May 2014 Management fee accrued for the day (1.75% x NAV / 365) (1.75% X 10,000,000.00 / 365) Trustee fee accrued for the day (0.05% x NAV /365) (0.05% X 10,000,000.00 / 365)
RM
10,000,000.00
479.45
13.70
34
6.7 Fund Expenses
In administering the Fund, only fees and expenses that are directly related and necessary to the operation and administration of the Fund may be charged to the Fund. These include (but not limited to) the following:
(i) commissions/fees paid to dealers in effecting dealings in the investments of the
Fund, shown on the contract notes or confirmation notes (if any); (ii) taxes and other duties charged on the Fund by the Government and/or other
authorities; (iii) costs, fees and expenses properly incurred by the auditors appointed for the Fund; (iv) costs, fees and expenses incurred for the valuation of any investment of the Fund by
independent valuers for the benefit of the Fund; (v) costs, fees and expenses incurred for any modification of the Deed save where such
modification is for the benefit of the Manager and/or the Trustee; (vi) costs, fees and expenses incurred for any meeting of the Unit Holders save where
such meeting is convened for the benefit of the Manager and/or the Trustee; (vii) costs, commissions, fees and expenses of the sale, purchase, insurance and any other
dealing of any asset of the Fund; (viii) costs, fees and expenses incurred in engaging any specialist approved by the Trustee
for investigating or evaluating any proposed investment of the Fund; (ix) costs, fees and expenses incurred in engaging any valuer, adviser or contractor for
the benefit of the Fund; (x) costs, fees and expenses incurred in the preparation and audit of the taxation,
returns and accounts of the Fund; (xi) costs, fees and expenses incurred in the termination of the Fund or the removal of
the Trustee or the Manager and the appointment of a new trustee or management company;
(xii) costs, fees and expenses incurred in relation to any arbitration or other proceedings
concerning the Fund or any asset of the Fund, including proceedings against the Trustee or the Manager by the other for the benefit of the Fund (save to the extent that legal costs incurred for the defence of either of them are not ordered by the court to be reimbursed by the Fund);
(xiii) remuneration and out of pocket expenses of the independent members of the
investment committee of the Fund, unless the Manager decides otherwise; and (xiv) costs, fees and expenses deemed by the Manager to have been incurred in connection
with any change or the need to comply with any change or introduction of any law, regulation or requirement (whether or not having the force of law) of any governmental or regulatory authority.
(xv) (where the custodial function is delegated by the Trustee) charges and fees paid to
sub-custodians taking into custody any foreign assets or investments of the Fund. Expenses related to the issuance of this Prospectus will be borne by the Manager.
35
6.8 Policy on Stockbroking Rebates and Soft Commissions
The Manager or any delegate thereof will not retain any form of rebate or soft commission from, or otherwise share in any commission with, any broker in consideration for directing dealings in the investments of the Fund. However, soft commissions may be retained by the Manager and its delegate for payment of goods and services such as research material, data and quotation services and investment management tools, which are of demonstrable benefit to Unit Holders. There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund. Investors may be subjected to higher fees arising from the layered investment structure of a feeder fund.
36
(7) TRANSACTION INFORMATION
7.1 Valuation Point
The Fund is valued once every Business Day after the close of the market in which the portfolio of the Fund is invested for the relevant day but not later than 5.00 p.m. on the next Business Day. The daily price of the Fund for a particular Business Day will not be published in the newspaper on the next day but will instead be published the next following day (i.e. the price will be two (2) days old).
7.2 Computation of NAV and NAV per Unit
The NAV of the Fund is determined by deducting the value of the Fund’s liabilities from the value of the Fund’s assets, at a valuation point. For the purpose of computing the management fee and trustee fee, the NAV of the Fund should be inclusive of the management fee and the trustee fee for the relevant day.
Please note that the example below is for illustration only: RM
Securities Investment 100,000,000.00
Add : Other Assets (including cash) & Income 1,400,000.00
Less : Liabilities 200,000.00
NAV before deducting management fee and trustee fee for the day
101,200,000.00
Less : Management fee for the day 4852.05
(at 1.75% per annum calculated based on the NAV)
RM101,200,000 X 1.75% / 365 days
Less : Trustee fee for the day 138.63
(at 0.05% per annum calculated based on the NAV subject to a minimum of RM12,000.00 per annum)
RM101,200,000.00 X 0.05% / 365 days
Total NAV
101,195,009.32
The NAV per Unit of the Fund is calculated by dividing the total NAV of the Fund by the number of Units in circulation at the end of each Business Day. Assuming there are 100,000,000 Units of the Fund in circulation at the point of valuation, the NAV per Unit of the Fund shall therefore be calculated as follows: RM
NAV 101,195,009.32
Divide: Units in circulation 100,000,000
NAV per Unit of the Fund 1.0120*
* NAV per Unit will be rounded up to four (4) decimal places for the purposes of publication of the NAV per Unit.
37
7.3 Pricing of Units
Single Pricing Regime The Manager adopts a single pricing regime in calculating a Unit Holder’s investments into and redemption of Units. This means that all purchases and redemptions are transacted on a single price (i.e. NAV per Unit). Investors would therefore purchase and redeem Units at NAV per Unit. The Selling Price per Unit and Redemption Price per Unit are based on Forward Pricing. Selling Price of Units
The Selling Price of a Unit for the Fund is the NAV per Unit of the Fund at the next valuation point after the request to purchase Units is received by the Manager (Forward Pricing). The Manager will impose a sales charge of up to 1.00% of the NAV per Unit of the Fund. Calculation of Selling Price
Illustration – Sale of Units with sales charge Example:
If an investor wishes to invest RM10,000.00 in the Fund before 4.00 p.m. on 30 May 2014, and if the sales charge is 1.00% of the NAV per Unit of the Fund , the total amount to be paid by the investor and the number of Units issued to an investor will be as follows:
Sales charge payable by an investor = 1.00% x 10,000.00 = RM100.00
The total amount to be paid by an investor for his or her investment will therefore be: RM10,000.00 + RM100.00 = RM10,100.00 (inclusive of sales charge) In the event that the NAV per Unit for the Fund at the end of the Business Day on 30 May 2014 = RM1.0000 The number of Units that will be issued to the investor will be: RM10,000.00 divided by RM1.0000 = 10,000.00 Units
Investors are advised not to make payment in cash when purchasing Units of the Fund via any institutional/retail agent.
Redemption Price of Units
The Redemption Price of a Unit for the Fund is the NAV per Unit of the Fund at the next valuation point after the redemption request is received by the Manager (Forward Pricing).
Calculation of Redemption Price
Illustration – Redemption of Units without redemption charge Example: If Unit Holder wishes to redeem RM10,000.00 from the Fund before 4.00 p.m. on any Business Day after 6 months from the date of initial investment of the Unit Holder, the total amount to be paid to the Unit Holder and the number of Units redeemed by an Unit Holder will be as follows: In the event that the NAV per Unit for the Fund at the end of the Business Day on 30 May 2014 = RM1.0000
The number of Units that will be redeemed by the Unit Holder will be: RM10,000.00 divided by RM1.0000 (the NAV per Unit for the Fund)
38
= 10,000.00 Units
The total amount to be paid to the Unit Holder will be the number of Units to be redeemed multiplied with the NAV per Unit. = 10,000.00 Units x RM1.0000 = RM10,000.00 Therefore the Unit Holder will receive RM10,000.00 as redemption proceeds. Illustration – Redemption of Units with redemption charge Example: If Unit Holder wishes to redeem RM10,000.00 from the Fund before 4.00 p.m. within six (6) months from the date of the initial investment of the Unit Holder, the redemption charge will be: 1.00% x RM10,000.00 = RM100.00 The Unit Holder will therefore receive the redemption proceeds of RM10,000.00 – RM100.00 = RM9,900.00
7.4 Incorrect Pricing
The Manager shall ensure that the Fund and the Units are correctly valued and priced according to the Deed and all relevant laws. Where there is an error in the valuation of the Fund, any incorrect pricing of Units which is deemed to be significant will involved the reimbursement of money in the following manner:
(i) by the Manager to the Fund, and/or to the Unit Holders and/or to the former Unit
Holders; or
(ii) by the Fund to the Manager. However, reimbursement of money shall only apply if the error is at or above the significant threshold of 0.5% of the NAV per Unit and the amount to be reimbursed is RM 10.00 or more. There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund.
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(8) TRANSACTION DETAILS
8.1 How and where to Purchase and Redeem Units of the Fund
Investors can purchase and sell Units of the Fund at any of the Maybank Distribution Branches throughout Malaysia. Further information on the directory is detailed in Section 19 of this Prospectus.
8.2 Investment
The minimum initial investment in the Fund is RM5,000 and the minimum additional investment is RM1,000. Investors are recognised as Unit Holders only after they have been registered in the Unit Holders’ register. The registration takes effect from the date the Manager receives and accepts the application to purchase Units from investors together with the payment thereof.
8.3 Redemption of Units
Unit Holders may redeem part or all of their Units by simply completing the redemption request form and returning it to the Manager. Unit Holders shall be paid within 10 calendar days from the date the redemption request is received by the Manager. For partial redemption, the Unit holdings after the redemption must not be less than 1,000 Units for the Fund. If the Unit holdings of an investor are, after a redemption request, below the minimum Unit holdings for the Fund, a request for full redemption is deemed to have been made. Other than the above conditions, there are no restrictions in terms of frequency and minimum units to be redeemed.
8.4 Transfer of Units
Transfer of ownership of Units is not allowed for this Fund save for the account of the deceased Unit Holder.
Transfer of ownership from the account of the deceased Unit Holder to his/her personal representative will only be undertaken through the process of estate administration and death claims procedures.
8.5 Switching between Funds
Not applicable as switching is not allowed.
8.6 Dealing Cut-Off Time for Investment and Redemption of Units
The dealing cut-off time shall be at 4.00 p.m. on a Business Day. Any applications received before the cut-off time on a Business Day will be processed on the same Business Day based on the Forward Pricing of the Fund. Any applications received after the cut-off time on a Business Day will be treated as having been received on the next Business Day and will be processed on the next Business Day based on the next Forward Pricing of the Fund. The above is in accordance with the standards issued by FIMM on the dealing cut-off time.
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8.7 Notice of Cooling-off Period
A cooling-off right refers to the right of the Unit Holder to obtain a refund of his investment in the Fund if he so requests within the cooling-off period. A cooling-off right is only given to an investor, other than those listed below, who is investing in any of the Manager’s funds for the first time:
(i) a corporation or institution; (ii) a staff of the Manager; and (iii) persons registered with a body approved by the SC to deal in unit trusts.
The cooling-off period shall be for a total of six (6) Business Days commencing from the date the application for Units is received by the Manager. The refund for every Unit held by the investor pursuant to the exercise of his cooling-off right shall be the sum of: (a) the NAV per Unit on the day the Units were first purchased; and (b) the sales charge per Unit originally imposed on the day the Units were purchased. Investors are advised not to make payment in cash when purchasing Units of the Fund via any institutional/retail agent.
8.8 Distribution of Income
Distribution, if any, will be made from the realised income of the Fund. The Manager will not distribute any income for the initial six (6) months from the Commencement Date. Thereafter, distribution will be made on a quarterly basis (subject to availability of income). Mode of Distribution Unit Holders may elect to either receive income payment via cash payment mode or reinvestment mode. If the Unit Holder did not elect the mode of distribution, all distribution will be automatically reinvested. Unit Holders who elect to receive income payment via cash payment mode would be paid by way of cheque or direct debit into the Unit Holders’ bank account on income payment date (which is within ten (10) Business Days from the ex-distribution date). Reinvestment Policy For Unit Holders who elect to reinvest the distribution in additional Units, the Manager will create such Units based on the NAV per Unit* at the income payment date (which is within ten (10) Business Days Business Days from the ex-distribution date). *There will not be any additional cost to Unit Holders for reinvestments in new additional Units.
8.9 Anti-Money Laundering Policies and Procedures
The Manager has established this set of policies and procedures to prevent money laundering activity and to report transactions if it appears to be suspicious, in compliance with the provision of Anti Money-Laundering and Anti-Terrorism Financing Act, 2001 (“AMLA”). In view of these, the Manager has the duty to ensure the following are strictly adhered to:-
i) Compliance with laws: the Manager shall ensure that laws and regulations are
adhered, the business is conducted in conformity with high ethical standards and that service is not provided where there is good reason to suppose that transactions are associated with money laundering activities;
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ii) Co-operation with law enforcement agencies: The Manager shall co-operate fully
with law enforcement agencies. This includes taking appropriate measures such as disclosure of information by us to the Financial Intelligent Unit, Bank Negara Malaysia (“FIU”);
iii) Policies, procedures and training: The Manager shall adopt policies consistent with
the principles set out under the AMLA and ensure that the staff is informed of these policies and provide adequate training to such staff on matter provided under the AMLA; and
iv) Know your customer: The Manager shall obtain satisfactory evidence of the customer’s identity and have effective procedure for verifying the bona fides of the customer.
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(9) THE MANAGEMENT AND ADMINISTRATION OF THE FUND
9.1 Background Information
The Manager is a member of Malayan Banking Berhad Group (“Maybank Group”), Malaysia’s largest financial services group by asset size and market capitalisation as at 31 December 2012. The Manager was established on 5 March 1997 following the corporatization of the Investment Department of Maybank Investment Bank Berhad (“MIB”). MIB, which was incorporated on 28 September 1973, is the investment banking arm of the Maybank Group. The Manager is wholly-owned by Maybank Asset Management Group Berhad (formerly known as Aseamlease Berhad), a wholly-owned subsidiary of Maybank. The Manager is a holder of a Capital Markets Services Licence under the Act. The Manager has over 30 years of experience including the period prior to its corporatization at MIB in managing investments ranging from equities, fixed income securities, money market instruments to unit trust funds and wholesale funds mainly on behalf of corporations, institutions, insurance and takaful companies and individuals. As at LPD, the Manager’s total assets under management is approximately RM10.89 billion which includes sixteen (16) wholesale funds and one (1) unit trust fund. With effect from 14 June 2012, the Manager had changed its name from Mayban Investment Management Sdn Bhd to Maybank Asset Management Sdn Bhd. As at LPD, Maybank AM has staff strength of fifty six (56) personnel comprising of fifty three (53) executives and three (3) non-executives.
9.2 Functions, Duties and Responsibilities of the Manager
The general functions, duties and responsibilities of the Manager include, but not limited to, the following:
carrying out and conducting business in a proper and diligent manner and be responsible for daily sales and management of the Fund and the general administration of the Fund in accordance with the Deed, the Act and the relevant guidelines and other applicable laws at all times and acceptable and efficacious business practices within the industry;
observing high standards of integrity and fair dealing in managing the Fund to the best and exclusive interest of the Unit Holders; and
acting with due care, skill and diligence in managing the Fund and effectively employ the resources and procedures necessary for the proper performance of the Fund.
9.3 Summary of Financial Position of the Management Company
Financial Year Ended 30 June
2010 (RM)
(Audited)
Financial Year Ended 31 December
2011* (RM)
(Audited)
Financial Period Ended 31 December
2012 (RM)
(Audited)
Financial Period from 1 January 2013
to 30 June 2013 (RM)
(Unaudited)
Issued and paid-up capital
5,000,000 5,000,000 10,000,000 10,000,000
Shareholders’ funds
26,215,892 30,898,198 36,132,899 35,194,470
Turnover 32,875,184 25,008,922 16,046,493 8,366,712
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Financial Year Ended 30 June
2010 (RM)
(Audited)
Financial Year Ended 31 December
2011* (RM)
(Audited)
Financial Period Ended 31 December
2012 (RM)
(Audited)
Financial Period from 1 January 2013
to 30 June 2013 (RM)
(Unaudited)
Profit before tax/ (loss)
16,680,542 9,426,237 434,234 (855,510)
Profit after tax/ (loss)
12,516,433 6,940,600 233,782 (937,510)
* The Manager has changed its financial year end from 30 June to 31 December with effect from 12 August 2011.
9.4 Board of Directors of the Manager
The Manager has an experienced Board of Directors with background in the financial markets. They are responsible for overseeing the activities of the Manager and the establishment of the Manager’s policies. Board meetings are held once every two (2) months or more frequently should the circumstances require. The profile of the Board of Directors is as follows:
Datuk Mohaiyani Shamsudin Datuk Mohaiyani Shamsudin, a Malaysian, aged 64, was appointed as Chairman and non-independent non-executive director of Maybank AM on 21 March 2012. She was with Amanah Chase Merchant Bank Berhad before starting her own stockbroking company, Mohaiyani Securities Sdn. Bhd, in 1985. During her active involvement in the stock broking industry, she served as Deputy Chairman of the Kuala Lumpur Stock Exchange (now known as Bursa Malaysia Berhad) and Chairman of Association of Stockbroking Companies Malaysia. She was also a member of the Capital Market Strategic Committee and the Capital Market Advisory Council of the SC. She was a board member of Aberdeen Asset Management Sdn Bhd. In addition, she had been appointed a member of the National Economic Action Council (NEAC), National Economic Consultative Council II (MAPEN II), National Information Technology Council (NITC) and Ministry of Finance High Level Finance Committee for Corporate Governance. At present, Datuk Mohaiyani is a trustee of the National Heart Institute Foundation, Perdana Foundation, National Council of Women's Organisations Malaysia (NCWO) and NUR Foundation. She is also member of the board of the Capital Market Development Fund of SC. Apart from Maybank AM, her other board memberships within Maybank Group include Malayan Banking Berhad, Maybank Investment Bank Berhad and Maybank Ventures Sdn Bhd. She holds a BA (Economics), Knox College, Gelesburg, Illinois, USA and a MBA (Finance), Cornell University, Ithaca, New York, USA.
Datuk Karownakaran @ Karunakaran a/l Ramasamy Datuk Karownakaran @ Karunakaran a/l Ramasamy, a Malaysian, aged 62, was appointed as an independent non-executive director of Maybank AM on 17 November 2010. He joined the Malaysian Industrial Development Authority ("MIDA") in 1972 and retired in 2008 as the Director General. He was a member of the Cabinet Committee on Investment
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for high impact projects chaired by YAB Deputy Prime Minister. He was also appointed by the YAB Prime Minister as a member of “PEMUDAH” (Pasukan Petugas Khas Pemudahcara Perniagaan), a Special Taskforce to facilitate business, to improve public services delivery systems in terms of processes, procedures, legislation and human resource. At present, he holds directorships in a few public listed companies such as Lion Corporation Berhad, Integrated Logistics Berhad, KNM Group Berhad, IOI Corporation Berhad and CCM Berhad. Apart from Maybank AM, his other board membership within Maybank Group includes Etiqa Insurance Berhad and Maybank Investment Bank Berhad. He is also the Chairman of the Investment Committee of Maybank AM, in addition to being a member of the Risk Management Committee and Audit Committee of Maybank AM. He holds a Bachelor of Economics (Accounting) (Honours) from the University of Malaya and completed a Post Graduate Course in Industrial Project Planning with University of Bradford, United Kingdom.
Loh Lee Soon Mr. Loh Lee Soon, a Malaysian, aged 57, was appointed as independent non-executive director of Maybank AM effective 17 February 2011. He started his career with Peat Marwick Mitchell & Co as an auditor from 1974 until 1982. Thereafter, he established his auditing and information technology consultancy firm in 1984. He was also attached to few other companies, among others, KPMG Consulting and Oracle Corporation Malaysia specializing in information technology and management consulting. At present, he holds directorships in Scicom (MSC) Berhad and Malaysian Genomics Resource Centre Berhad. Apart from Maybank AM, his other board memberships within Maybank Group include Maybank International (L) Ltd, Maybank International Trust (L) Ltd, Etiqa Insurance Berhad and Etiqa Takaful Berhad. He is also the Chairman of the Audit Committee of MAHB and Maybank AM, in addition to being a member of the Risk Management Committee of Maybank AM. He is a member of the Institute of Chartered Accountants in England and Wales and a member of the Malaysian Institute of Accountants.
Nor’ Azamin bin Salleh Nor’Azamin bin Salleh, a Malaysian, aged 46, was appointed as a non-independent executive director and the Managing Director/Chief Executive Officer of Maybank AM on 1 October 2010. He brings with him over 20 years of experience in finance, operations, sales & marketing and management. He has worked in leading asset management companies such as Asian Islamic Investment Management Sdn Bhd (“AIIMAN”) - a subsidiary of DBS Asset Management Pte Ltd, Commerce Asset Fund Managers and Avenue Invest Berhad. In the past several years, he was actively involved in the growth of Islamic Investment Management in Malaysia. Prior to joining Maybank AM, he was the Executive Director/Chief Executive Officer of AIIMAN. Apart from Maybank AM, his other board memberships within Maybank Group include Maybank Asset Management Group Berhad (formerly known as Aseamlease Berhad), Maybank Asset Management Singapore Pte. Ltd. and Kim Eng Asset Management (Thailand) Co. Ltd. He is also a board member of FiMM.
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He holds a degree in Bachelor of Commerce and Master in Business Administration. In addition, he is a Chartered Accountant (Malaysia), Certified Practicing Accountant (Australia) and Certified Financial Planner. He is a holder of a Capital Market & Services Representative's License.
9.5 Role of the Investment Committee
The investment committee formulates, establishes and implements investment strategies and policies. The investment committee will continually review and monitor the success of these strategies and policies using predetermined benchmarks towards achieving a proper performance for the Fund. The investment committee will also ensure investment guidelines and regulations are complied with. The investment committee will meet at least once a month or more should the need arise.
9.6 The Investment Committee Members
The profiles of the Fund’s investment committee are as follows: Datuk Karownakaran @ Karunakaran a/l Ramasamy (Non-Independent member) Please refer to Section 9.4 above. Suhaimi bin Ilias (Non-Independent member) Suhaimi bin Ilias has 19 years of experience in Economics Research. He graduated with a Bachelor of Arts (Economics) and Master of Arts (Hons) in Economics from Cambridge University. Prior to joining Maybank Investment Bank in March 2007, Suhaimi was with Affin Investment Bank since 1998. Before that, he worked at the central bank’s (Bank Negara Malaysia) Economics Department for five years, starting his career as an economist at the Macro Economic Division that is responsible for monitoring and analysing developments in the Malaysian economy as well as undertaking growth forecasts and formulating the country’s growth and development policies. He later moved to the World Economy Division as regional economist. Although he has left public service to join the private sector, Suhaimi remains interested in and contributed to economic policy making. For example, he was a member of the External Consultant Group to the Globalisation Task Force, a unit under the National Economic Action Council (NEAC) between 2001 and 2003, and MIDA’s Technical Resource Group that was involved in preparing the Third Industrial Master Plan for Non-Financial Services Sector in 2006. He was also involved in discussions on the National Budget and the 10th Malaysia Plan (2011-2015). Suhaimi has been consistently ranked Top-5 in Asiamoney’s Brokers Poll for Malaysia’s macroeconomic research since 2008. Datuk Syed Izuan Bin Syed Kamarulbahrin (Independent member) Datuk Syed Izuan Bin Syed Kamarulbahrin, a Malaysian, aged 43, is a member of Association of Chartered Certified Accountant (ACCA), member of Malaysian Institute of Certified Public Accountants (MICPA) and member of Malaysian Institute of Accountants (MIA). He obtained his ACCA from Emile Woolf College of Accountancy, London. He started his career as an Audit Assistant in Price Waterhouse from 1993 to 1996. In July 1996, he joined Malaysian Resources Corporation Berhad as Assistant Manager, Business Development & Corporation Affairs. He joined Sapura Holding Sdn Bhd in March 1998 as an Investment Manager and subsequently being promoted to Chief Financial Officer. In January 2006, holding the same position, he moved to Tradewinds Plantation Berhad and then, joined
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Kuwait Finance House (M) Berhad as Head, International Business from November 2007 to September 2010. From October 2010 to December 2011, he was a Chief Executive Officer of Global Carriers Berhad. He is currently assuming the position of Group Financial Advisor in Weststar Group since January 2012. Mohd Shariff bin Sulaiman (Independent member) Mohd Shariff bin Sulaiman, a Malaysian, aged 57, has more than 25 years of experience in portfolio and financial management. He spent 21 years with PETRONAS from 1989 to 2010, holding various positions in the Group Treasury Department before retiring as Senior Manager, Domestic Equity Investments. He obtained his Masters of Business Administration and Bachelor of Business Administration from Central Michigan University, USA. He started his career in 1976 as an Executive Officer of Bank Examination Department in Bank Negara Malaysia. In 1983, he joined Sumitomo Bank and subsequently moved to TA Securities Berhad in 1989 as a Dealer’s Representative.
9.7 Key Personnel of the Manager
The profiles of the Manager’s key personnel are as follows: Nor’ Azamin bin Salleh Please refer to Section 9.4 above for his profile. Badrul Hisyam bin Abu Bakar Badrul Hisyam bin Abu Bakar, Chief Investment Officer joined Maybank AM on 1 December 2010. He graduated from New York University, United States of America with a Bachelor of Science, majoring in Finance and Economics in 1996. He brings with him a 15 years experience working in numerous asset management companies such as HLG Asset Management Sdn Bhd, Commerce Asset Fund Managers Sdn Bhd, Avenue Asset Management Sdn Bhd, Tune Money Capital Sdn Bhd and BIMB Investment Management Berhad. Prior to joining Maybank AM, he was the Chief Investment Officer of BIMB Investment Management Sdn Bhd. He is the holder of a Capital Market & Services Representative’s license. He is the designated fund manager for the Fund. Fatimatul Zainulha Mohamed Isa Fatimatul, Head of Compliance, joined Maybank AM in June 2013. As the Head of Compliance, Fatimatul is responsible for compliance matters, maintenance of high standards of business conduct and internal controls within Maybank AM. She is also responsible in the role of a liaison between regulators and Maybank AM. Fatimatul brings with her over 15 years of extensive experience in the securities and asset management industries. She started her career as a dealer with Credit Agricole W.I Carr Indosuez Securities and forayed into asset management as an equity portfolio executive in the investment department of RHB Asset Management Berhad. She moved into the area of compliance as a manager at KAF Seagroatt & Campbell. After which she moved to BIMB Investment as the Compliance Officer overseeing the Shariah-compliant unit trust funds. She holds a Degree in Law (LLB Hons) from Manchester Metropolitan University, England. She is a registered compliance officer with the SC. She has attended courses on Shariah namely on “Fundamental & Shariah” and “Shariah Compliance Audit in Islamic Bank Revised” with Islamic Banking & Finance Institute Malaysia (IBFIM) to equip herself on Shariah knowledge.
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Christopher Geh Christopher Geh, Head of Product Development & Distribution, joined Maybank AM on 2 May 2012. After graduating in 2001, he worked in the USA with numerous global companies such as Bank of America and Amazon.com in the areas of accounting and finance. He returned to Malaysia in 2002 and worked with SBB Mutual, Hwang DBS, Prudential Fund Management, AmInvestment Services and RHB Investment Services, specializing in strategic initiatives, product development and distribution. He oversees all aspects of product strategy and development for the company. In addition to that, Chris is responsible for leading, managing and developing the operational sales plan for the distribution team as well as overseeing the client servicing team. He graduated with a Bachelor of Business Administration majoring in finance from Seattle University, USA. He is a holder of Capital Market & Services Representative’s license. Wan Khatijah Wan Ahmad Wan Khatijah Wan Ahmad has been appointed as Head of Finance and Operations, Maybank AM with effect from 20 March 2013. Prior to joining Maybank AM, she was the Deputy Head, Investment Accounting Center of Excellence at AIA Shared Services Sdn Bhd where she was posted to the head office in Hong Kong for a period of 2 years for integration of investment systems for the AIA group. In her fifteen years of experience in leading financial institutions such as AIA Shared Services Sdn Bhd, CIMB Trustee Berhad and Prudential Assurance Malaysia Berhad, Wan Khatijah has gained extensive experience in the areas of investment operations, fund valuation and investment system implementation and integration. She started at Commerce Asset Fund Managers Sdn Bhd as a Fund Accountant and was promoted to Operations Manager where she was responsible for the Fund Accounting and Operations department. During her tenure as a Manager at CIMB Trustee Berhad, she was managing operational matters for 25 unit trust funds and 3 real estate investment trust funds. She graduated from Hull University, England with a BSc in Accounting. The profiles of the co-designated fund managers for the Fund are as follows:
Asnul Badrisyah Morni Asnul Badrisyah Morni joined Maybank AM in July 2008 and was officially promoted to be a fund manager in fixed income securities in January 2012. He graduated with a Bachelor of Accounting (Hons) from Universiti Tenaga Nasional. He started off his career in 2001 as an Assistant Research with MIDF Sisma Securities Sdn Bhd and progressed in covering equity research for 6 years before broadening his experience into structured product development in Etiqa Insurance Berhad prior to his appointment as a fund manager in fixed income securities in Maybank AM. He is a holder of a Capital Market & Services Representative’s license. He is the co-designated fund manager for this Fund. Rachel Phang Rachel Phang joined Maybank AM as the fixed income portfolio manager in October 2011. She had previously spent 3 years at Alliance Investment Management as a Credit Analyst and 2 years at Fitch Ratings as a Performance Analyst in Structured Credit. She holds a BSc
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in Economics, Econometrics and Finance from the University of York, UK, and a Masters in Finance and Management from Keele University, UK. She is a holder of a Capital Market & Services Representative’s license.
9.8 Material litigation
As at LPD, there is no material litigation or arbitration, including any pending or threatened and there are no facts likely to give rise to any proceedings, which might materially affect the business / financial position of Maybank AM, except for the following:
Wong Lai Yoke & 2 Others vs Maybank AM Kuala Lumpur High Court Civil Suit No. D8-22-1426-2004 There is an ongoing legal suit which had commenced in 2004 against Maybank AM and another party in which former clients of Maybank AM are seeking to recover losses arising from their purchase of certain private placement shares through Maybank AM. The High Court found Maybank AM liable on part of the claim. Maybank AM has made full payment of the damages, interest and costs awarded. The plaintiffs’ application for general damages to be assessed was dismissed by the Deputy Registrar on 30 July 2012 and is now pending appeal to the High Court Judge with a case management fixed to the judge on 13 September 2013.
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(10) THE OPERATOR AND INVESTMENT MANAGER OF THE TARGET FUND
10.1 Information on the Operator of the Target Fund
Franklin Templeton International Services S.A. (“FTIS”) was incorporated in Luxembourg on 17 May 1991 as a company subject to general company law, governed by the Luxembourg laws and supervised by the Luxembourg regulator as a professional of the financial sector. FTIS takes the corporate form of a public limited company (“société anonyme” or “SA”). FTIS was founded to provide secretarial, corporate and financial services for collective investment undertakings, including business management, transfer agency, domiciliary, corporate and registrar functions. FTIS is also engaged in the promotion and distribution of shares of collective investment undertakings, with certain restrictions, and acts as a commission agent. FTIS has various service relationships with other group companies and its main activities relate to the services provided to products of Franklin Templeton Investments domiciled in Luxembourg, Ireland, Cayman Islands and Mauritius and more generally to service Franklin Templeton Investments. Company policies and procedures dictate that transactions are conducted at arm’s length. Since 2010, FTIS is a direct subsidiary of Franklin Templeton Services Limited, a company incorporated in Ireland. Franklin Resources Inc., incorporated and registered in the USA, remains the ultimate parent company.
10.2 Information on the Investment Manager of the Target Fund
Based in San Mateo, California, Franklin Advisers, Inc. was formed in 1985 and is best known as a fixed income and money market specialist. Franklin Advisers, Inc. is a leading fixed income manager in the U.S., and forms part of the Franklin Fixed Income Group which was one of the pioneers in the development of U.S. Government Securities funds in the 1970s. The Franklin Fixed Income Group also introduced America’s first state-specific and double tax-free income fund in 1981. In addition to its fixed income capabilities, Franklin Advisers, Inc. is also renowned for its expertise in U.S. equities, particularly in utilizing the growth style in equity investing. The Franklin Equity Group manages various sector-focused portfolios including financial services, biotechnology and utilities. The Franklin Equity Group and the Franklin Fixed Income Group adopt a synergistic approach by leveraging on each other’s research and analysis to provide a more comprehensive coverage of their respective areas. Franklin Advisers Inc. has managed collective investment schemes since 1985. As of 31
March 2013, Franklin Advisers, Inc. manages about US$453,763 million worth of assets.
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(11) THE TRUSTEE
11.1 Background Information
RHB Trustees Berhad (formerly known as OSK Trustees Berhad) (“Trustee”) was incorporated in Malaysia under the Companies Act, 1965 on 6 March 2002. It is registered as a trust company under the Trust Companies Act, 1949 and is also registered with the SC to conduct unit trust business. The principal activity of the Trustee is providing retail and corporate trustee services. The Trustee has been in the trustee business since 2002. The present authorised share capital of the Trustee is RM25,000,000 comprising 2,500,000 ordinary shares of RM10.00 each, of which 1,200,000 are currently issued and credited as partially paid-up of RM5.00 each in the Trustee. The shareholders are as follows: Shareholders % RHB Capital Berhad 20 RHB Investment Bank Berhad 20 RHB Nominees (Tempatan) Sdn. Berhad 20 RHB Nominees (Asing) Sdn. Berhad 20 OSK Futures And Options Sdn. Berhad 20 The Trustee undertakes all types of trustee business allowed under the Trust Companies Act, 1949, ranging from corporate trustee services to retail services. The Trustee offers corporate trustee services such as trustee for real estate investment trusts (REITs), unit trust funds, private retirement schemes and custodian services. Its retail services include estate planning services (will writing, custodian and executor/trustee services) and private trustee services (private purpose trust, investment trust, charitable trust, insurance trust, business succession trust, estate administration trust, custodian and stakeholder services). As at 14 October 2013, the Trustee is the trustee for eight (8) unit trust funds, thirteen (13) wholesale funds and three (3) REITs. As at 14 October 2013, the Trustee’s staff strength comprises 40 executives and 5 non-executive staff. The Board of Directors
The following table sets out information regarding the Board of Directors of the Trustee:-
Name Directorship
Foo San Kan Independent Non-Executive Director
Dato’ Nik Mohamed Din bin Datuk Nik Yusoff Non-Independent Non-Executive Director (Chairman)
Datuk Haji Faisal @ Ibrahim bin Siraj Independent Non-Executive Director
Ong Seng Pheow Independent Non-Executive Director
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11.2 Financial Position
The following is a summary of the past performance of the Trustee based on audited
accounts for the last 3 years:
FINANCIAL HIGHLIGHTS
YEAR ENDED 31 DECEMBER
2012 2011 2010
Paid-Up Capital (RM’000) 6,000 6,000 6,000
Shareholders’ Funds (RM’000) 7,075 5,657 5,266
Turnover (RM’000) 7,566 6,625 6,029
Pretax Profit (RM’000) 1,924 475 465
After Tax Profit (RM’000) 1,418 390 606
11.3 Profile of Key Personnel
Tony Chieng Siong Ung, Deputy Director Mr Tony holds a Master of Business Administration specializing in finance from University of
Southern Queensland and professional certification from The Institute of Chartered Secretaries & Administrators (ICSA). Prior to joining RHB Trustees Berhad, he is the Head of Operations with Maybank Securities Services managing a team of 45 staff that covers Trustee, Custodian and Fund Accounting services with over 60 unit trust funds (UTF), 85 private debt securities (PDS) & real estate investment trusts (REITs) and over 3500 accounts under custodianship with Asset under Custody (AUC) worth of more than 70 Billion Ringgit Malaysia. He has more than 17 years experience in financial services industry encompassing hands on experience in day to day operations of trusteeship such as UTF, PDS, REITs, Estate Administrations, Will & Wasiat; custodian roles such as trade settlement and corporate action, fund accounting, asset management, stock broking and insurance. He is responsible for overall business direction and management of RHB Trustees Berhad, including but not limited to business development and day-to-day operations for UTF, REITS and PDS.
Beh Soo Ngoh, Associate Director, Unit Trust Ms Beh holds a Bachelor of Commerce in Accounting from University of Southern Queensland and a Diploma in Business Studies from HELP University. Prior to joining RHB Trustees Berhad, she was a Fund Accounting Manager with RBC Investor Services managing a team of 30 staff with more than 250 funds under management. She has more than 11 years experience in financial services industry which includes fund accounting, fund valuation and unit pricing for both local and foreign investments. Her scope of work at RHB Trustees Berhad includes the operations and business development of unit trust funds. Cheah Kuan Yoon, Associate Director, Unit Trust Mr Cheah holds a Bachelor of Arts majoring in Accountancy and Finance from University of Abertay Dundee, Scotland. Prior joining RHB Trustees Berhad, he was a functional consultant with OpenLink International Sdn Bhd. He was a manager in Operation Department, KAF Trustee Berhad for 4 years, where he specialised in fund accounting, administration and settlement operations of high net worth clients’ (institutional and individual) transactional records. He also involved in bond trustee activities including oversee and monitoring funds on designated accounts operations. Mr Cheah started his career as an Executive in CIMB Investment Bank Berhad for 3 years. He was in Financial
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Accounting Unit where he had extensive experience in firming the foundation of fund management for fixed income services and implementation projects in system user testing. His current scope of work includes managing administration and operations of the unit trust team. Zulkifli Hassan, Senior Manager, Unit Trust Mr. Zulkifli holds a Bachelor’s Degree in Economics majoring in Business Administration from the University of Malaya. He has more than 20 years of experience in the financial services industry including asset management, stock broking and retail banking services. Prior to joining RHB Trustees Berhad, he was an Assistant Manager with MIDF Amanah Asset Management Berhad and his main responsibility was then to oversee the company’s day-to-day operations. His current scope of work includes but is not limited to supervise the operations, administration and compliance of the trustee operations of unit trust funds. Sazali Alias, Senior Manager, Internal Process and Management Mr. Sazali holds a Bachelor of Arts in Business Administration (Marketing) from Benedictine College, Kansas, USA, and Diploma in Business Studies from University MARA Institute of Technology (UiTM). He has more than 12 years experience in financial services industries encompassing hands on experience in day to day operations of nominees, trusteeship services such as unit trust funds, clubs, real estate investment trust and private debt securities. He was a Compliance Manager with AmTrustee Berhad (AmTB). Prior to AmTB, he was an Assistant Vice President in ABB Trustee Berhad (ABBT) and headed ABBT’s Finance & Operations Units. He is currently with RHB Trustees Berhad, and his scope of work includes compliance and business process flow of the Company.
11.4 Trustee’s Declaration
The Trustee is independent of the Manager. The Trustee will carry out transactions on an arm’s length basis and on terms which are best available to the Fund, as well as act at all times in the best interest of the Unit Holders. The Trustee also has adequate procedures and processes in place to prevent or control conflicts of interest. The Trustee’s Board of Directors declare that the requirements of the Guidelines on allowing a person to be appointed or to act as trustee under subsection 290(1) of the Capital Markets and Services Act 2007 have been complied with.
11.5 Duties and Responsibilities of the Trustee
The Trustee’s functions, duties and responsibilities are set out in the Deed. The general function, duties and responsibility of the Trustee include, but are not limited to, the following: (a) Acting as trustee and safeguarding the rights and interests of the Unit Holders; (b) Holding the assets of the Fund for the benefit of the Unit Holders; and (c) Exercising all the powers of a trustee and the powers that are incidental to the
ownership of the assets of the Fund. The Trustee has covenanted in the Deed that it will exercise all due diligence and vigilance in carrying out its functions and duties, and in safeguarding the rights and interests of Unit Holders.
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11.6 Anti Money Laundering Provisions
The Trustee adopts the Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) Program for Investment Banking Business (“the Program”) in dealing with the principles to combat money laundering and terrorism financing. The Program inter alia provides guidance to all employees of RHB Investment Banking Group (“RHB IB Group”) on the requirement of Know Your Client (“KYC”) / clients’ due diligence (“CDD”), whereby they are required to obtain satisfactory evidence to establish the identity and legal existence of any person applying to do business with any companies of RHB IB Group. The employees should not compromise any attempt to circumvent the CDD requirement. The policies and procedures in the Program serve to prevent the Trustee from being used as a conduit for money laundering and terrorism financing activities. This is through the prevention and detection of AML/CFT suspicious transaction and fraud, and reporting of such activities to the relevant regulatory bodies.
11.7 Disclosure on Related-Party Transactions/Conflict of Interest
There are no existing and/or proposed related party transactions involving or in connection with the Fund. Should there be any proposed related party transaction(s) entered into by the Trustee, such transaction(s) will be on terms that are no less favourable to the Fund, neither will it be detrimental to the interest of the Unit Holders.
11.8 Trustee’s Statement of Responsibility
The Trustee has given its willingness to assume the position as Trustee of the Fund and all the obligations in accordance with the Deed, the Guidelines, securities laws and other relevant law, and also its willingness to provide indemnity to the Manager for the benefit of the Unit Holders of the Fund for any loss incurred as a result of any non-performance of the Trustee.
11.9 Litigation and Arbitration
As at 14 October 2013, the Trustee is not engaged in any material litigation and arbitration, including those pending or threatened, and is not aware of any fact likely to give rise to any proceedings which might materially affect the business or financial position of the Trustee.
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(12) SALIENT TERMS OF THE DEED
12.1 Unit Holders’ Rights and Liabilities
A Unit Holder is a person registered in the register as a holder of units or fractions of units in a fund which automatically accord him rights and interest in the fund.
Unit Holders’ Rights A Unit Holder has the right, amongst others:
1. to receive distributions, if any, of that Fund; 2. to participate in any increase in the NAV of Units of that Fund; 3. to call for Unit Holders’ meetings and to vote for the removal of the Trustee or the
Manager through special resolution; 4. to exercise the cooling-off right (only for qualified investors); 5. to receive annual and interim reports on that Fund; and 6. to exercise such other rights and privileges as provided for in the Deed.
A Unit Holder would not, however, have the right to require the transfer to the Unit Holder of any of the investments of the Fund. Neither would a Unit Holder have the right to interfere with or to question the exercise by the Trustee (or the Manager on the Trustee’s behalf) of the rights of the Trustee as trustee of the investments of the Fund.
Unit Holders’ Liabilities
1. No Unit Holder is liable for any amount in excess of the purchase price paid for the
Units as determined pursuant to the Deed at the time the Units were purchased. 2. A Unit Holder shall not be under any obligation to indemnify the Manager and/or the
Trustee in the event that the liabilities incurred by the Manager and/or the Trustee in the name of or on behalf of the Fund pursuant to and/or in the performance of the provisions of this Deed exceed the value of the assets of the Fund, and any right of indemnity of the Manager and/or the Trustee shall be limited to recourse to the Fund.
12.2 Maximum Fees and Charges Permitted by the Deed
Fund
Maximum Sales Charge (based on the
NAV per Unit of the Fund)
Maximum Redemption
Charge (based on the NAV per
Unit of the Fund)
Maximum Management
Fee (based on the NAV of the
Fund)
Maximum Trustee Fee
(based on the NAV of the
Fund)
MGBF 3%
3%
2% per annum
0.05% per
annum (subject to a minimum of
RM12,000 per annum)
Any increase of the fees and/or charges above the maximum stated in the Deed shall require Unit Holders’ approval.
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12.3 Procedures to Increase the Direct and Indirect Fees and Charges
Sales Charge
The Manager may not charge a sales charge at a rate higher than that disclosed in the Prospectus unless:
(a) the Manager has notified the Trustee in writing of the higher rate and the date on which such higher rate is to become effective;
(b) a supplemental/ replacement prospectus stating the higher rate is issued thereafter; and
(c) such time as may be prescribed by any relevant law shall have elapsed since the supplemental/ replacement prospectus is issued.
Redemption Charge The Manager may not charge a redemption charge at a rate higher than that disclosed in the Prospectus unless:
(a) the Manager has notified the Trustee in writing of the higher rate and the date on which such higher rate is to become effective;
(b) a supplemental/ replacement prospectus stating the higher rate is issued thereafter; and
(c) such time as may be prescribed by any relevant law shall have elapsed since the supplemental/ replacement prospectus is issued.
Management Fee The Manager may not charge a management fee at a rate higher than that disclosed in the Prospectus unless:
(a) the Manager has come to an agreement with the Trustee on the higher rate;
(b) the Manager has notified the Unit Holders of the higher rate and the date on which such higher rate is to become effective;
(c) a supplemental/ replacement prospectus stating the higher rate is issued thereafter; and
(d) such time as may be prescribed by any relevant law shall have elapsed since the supplemental/ replacement prospectus is issued.
Trustee Fee The Trustee may not charge a trustee fee at a rate higher than that disclosed in the Prospectus unless:
(a) the Manager has come to an agreement with the Trustee on the higher rate;
(b) the Manager has notified the Unit Holders of the higher rate and the date on which such higher rate is to become effective;
(c) a supplemental/ replacement prospectus stating the higher rate is issued thereafter; and
(d) such time as may be prescribed by any relevant law shall have elapsed since the supplemental/ replacement prospectus is issued.
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12.4 Retirement, Removal and Replacement of the Manager
Subject to the approval of the SC, the Manager shall have the power to retire in favour of some other corporation and as necessary under any written law upon giving to the Trustee twelve (12) months' notice in writing of its desire so to do, or such lesser time as the Manager and the Trustee may agree, and subject to fulfilment of the conditions as stated in the Deed. The Manager may be removed and replaced, if so required by the Trustee, on the grounds that:
(a) the Manager has failed or neglected to carry out its duties to the satisfaction of the
Trustee and the Trustee considers that it would be in the interest of the Unit Holders for it to do so after the Trustee has given notice to it of that opinion and the reasons for that opinion, and has considered any representations made by the Manager in respect of that opinion and after consultation with the SC and with the approval of the Unit Holders;
(b) unless expressly directed otherwise by the relevant authorities, if the Manager is in
breach of any of its obligations or duties under the Deed or the relevant laws, or has ceased to be eligible to be a management company under the relevant laws; or
(c) The Manager has gone into liquidation except for the purpose of amalgamation or
reconstruction or some similar purpose, or has had a receiver appointed or has ceased to carry on business.
In any of the events set out above occurs, the Manager shall upon receipt of a written notice from the Trustee cease to be the management company of the Fund by the mere fact that the Manager has received the notice. The Trustee shall, at the same time, by writing appoint some other corporation already approved by the relevant authorities to be the management company of the Fund; such corporation shall have entered into such deed or deeds as the Trustee may consider to be necessary or desirable to secure the due performance of its duties as management company for the Fund.
12.5 Retirement, Removal and Replacement of the Trustee
The Trustee may retire upon giving twelve (12) months’ notice to the Manager of its desire to do so (or such shorter period as the Manager and the Trustee may agree) and may by deed appoint in its stead a new trustee approved by the SC. The Trustee may be removed and another trustee may be appointed by special resolution of the Unit Holders at a Unit Holders’ meeting convened in accordance with the Deed or as stipulated in the Act. The Manager shall take all reasonable steps to replace the Trustee as soon as practicable after becoming aware that: (a) The Trustee has ceased to exist; (b) The Trustee has not been validly appointed; (c) The Trustee is not eligible to be appointed or to act as trustee under Section 290 of
the Act; (d) The Trustee has failed or refused to act as trustee in accordance with the
provisions or covenants of the Deed or the provisions of the Act; (e) A receiver is appointed over the whole or a substantial part of the assets or
undertaking of the existing trustee and has not ceased to act under the
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appointment, or a petition is presented for the winding up of the existing trustee (other than for the purpose of and followed by a reconstruction, unless during or following such reconstruction the existing trustee becomes or is declared to be insolvent); or
(f) The Trustee is under investigation for conduct that contravenes the Trust
Companies Act 1949, the Trustee Act 1949, the Companies Act 1965 or any securities law.
12.6 Termination of the Fund
The Fund may be terminated or wound up should the following occur:- (a) The SC’s approval is revoked under Section 212(7)(A) of the Act; (b) A special resolution is passed at a Unit Holders’ meeting to terminate or wind up
the Fund, following occurrence of events stipulated under Section 301(1) of the Act and the court has confirmed the resolution, as required under Section 301(2) of the Act;
(c) A special resolution is passed at a Unit Holders’ meeting to terminate or wind up
the Fund; (d) The Fund has reached its maturity date as specified in the Deed (if any); and (e) The effective date of an approved transfer scheme (if any) has resulted in the
Fund, which is the subject of the transfer scheme, being left with no asset/property.
12.7 Unit Holders’ Meeting
A Unit Holders’ meeting may be called by the Manager, Trustee and/or Unit Holders. Any such meeting must be convened in accordance with the Deed and/or the Guidelines. Every question arising at any meeting shall be decided in the first instance by a show of hands unless a poll is demanded or if it be a question which under the deed requires a special resolution, in which case a poll shall be taken. On a show of hands every Unit Holder who is present or by proxy shall have one vote. The quorum for a meeting of Unit Holders of the Fund is five (5) Unit Holders of the Fund, whether present in person or by proxy, provided always that for a meeting which requires a special resolution the quorum for that meeting shall be five (5) Unit Holders, whether present in person or by proxy, holding in aggregate at least twenty five percent (25%) of the Units in issue for the Fund at the time of the meeting. If the Fund has five (5) or less Unit Holders, the quorum required shall be two (2) Unit Holders, whether present or by proxy and if the meeting requires a special resolution the quorum for that meeting shall be two (2) Unit Holders, whether present in person or by proxy, holding in aggregate at least twenty five percent (25%) of the units in issue for that Fund at the time of the meeting.
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(13) CONFLICT OF INTEREST AND RELATED PARTY TRANSACTIONS
Related Party Transactions
Save as disclosed below, there are no existing or proposed related party transactions involving the Fund, the Manager, the Trustee and/or persons connected to them as at LPD:
Maybank has been appointed for the purpose of marketing and distribution of Units of the Fund by the Manager. The Manager is wholly-owned by Aseamlease Berhad which is wholly owned by Maybank. In view of this, the appointment of Maybank as the distributor of the Units and to provide marketing and information technology infrastructure provider for the Fund is deemed as a related party transaction.
Policies On Dealing With Conflict Of Interest Situations
The Manager has in place policies and procedures to deal with any conflict of interest situations. In making an investment transaction for the Fund, the Manager will not make improper use of its position in managing the Fund to gain, directly or indirectly, any advantage or to cause detriment to the interests of Unit Holders.
The Manager and its directors including the investment committee members will at all times act in the best interests of the Unit Holders of the Fund and will not conduct itself in any manner that will result in a conflict of interest or potential conflict of interest. In the unlikely event that any conflict of interest arises, such conflict shall be resolved such that the Fund is not disadvantaged. In the unlikely event that the Manager faces conflicts in respect of its duties to the Fund and its duties to the other funds that it manages, the Manager is obliged to act in the best interests of all its investors and will seek to resolve any conflicts fairly and in accordance with the Deed and the relevant laws.
Where a conflict or potential conflict of interest situation arises, it will be evaluated by the compliance department and disclosed to the executive director of the Manager for the next course of action. Conflict of interest situations involving the executive director will be disclosed to the Manager’s Board for a decision on the next course of action. Directors or staffs who are in advisory positions such as portfolio managers or staffs who have access to information on transactions are not allowed to engage in dealings on their own account. Investment committee members who hold substantial shareholdings or directorships in public companies shall refrain from any decision making if the Fund invests in the particular share or stocks of such companies.
The Manager has formulated policies and adopted certain procedures to prevent conflicts of interest situations. They include the following: (a) The adoption of the Manager’s policy on ownership of shares and stocks of limited
companies by the Manager’s employees. The policy includes a requirement for all employees to submit a written declaration of their interests in the securities of limited companies;
(b) Prohibition of employees involved in share trading on the stock market, from
trading in the open market in their private capacity, except with prior approval of the chief executive officer or compliance officer, or for the purpose of disposing shares in quoted limited companies acquired through sources permitted by the Manager;
59
(c) Limits set when using brokers and/or financial institutions for dealings of the
investments of the unit trust funds; (d) Duties for making investment decisions, raising accounting entries and ensuring that
payments are properly segregated and carried out by different departments which are headed by separate persons;
(e) Investment procedures, authorised signatories and authorised limits are properly
documented in the Manager’s standard operating procedures; (f) Holding meetings with the Trustee on a case to case basis to discuss issues related
to the management of the unit trust fund, including conflict of interest situations; and
(g) A proper segregation of duties to prevent conflict of interest situations. In addition, a monthly declaration of securities trading is required from all employees and the executive director of the Manager, to ensure that there is no potential conflict of interest between the employees’ securities trading and the execution of the employees’ duties to the Manager and customers of the Manager. The Manager has also appointed a senior compliance officer whose duties include monitoring and resolving conflict of interest situations in relation to unit trust funds managed and administered by the Manager. As at the LPD, the Manager is not aware of any existing or potential conflict of interest situations which may arise.
Details Of The Management Company’s Directors’ and Substantial Shareholders’ Direct And Indirect Interest In Other Corporations Carrying On A Similar Business As at the LPD, the directors and substantial shareholders of the Manager do not have any direct and indirect interest in other corporations carrying on a similar business.
Other Declarations
The Solicitors, Auditors and Tax Adviser confirm that there are no existing or potential conflicts of interest in their respective capacity as advisors for the Manager.
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(14) CONSENT
(a) The consent of the Trustee, Investment Manager, Operator, Auditors, Principal Bankers and Solicitors for the inclusion of their names in this Prospectus in the manner and form in which such names appear have been given before the date of issue of this Prospectus and none of them have subsequently withdrawn their written consents.
(b) The Tax Adviser has given their consent to the inclusion of their name and the Tax
Adviser’s Letter on Taxation of the Fund and Unit Holders in the form and context in which it appears in this Prospectus and has not withdrawn such consent prior to the date of this Prospectus.
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(15) ADDITIONAL INFORMATION (a) Official Receipt and Statement of Investment
Each time Unit Holder purchase Units or conduct any other transaction for the Fund, a confirmation advice is sent out to the Unit Holder by ordinary post. A computer generated statement will also be issued to provide the Unit Holder with a record of each and every transaction made in the account so that Unit Holder may confirm the status and accuracy of his/her transactions, as well as to provide the Unit Holder with an updated record of his/her investment account(s) with the Manager.
(b) Customer Service of the Manager
If you are interested in the Fund, have any queries or require further information, please contact our client servicing personnel at 03-2297 7888 (ext. 7806/ 7923) at anytime during office hours (8.45 a.m. to 5.45 p.m.) from Monday to Thursday and (8.45 a.m. to 4.45 p.m.) on Friday on a Business Day. Alternatively, you may contact our distribution branches detailed in Section 19 of this Prospectus or e-mail your enquiries to [email protected].
(c) Keeping Track of the Daily Prices of Units
The Manager will publish the Fund’s Selling/Redemption Prices of Units and the Net Asset Value per Unit in at least one national Bahasa Malaysia and one national English newspaper.
As the investments of the Fund are in foreign markets, the daily price of the Fund for a particular Business Day will not be published in the newspaper on the next day but will instead be published the next following day (i.e. the price will be two (2) days old).
(d) Financial Reports
Unit Holders will be informed of the Fund’s performance through the audited annual reports and half-yearly unaudited reports. The reports will be sent to the Unit Holders within 2 months after the close of the financial year-end or interim period.
(e) Changing account details
Unit Holders are required to inform the Manager in writing on any changes of their account details. The account details will amongst other things include the following;
(i) the Unit Holder’s address; (ii) signing instructions; (iii) distribution of income instruction.
(f) Unclaimed Monies
Any monies other than unclaimed income distribution payable to Unit Holders which remain unclaimed for one (1) year will be handled in accordance with the requirements of the Unclaimed Moneys Act, 1965.
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(g) Unclaimed Income Distribution
If Unit Holders instruct to receive income distribution instead of reinvesting the income distribution, the Unit Holders shall receive the income distribution in the form of cheques. If the Unit Holders do not deposit the cheques within six (6) months from the date of issuance of the said cheques, the Manager shall automatically reinvest the income amount into additional Units of the Fund at the NAV per Unit at the end of the expiry date.
(h) The Deed
The Deed can be inspected at the office of the Manager during office hours (8.45 a.m. to 5.45 p.m.) from Monday to Thursday and (8.45 a.m. to 4.45 p.m.) on Friday on a Business Day.
(i) Material Contracts
There are no other material contracts (including contracts not reduced in writing), not being contracts entered in the ordinary course of business which have been entered into by the Manager within two (2) years preceding the date of this Prospectus.
(j) Approval, Exemption and Waiver
The first prospectus to the Fund was registered but not lodged with the SC. This
Prospectus is to reflect, inter alia, the change of trustee to the Fund and changes in the disclosure of the Target Fund’s prospectus and which in effect replaces the abovesaid first prospectus.
The Manager has obtained an exemption from Clauses 3.02(a) and 3.03 of Part III of
the SC’s Prospectus Guidelines for Collective Investment Schemes which exempts the Manager from having to have on the front cover stating that this Prospectus is a replacement prospectus and replaces the first prospectus and from having to have a statement on each page in this Prospectus that refers to this Prospectus as a replacement prospectus.
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(16) DOCUMENTS AVAILABLE FOR INSPECTION
For a period of not less than twelve (12) months, the following documents or copies thereof, where applicable, may be inspected, without charge at the registered office of the Manager and/or the Trustee:
(a) the Deed(s) of the Fund;
(b) any material contracts or documents referred to in this Prospectus;
(c) the latest annual and interim reports for the Fund;
(d) all reports, letters or other documents, valuations and statements by any expert, any part of which is extracted or referred to in this Prospectus;
(e) the audited financial statements of the Manager and the Fund (where applicable) for the last three (3) financial years or from the date of incorporation/inception, if less than three (3) years, preceding the date of this Prospectus;
(f) writ and relevant cause papers for all current material litigation and arbitration disclosed in this Prospectus (if any);
(g) latest audited financial statements of the Manager and the Fund for the current financial year (where applicable);
(h) any consent given by experts or persons named in this Prospectus; and
(i) Prospectus and/or Supplemental Prospectus to the Target Fund.
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(17) TAXATION ADVISER’S LETTER
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66
67
68
69
70
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(18) UNIT TRUST LOAN FINANCING RISK DISCLOSURE STATEMENT
Investing in a unit trust fund with borrowed money is more risky than investing with your own savings.
You should assess if loan financing is suitable for you in light of your objectives, attitudes to risk and financial circumstances. You should be aware of the risks, which would include the following:
(a) The higher the margin of financing (that is, the amount of money you borrow for
every Ringgit of your own money that you put in as deposit or down payment) the greater the potential for losses as well as gains.
(b) You should assess whether you have the ability to service the repayments on the
proposed loan. If your loan is a variable rate loan, and if interest rates rise, your total repayment amount will be increased.
(c) If unit prices fall beyond a certain level, you may be asked to provide additional
acceptable collateral or pay additional amounts on top of your normal instalments. If you fail to comply within the time prescribed, your units may be sold to settle your loan.
(d) Returns on unit trusts are not guaranteed and may not be earned evenly over
time. This means that there may be some years where returns are high and other years where losses are experienced instead. Whether you eventually realise a gain or loss may be affected by the timing of the sale of your units. The value of units may fall just when you want your money back even though the investment may have done well in the past.
The brief statement cannot disclose all the risks and other aspects of loan financing. You should therefore carefully study the terms and conditions before you decide to take the loan. If you are in doubts in respect of any of this risk disclosure statement or the terms of the loan financing, you should consult the institution offering the loan.
ACKNOWLEDGEMENT OF RECEIPT OF RISK DISCLOSURE STATEMENT
I acknowledge that I have received a copy of this Unit Trust Loan Financing Risk Disclosure Statement and understand its contents.
Signature : ________________________________________________ Full Name : ________________________________________________ Date : ________________________________________________
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(19) DIRECTORY OF MAYBANK DISTRIBUTION BRANCHES
FEDERAL TERRITORY
ALAM DAMAI SSC AMPANG PARK SSC BANDAR SRI PERMAISURI SSC BANGSAR BARU SSC
NO 15 LOT 1.01 AMPANG PARK NO 59, GRD, 1ST & 2ST FLR 66, 68 & 70
JALAN DP5/1B SHOPPING JALAN SRI PERMAISURI 8 JALAN MAAROF
BANDAR DAMAI PERDANA JALAN AMPANG BANDAR SRI PERMAISURI BANGSAR BARU
56000 CHERAS,KUALA LUMPUR 50450 KUALA LUMPUR 56000 KUALA LUMPUR 59100 KUALA LUMPUR
TEL:03-9100 1802/9100 1861 TEL:03-2161 1040 TEL:03-9172 7612/9172 7614 TEL:03-2282 3093/2282 3135
FAX:03-9100 4624 FAX:03-2161 9294 FAX:03-9172 7610 FAX:03-2282 3132
BATU CANTONMENT SSC BUKIT BINTANG SSC BUKIT DAMANSARA SSC C.P.I TUN MOHD FUAD
NO 803-817,BANGUNAN LIM G FLOOR, BANGUNAN GRD FLR, BLK C, KOMPLEKS TTDI SSC
BATU 4 1/2 YAYASAN PEJ. DAMANSARA, JALAN TKT BWH, BGN AHP
JALAN IPOH JALAN BUKIT BINTANG SEMANTAN, BKT DAMANSARA NO. 2, JLN TUN MOHD FUAD 3
50120 KUALA LUMPUR 55100 KUALA LUMPUR 50490 KUALA LUMPUR TMN TUN DR. ISMAIL
TEL:03-6252 4284/6252 4287 TEL:03-2142 8268/2142 2140 TEL:03-2095 3259/2095 3280 60000 KUALA LUMPUR
FAX:03-6258 8553 FAX:03-2142 9525 FAX:03-2095 0142/4291 TEL:03-7729 0922
FAX:03-7729 5037
C.P.I WANGSA MAJU SSC DATARAN MAYBANK PBC DATARAN MAYBANK SSC DESA PARK CITY SSC
70, JALAN 2A/27A GROUND FLOOR LEVEL 1 LOT G-35 GROUND FLOOR
SEKSYEN 1 MAYBAN ASSURANCE TOWER TOWER A THE WATERFRONT@ PARKCITY
BANDAR WANGSA MAJU NO. 1, JALAN MAAROF NO. 1, JALAN MAAROF KL, 5 PERSIARAN RESIDEN
53300 KUALA LUMPUR BANGSAR DATARAN MAYBANK DATARAN MAYBANK
TEL:03-4143 9187/4143 9200 59000 KUALA LUMPUR 59000 KUALA LUMPUR KUALA LUMPUR
FAX:03-4142 2346 TEL:03-22847418 TEL:03-2284 3142/2283 1020 TEL:03-6280 7601/6280 7602
FAX:03-22841264 FAX:03-2282 2253 FAX:03-6280 7610
DESA SERI HARTAMAS SSC DESA PANDAN SSC JALAN BUNUS SSC JALAN GOMBAK SSC
NO. 21 & 23 7 & 9 105 LOT 3799
JALAN 23/70A JALAN 3/76D JALAN BUNUS PASAR MODEN
DESA SERI HARTAMAS DESA PANDAN OFF JALAN MASJID INDIA BATU 5, JALAN GOMBAK
50680 KUALA LUMPUR 55100 KUALA LUMPUR 50100 KUALA LUMPUR 53000 KUALA LUMPUR
TEL:03-6203 5600/6203 5601 TEL:03-9281 3598/9281 3612 TEL:03-2691 1568/2691 2250 TEL:03-4022 2130/4022 2180
FAX:03-6203 2459 FAX:03-9281 3650 FAX:03-2691 1768 FAX:03-4022 1400
JALAN IPOH SSC JALAN KENANGA SSC JALAN KLANG LAMA SSC JALAN KUCHAI LAMA SSC
LOT AG 1, 2, 9, & 10 42-44 NO 1 & 3 NO 1 & 3
GRD FLR, PLAZA PEKELILING JALAN MERLIMAU JALAN DESA JALAN KUCHAI MAJU 1
NO. 2, JALAN TUN RAZAK OFF JALAN KENANGA TAMAN DESA OFF JALAN KUCHAI LAMA
50500 KUALA LUMPUR 55200 KUALA LUMPUR 58100 KUALA LUMPUR 58200 KUALA LUMPUR
TEL:03-4044 6411/4044 6049 TEL:03-9222 6431/9222 6430 TEL:03-7983 1020 TEL:03-7987 6451
FAX:03-4041 5161 FAX:03-9223 3195 FAX:03-7981 3512 FAX:03-7980 0241
JALAN MAKTAB SSC JALAN PUDU SSC JALAN P.RAMLEE SSC JALAN RAJA LAUT SSC
GROUND FLOOR 418-24 GROUND FLOOR G-FLOOR (UTARA)
WISMA FELDA JALAN PUDU MUI PLAZA MENARA DBKL 2
JALAN PERUMAHAN GURNEY 55100 KUALA LUMPUR JALAN P. RAMLEE JALAN RAJA LAUT
54000 KUALA LUMPUR TEL:03-2142 3555/2142 3576 50250 KUALA LUMPUR 50350 KUALA LUMPUR
TEL:03-2698 0357/2698 0349 FAX:03-2142 1673 TEL:03-2143 0329/2143 0325 TEL:03-2698 8731/2698 8867
FAX:03-2693 0552 FAX:03-2143 0319 FAX:03-2691 7181
JALAN RAJA MUDA SSC JALAN SULTAN ISMAIL SSC JALAN TUN H.S.LEE SSC JINJANG SSC
GROUND FLOOR LEVEL 1&2 92 21, 23, 25 & 27
WISMA AWAL MENARA IMC JALAN TUN H.S LEE JALAN 2/32
171, JALAN RAJA MUDA 8, JALAN SULTAN ISMAIL 50000 KUALA LUMPUR OFF 6 1/2 MILE
50300 KUALA LUMPUR 50250 KUALA LUMPUR TEL:03-2078 9109 JALAN KEPONG
TEL:03-2691 7409/2691 9376 TEL:03-2032 3366 FAX:03-2072 6798 52000 KUALA LUMPUR
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KEPONG PRIMA SSC KEPONG SSC KL MAIN SSC KL SENTRAL SSC
NO. 10 & 12 PUSAT NIAGA 8 - 10, JALAN 53 1st FLOOR LOT 7, 8, 9, DEPARTURE HALL
METRO PRIMA DESA JAYA MENARA MAYBANK TKT 1, KL CITY AIR TERMINAL
JALAN PRIMA 5 KEPONG 100, JALAN TUN PERAK (KLCAT), KL SENTRAL
METRO PRIMA KEPONG 52100 KUALA LUMPUR 50050 KUALA LUMPUR 50470 KUALA LUMPUR
52100 KUALA LUMPUR TEL:03-2074 7028/2072 2505 TEL:03-2272 3703
TEL:03-6258 7100/6258 5521 FAX:03-2078 9761 FAX:03-2272 3620
FAX:03-6258 5177/5903
KLCC SSC KOMPLEKS BANDAR SSC KOMPLEKS DAYABUMI SSC KOMPLEKS PERNAS SOGO SSC
LOT C-21-CCONCOURSE LEVEL 103 - 107, JALAN MEGA LOT F1/26, & 27, CITY POINT LEVEL 2 UNIT 49
PETRONAS TWIN TOWERS MENDONG, BANDAR PARK DAYABUMI KOMPLEKS KOMPLEKS PERNAS - SOGO
KL CITY CENTRE JALAN KELANG LAMA JLN SULTAN HISHAMMUDDIN 190 JALAN ABDUL RAHMAN
50088 KUALA LUMPUR 58000 KUALA LUMPUR 50500 KUALA LUMPUR 50100 KUALA LUMPUR
TEL:03-2026 0239/2026 0928 TEL:03-7982 3211 TEL:03-2710 2668/2710 2667 TEL:03-2694 1300/2698 3857
FAX:03-2026 9329 FAX:03-7981 6496 FAX:03-2273 6082 FAX:03-2694 1301
KOMPLEKS MAHKAMAH SC MEDAN TUANKU SSC MENARA PERKESO SSC MONT KIARA SSC
ARAS B1 NO. 1, 3 ,5, 7 DAN 9 TINGKAT BAWAH (KANAN) 11, 13 & 15, GROUND & FIRST
KOMPLEKS MAHKAMAH MEDAN TUANKU SATU MENARA PERKESO FLOOR, JALAN SOLARIS 1
JALAN DUTA 50300 KUALA LUMPUR NO. 281, JALAN AMPANG MONT KIARA
50592 KUALA LUMPUR TEL:03-2694 5358/2694 8576 50538 KUALA LUMPUR 50480 KUALA LUMPUR
TEL:03-6201 0245/6201 0249 FAX:03-2692 1917 TEL:03-4251 5317/4251 5330 TEL:03-6203 7435/6203 6417
FAX:03-6201 0172 FAX:03-4251 5361 FAX:03-6203 7054
MARC RESIDENCE PBC MID VALLEY CITY SSC PAVILION KL S/C PLAZA DAMANSARA. PBC
A-01-01, TOWER A G(E)-016 GRD FLR LOT 2.33b, LEVEL 2 PLAZA LEVEL, BLOCK B
MARC SERVICE RESIDENCE MID-VALLEY MEGAMALL PAVILION KUALA LUMPUR 45 MEDAN SETIA 1
NO. 3, JALAN PINANG LINGKARAN SYED PUTRA 168 JALAN BUKIT BINTANG BUKIT DAMANSARA
50450 KUALA LUMPUR 59200 KUALA LUMPUR 55100 KUALA LUMPUR 50490 KUALA LUMPUR
TEL:03-2282 0098/2282 8969 TEL:03-2142 3395/2142 3425 TEL:03-2094 5488/2094 4588
FAX:03-2282 5353 FAX:03-2142 3351 FAX:03-2094 1488
SEGAMBUT SSC SELAYANG SSC SENTUL RAYA SSC SERI PETALING SSC
NO 27 175, JALAN 2/3A 12 & 14 JALAN 14/48A NO 15 & 17
JALAN SEGAMBUT PUSAT BANDAR UTARA SELAYANG THE BOULEVARD SHOP JALAN RADIN ANUM
51200 KUALA LUMPUR OFF KM 12,JALAN IPOH OFFICE BANDAR BARU SERI
TEL:03-6257 1368/6257 1386 68100 BATU CAVES OFF JALAN SENTUL PETALING
FAX:03-6250 6750 KUALA LUMPUR 51000 KUALA LUMPUR 57000 KUALA LUMPUR
TEL:03-6138 8025/6138 8892 TEL:03-4041 7726/4041 3120 TEL:03-9057 2386/9057 7411
FAX:03-6138 7067 FAX:03-4041 2936 FAX:03-9057 7054
SETAPAK SSC SUNGAI BESI SSC TAMAN CHERAS MAKMUR SSC TAMAN CONNAUGHT SSC
LOT 14408 SUITE 163-0-14 GRD FLR LOT 10 & 12, JLN 5/101C 1, JALAN MENARA GADING 1
JALAN GENTING KELANG WISMA MAH SING JLN KASKAS 1 OFF LEBUHRAYA TIMUR
SETAPAK 163 JALAN SUNGAI BESI BT 6, JALAN CHERAS 56340 KUALA LUMPUR
53200 KUALA LUMPUR 57100 KUALA LUMPUR 56000 KUALA LUMPUR TEL:03-/9101 1500
TEL:03-4021 5237/4021 5311 TEL:03-9221 1442/9221 9841 TEL:03-9132 5052/9132 5097 FAX:03-9101 3377
FAX:03-4021 5750 FAX:03-9221 9824 FAX:03-9133 3075
TAMAN MALURI SSC TAMAN MIDAH SSC TAMAN SEGAR SSC TAMAN SETIAWANGSA SSC
NO. 188 102 - 6 37, JALAN MANIS ENAM LOT NO. 16860
JALAN MAHKOTA JALAN MIDAH SATU TAMAN SEGAR JALAN 8/55A & 13/55A
TAMAN MALURI TAMAN MIDAH, CHERAS CHERAS TAMAN SETIAWANGSA
55100 KUALA LUMPUR 56000 KUALA LUMPUR 56100 KUALA LUMPUR 54200 KUALA LUMPUR
TEL:03-9281 2255/9281 3011 TEL:03-9132 7367/9131 1878 TEL:03-9130 5322/9130 2321 TEL:03-4251 6722/4257 1334
FAX:03-9283 2555 FAX:03-9130 6414 FAX:03-9131 8670 FAX:03-4251 7575
FAX:03-2698 1615 FAX:03-2032 2775
75
TAMAN TUN DR ISMAIL SSC TUANKU ABDUL RAHMAN SSC WANGSA MAJU SEC. 5 SSC WISMA GENTING SSC
2, LORONG RAHIM KAJAI 14 404 - 10 NO 2 & 2A, GROUND FLOOR GRND & MEZZANINE FLOORS
TAMAN TUN DR. ISMAIL JALAN TUANKU JALAN WANGSA DELIMA 11F WISMA GENTING
60000 KUALA LUMPUR ABDUL RAHMAN D/WANGSA KLSC WANGSA MAJU JALAN SULTAN ISMAIL
TEL:03-7729 3051/7729 3671 55100 KUALA LUMPUR 53300 KUALA LUMPUR 50250 KUALA LUMPUR
FAX:03-7729 2770 TEL:03-2691 9413/2698 2359 TEL:03-4142 0508/4142 0507 TEL:03-2163 5051/2163 5129
FAX:03-2692 2219 FAX:03-4142 0506 FAX:03-2162 0184
WISMA HANGSAM SSC WISMA SIME DARBY SSC WISMA TAN KIM SAN SSC PUTRAJAYA SSC
NO 1 G2W GROUND FLOOR NO 518A R13& R15 BANGUNAN ANNEXE
JALAN HANG LEKIR WISMA SIME DARBY WISMA TAN KIM SAN DEWAN PERSIDANGAN
WISMA HANGSAM JALAN RAJA LAUT JALAN IPOH KOMPLEKS PERBADANAN
50000 KUALA LUMPUR 50350 KUALA LUMPUR 51200 KUALA LUMPUR PUTRAJA PRECCINT 3
TEL:03-2070 5161/2070 0571 TEL:03-2693 7129 TEL:03-4042 5828 62675 PUTRAJAYA
FAX:03-2070 9332 FAX:03-2692 5015 FAX:03-4042 3112 PUTRAJAYA SSC
SELANGOR
AMPANG POINT SSC BANDAR AMPANG SSC BANDAR BARU BANGI SSC BALAKONG SSC
NO.2&3, JLN MEMANDA 20G-28G NO. 2 15 & 16, SEKSYEN 3
BATU 41/2, JLN AMPANG JLN WAWASAN 4/5 JALAN 6C/16 PEKAN BATU 11 CHERAS
TAMAN DATO' AHMAD RAZALI BANDAR BARU AMPANG SECTION 16 JALAN BALAKONG
68000 AMPANG 68000 AMPANG 46650 BDR BARU BANGI 43200 CHERAS
SELANGOR SELANGOR SELANGOR SELANGOR
TEL:03-4256 8506 TEL:03-4270 1936/4270 1931 TEL:03-8925 5142/8925 5140 TEL:03-9075 4773/9075 4775
FAX:03-4251 4333 FAX:03-4270 1937 FAX:03-8925 4919 FAX:03-9075 4776
BANDAR BARU KLANG SSC BANDAR BARU SELAYANG SSC BANTING SSC BDR SERI DAMANSARA SSC
32, LORONG TIARA 1A NO 77, JALAN 2/16 NO. 416, 418 & 420 NO 7 & 8
BANDAR BARU KLANG BANDAR BARU SELAYANG JALAN JUGRA JLN TANJUNG SD 13/1
41150 KLANG 68100 BATU CAVES BANTING BANDAR SERI DAMANSARA
SELANGOR SELANGOR 42700 SELANGOR 52200 KEPONG SELANGOR
TEL:03-3344 7842/3344 7843 TEL:03-6138 6357/6138 6448 TEL:03-3181 2585/3187 1326 TEL:03-6273 5501/6273 5506
FAX:03-3344 7844 FAX:03-6138 9058 FAX:03-3187 1433 FAX:03-6273 5611
BANDAR SUNWAY SSC BANDAR KINRARA SC BANDAR BUKIT TINGGI 1 BANDAR PUTERI PUCHONG SSC
NO. 30 & 32, LOT F31 & F32, 1ST FLOOR KLANG SSC NO. 29 & 31, JLN PUTERI 1/4
JALAN PJS 11/28A GIANT HYPERMARKET LOT C1-1-0 & C1-1-1, PHASE 1F1 BANDAR PUTERI PUCHONG
BANDAR SUNWAY BANDAR KINRARA LEBUH BATU NILAM 47100 PUCHONG
46150 PETALING JAYA LOT 449, JALAN BK 5A/1 BANDAR BUKIT TINGGI 1 SELANGOR
SELANGOR BANDAR KINRARA 41400 KLANG SELANGOR TEL:03-8063 5142/8063 5143
TEL:03-5637 0872/5637 0870 47100 PUCHONG SELANGOR TEL:03-3325 1002/3325 1003 FAX:03-8063 5153
FAX:03-5637 0869 TEL:03-8070 8477 FAX:03-3325 1008
FAX:03-8070 8411
BANDAR SUNGAI LONG SSC BANDAR UTAMA SSC CYBERJAYA SSC C.P.I SERI GOMBAK SSC
NO. 30, JALAN SL 1/12 LOT C.01, CONCOURSE LEVEL 2200, ENTERPRISE BUILDING NO. 10, JLN SG 1/2
BANDAR SG LONG 8 FIRST AVENUE PERSIARAN APAC TMN SERI GOMBAK
43200 KAJANG, SELANGOR BANDAR UTAMA 63000 CYBERJAYA SELANGOR BATU CAVES
TEL:03-9010 4701/9010 4702 47800 PETALING JAYA TEL:03-8318 9744/8318 4419 68100 SELANGOR
FAX:03-9010 4698 TEL:03-7728 6724/7728 6723 FAX:03-8318 9746 TEL:03-6187 7500/6187 3231
FAX:03-7728 6740
76
DAMANSARA UTAMA SSC DAMANSARA JAYA SSC DAMANSARA DAMAI SSC EQUINE PARK SSC
62 - 66, JALAN SS21/35 NO. 65 & 67, LOT A09 & A10, B-1, BLOCK PERSIARAN AKADEMI
DAMANSARA UTAMA JALAN SS 22/19 JALAN PJU 10/2A PERDANA, TAMAN EQUINE
47400 PETALING JAYA DAMANSARA JAYA PJU 10 DAMANSARA DAMAI BANDAR PUTRA PERMAI
SELANGOR 47400 PETALING JAYA 47830 PETALING JAYA 43300SERI KEMBANGAN
TEL:03-7725 2402/7728 5106 SELANGOR SELANGOR SELANGOR
FAX:03-7722 2784/7728 1390 TEL:03-7722 4787 TEL:03-6156 8158/6156 8159 TEL:03-8945 7012/8945 7061
FAX:03-7728 7741 FAX:03-6156 8797 FAX:03-8945 6981
FRASER’S HILL SC GENTING HIGHLANDS SSC INTAN MILLENNIUM SSC JALAN 222 SSC
GROUND FLOOR SHOPPING 2ND FLOOR, GENTING HOTEL SUITE 1.01 & 2.01, INTAN NO 11
ARCADE BUILDING PEJABAT POS MILLENIUM SQUARE, JALAN 51A/222
49000 BUKIT FRASER GENTING HIGHLANDS 68, JLN BATAI LAUT 4 46100 PETALING JAYA
SELANGOR SELANGOR-PAHANG BORDER 41300 KLANG SELANGOR SELANGOR
69000 GENTING HIGHLANDS TEL:03-3341 6868/3345 3529 TEL:03-7957 2854/7957 3815
TEL:03-6101 2433/6101 3236 FAX:03-3341 5959 FAX:03-7956 2860
FAX:03-61011242
JALAN YONG SHOOK LIN SSC KAJANG PRIMA SSC KAJANG SSC KAPAR SSC
GROUND FLOOR 28 & 29, JALAN K/P 1/2 GROUND MEZZANINE FLOOR SUB-LOTS 157 & 158
WISMA IJM KAJANG PRIMA, NO 28 - 30 JALAN BESAR
JALAN YONG SHOOK LIN OFF JALAN SEMENYIH JALAN TUKANG PEKAN KAPAR
46200 PETALING JAYA 43000 KAJANG SELANGOR KAJANG, 43000 SELANGOR 42200 KAPAR SELANGOR
SELANGOR TEL:03-8733 0205 TEL:03-8737 6290/8736 3725 TEL:03-3250 1527/3250 8812
TEL:03-7956 9523/7956 9363 FAX:03-8733 7225 FAX:03-8736 4009 FAX:03-3250 0546
FAX:03-7957 3886
KELANA JAYA SSC KELANA JAYA BC SC KLANG SSC KLIA SSC
115 - 117, BLOCK E G-M FLR, BGN CGC NO 14 - 22 UNIT 1A&1B, BLOCK E JLN KLIA
KELANA PARK VIEW KELANA BUSINESS CENTRE JALAN KEPAYANG S3,SOUTHERN COMMON
NO 1, JALAN SS/2 97, JALAN SS 7/2 OFF JALAN MERU AMENITIES FACILITY
KELANA JAYA SELANGOR 47301 PETALING JAYA 41050 KLANG SELANGOR KLIA (SELATAN)
TEL:03-7803 8194/7804 2624 SELANGOR TEL:03-3342 6434/3342 7322 64000 KLIA
FAX:03-7804 3354 TEL:03-7805 1194 FAX:03-3341 4143 TEL:03-8787 2036/8787 3091
FAX:03-7806 2057 FAX:03-8787 3009
KOTA DAMANSARA SSC KOTA KEMUNING SSC KUALA KUBU BAHRU SSC KUALA SELANGOR SSC
30 JALAN TECHNOLOGY NO 9 & 11 NO 45 & 46 NO 11 & 13
SECTION 2 JALAN ANGGERIK VANILLA JALAN DATO' MUDA JAFFAR JALAN RAJA JALIL
PJU 3 KOTA DAMANSARA N31/N, KOTA KEMUNING 44000 KUALA KUBU BAHRU 45000 KUALA SELANGOR
47810 PETALING JAYA 40460 SHAH ALAM SELANGOR SELANGOR
SELANGOR SELANGOR TEL:03-6064 1541/6064 1276 TEL:03-3289 1767/3289 1754
TEL:03-6156 2422/6156 3153 TEL:03-5122 0024/5122 2461 FAX:03-6064 2536 FAX:03-3289 3709
FAX:03-6156 8060 FAX:03-5122 9241
MENARA KLANG SSC MUTIARA DAMANSARA SSC PANDAMARAN SSC PANDAN INDAH SSC
(JALAN TEMOH SSC) LOT G96 GRD LEVEL, NO 188 & 190, L1-03,L1-06,L2-03,LEVEL 1 &2
26,28 & 30,MENARA KLANG THE CURVE JLN BATU UNJUR 1 MENARA MAXISEGAR
JALAN RAJA HASAN MUTIARA DAMANSARA BAYU PERDANA JALAN PANDAN INDAH 4/2
41400 KLANG 47800 PETALING JAYA 41200 KLANG 55100 PANDAN INDAH
SELANGOR SELANGOR SELANGOR SELANGOR
TEL:03-3342 4934/3344 4944 TEL:03-7728 9379/7725 9286 TEL:03-3323 0669/3323 0179 TEL:03-4296 2740
FAX:03-3342 5618 FAX:03-7728 0004 FAX:03-3323 0710 FAX:03-4297 4842
PANDAN JAYA SSC PETALING JAYA MAIN SSC PJ OLD TOWN SC PJ NEW TOWN PBC
16 & 16A NO 50 - 52 NO 29 NO 6 & 8
JALAN PANDAN 3/6A JALAN SULTAN (52/4) JALAN OTHMAN 3/14 JALAN YONG SHOOK LIN
TAMAN PANDAN JAYA 46200 PETALING JAYA 46200 PETALING JAYA 46200 PETALING JAYA
55100 PANDAN JAYA SELANGOR SELANGOR SELANGOR
SELANGOR TEL:03-7958 1348/7958 1343 TEL: 03-7783 8652
TEL:03-9286 1908/9286 1909 FAX:03-7957 2980 FAX:03-7784 4726
FAX:03-9282 2019
77
PORT KLANG SSC PUCHONG JAYA SSC PUCHONG PRIMA SSC PULAU KETAM SC
NO 60 - 64 NO. 7 H-01-09&10,H-02-13&14 NO 80K
PERSIARAN RAJA JALAN KENARI 1 GROUND & 1ST FLR BLOK H JALAN SEKOLAH
MUDA MUSA BANDAR PUCHONG JAYA PUSAT PERDAGANGAN PULAU KETAM
42000 PORT KLANG 47100 PUCHONG PUCHONG, JLN PRIMA 5/4 42940 PULAU KETAM
SELANGOR SELANGOR 47100 PUCHONG SELANGOR SELANGOR
TEL:03-3168 0212/3168 2626 TEL:03-5882 0273/5891 7035 TEL:03-8061 0921/8061 7501 TEL:03-3110 4506
FAX:03-3167 3425 FAX:03-5882 0276 FAX:03-8060 2496 FAX:03-3110 4603
PUTRA INDAH SSC PUTRA INDAH SSC PUSAT BANDAR PUCHONG SC RAWANG SSC
G-M FLR WISMA SSP G-M FLR WISMA SSP NO. 32 & 34 JLN BANDAR TIGA NO 17, JALAN
1 JALAN SR 8/3 1 JALAN SR 8/3 PUSAT BANDAR PUCHONG BANDAR RAWANG 2
SERDANG JAYA, SECTION 8 SERDANG JAYA, SECTION 8 47000 PUCHONG BANDAR BARU RAWANG
43300 SERI KEMBANGAN 43300 SERI KEMBANGAN SELANGOR 48000 RAWANG SELANGOR
SELANGOR SELANGOR TEL:03-8070 5292/8070 5393 TEL:03-6091 2316/6091 6725
TEL:03-8948 8237 TEL:03-8948 8237 FAX:03-8070 4949 FAX:03-6091 6820
FAX:03-8948 3293 FAX:03-8948 3293
SABAK BERNAM SSC SEA PARK SSC SECTION 18 SHAH ALAM SSC SECTION 20 SHAH ALAM SSC
NO 29 & 31 NO 1 JALAN 21/11A 44,46 & 48 NO.19 &21
JALAN MENTERI SEA PARK JALAN PINANG C 18/C JALAN SINGA C, 20/C
SABAK BERNAM 46300 PETALING JAYA SECTION 18 SECTION 20
45200 SELANGOR SELANGOR 40200 SHAH ALAM SELANGOR 40000 SHAH ALAM SELANGOR
TEL:03-3216 1377 TEL:03-7875 8022/7875 8094 TEL:03-5542 1536/5542 1539 TEL:03-5032 0808/5032 0826
FAX:03-3216 2670 FAX:03-7875 2064 FAX:03-5542 1534 FAX:03-5032 0088
SECTION 14 PJ SSC SEKINCHAN SSC SELAYANG JAYA SSC SEMENYIH SSC
NO 18A NO 82 - 83 NO 2-4-6 NO 3
JALAN 14/14 JALAN RIA JALAN SJ 14 JALAN PASAR 2
46100 PETALING JAYA 45400 SEKINCHAN SELAYANG JAYA BANDAR SEMENYIH
SELANGOR SELANGOR 68100 BATU CAVES SELANGOR 43500 SEMENYIH SELANGOR
TEL:03-7960 7977 TEL:03-3241 0351/3241 0773 TEL:03-6138 0877 TEL:03-8723 8611/8723 8612
FAX:03-7956 5001 FAX:03-3241 0559 FAX:03-6138 8831 FAX:03-8723 9179
SHAH ALAM SSC SS2 JALAN SS2/63 SSC SS2 PBC SUBANG JAYA SSC
10, PERSIARAN NO 8 & 10 NO. 25, 1ST FLOOR C8-C10
PERBANDARAN JALAN SS2/63 JALAN SS2/75 JALAN SS15/4D
SECTION 14 PETALING JAYA 47300 PETALING JAYA SUBANG JAYA
40000 SHAH ALAM SELANGOR 47300 SELANGOR SELANGOR 47500 SUBANG JAYA SELANGOR
TEL:03-5519 9289/5510 3076 TEL:03-7876 7001/7877 3887 TEL:03-5633 9015/5633 8709
FAX:03-5510 3005 FAX:03-7876 4399 FAX:03-5634 1918
SULTAN ABD AZIZ SHAH SUNGAI BESAR SSC SUNGAI BULOH SSC TAMAN BUKIT EMAS SSC
AIRPORT SSC NO 30E & 32E NO 354 & 355 NO 93 & 95
TERMINAL 3 JALAN MAHSURI JALAN 1A/3, BANDAR JALAN SS 25/2
SULTAN ABDUL SUNGAI BESAR BARU SUNGAI BULOH TAMAN BUKIT EMAS
AZIZ SHAH AIRPORT 45300 SELANGOR 47000 SUNGAI BULOH 47301 PETALING JAYA
47200 PETALING JAYA TEL:03-3224 6928/3224 2257 SELANGOR SELANGOR
SELANGOR FAX:03-3224 1199 TEL:03-6156 2722/6156 8150 TEL:03-7803 1347/7803 1398
TEL:03-7846 4355/7846 4316 FAX:03-6157 1448 FAX:03-7803 6169
FAX:03-7846 2566
TAMAN KINRARA SSC TAMAN MELAWATI SSC TAMAN PUTRA SSC TAMAN SERI GOMBAK SSC
NO 12&13 JALAN TK 1/11A NO 209 - 10 9 & 11, JALAN NO 11 - 13,
BATU 7 1/2 JALAN PUCHONG JALAN NEGARA 2 BUNGA TANJUNG 9C JALAN SG 3/14,
TAMAN KINRARA SECTION 1 TAMAN MELAWATI TAMAN PUTRA TAMAN SERI GOMBAK
58200 SELANGOR 53100 SELANGOR 68000 AMPANG SELANGOR 68100 BATU CAVES SELANGOR
TEL:03-8070 1646/8070 1646 TEL:03-4292 1296/4292 1055 TEL:03-6185 2809/6185 5989
FAX:03-8070 3064 FAX:03-4291 6672 FAX:03-6187 2545
78
TAMAN SRI SERDANG SSC TANJONG KARANG SSC TECHNOLOGY PARK SSC TTDI JAYA SSC
LOTS 231 - 3 NO 18 -20 LOT G-1&2,GROUND FLOOR 3 & 5, JALAN 1/4
JALAN 18/23 JALAN BESAR SUPPORT SERVICE BUILDING SECTION U2
TAMAN SERI SERDANG TANJONG KARANG TECHNOLOGY PARK M'SIA TTDI JAYA
43300 SERI KEMBANGAN 45500 SELANGOR HIGHWAY PUCHONG-SG. BESI 40000 SHAH ALAM SELANGOR
SELANGOR TEL:03-3269 8037 57000 BUKIT JALIL SELANGOR TEL:03-7847 2235/7847 2236
TEL:03-8942 6190 FAX:03-3269 5840 TEL:03-8996 1070 FAX:03-7847 2242
FAX:03-8948 0777 FAX:03-8996 1073
UEP SUBANG JAYA. PBC USJ SUBANG JAYA SSC WISMA CONSPLANT SSC
NO 66 NO 39 G01, EAST WING
JALAN USJ 10/1B JALAN USJ 10/1G WISMA CONSPLANT
UEP SUBANG JAYA USJ SUBANG JAYA 1,2, JALAN SS16/4
47620 SUBANG JAYA 47620 SUBANG JAYA 47500 SUBANG JAYA
SELANGOR SELANGOR SELANGOR
TEL:03-5634 8058/5634 8075 TEL:03-5631 4341 TEL:03-5632 5092/5632 5093
FAX:03-5638 0881 FAX:03-5631 7027 FAX:03-5632 5096
MELAKA
ALOR GAJAH SSC AYER KEROH SSC CHENG SSC JLN MUNSHI ABDULLAH SSC
4772 - AG NO. G6 KINGS HOTEL No 102-106 NO 171 - 175
JALAN SIMPANG EMPAT LEBUH AYER KEROH JALAN CHENG BARU 1 JALAN MUNSHI
ALOR GAJAH 75450 MELAKA TAMAN CHENG BARU ABDULLAH
78000 MELAKA TEL:06-232 7888/232 7830 75250 MELAKA 75000 MELAKA
TEL:06-556 9106/556 4245 FAX:06-232 8008 TEL: 06-337 1215/337 1216 TEL:06-286 3394/292 5785
FAX:06-556 1742 FAX:06-284 0625
MASJID TANAH SSC MELAKA MAIN SSC MERLIMAU SSC JASIN SSC
SU 942 - 944, JALAN BANDAR 114 & 114A JB1, JALAN DEBUNGA 1 GRD FLR&M.FLR, BGN UMNO
BARU 6, TAMAN BDR BARU GRAHA PELADANG TAMAN DEBUNGA LOT 20, JALAN KESANG
MASJID TANAH JALAN HANG TUAH MERLIMAU JASIN
78300 MELAKA 75300 MELAKA 77300 MELAKA 77000 MELAKA
TEL:06-384 2282/384 2060 TEL:06-282 0554/282 5373 TEL:06-263 1008/263 1339 TEL:06-529 1284/529 2072
FAX:06-384 9227 FAX:06-283 8126 FAX:06-263 2748 FAX:06-529 4669
TAMAN MALIM JAYA SSC TAMAN MELAKA RAYA SSC PULAU SEBANG SSC
NO 138 - 142, NO. 225, 226 & 227 AG-6344
JALAN SURIA 2 TAMAN MELAKA JAYA JALAN BESAR
TAMAN MALIM JAYA JALAN BANDAR HILIR PULAU SEBANG
75250 MELAKA 75000 MELAKA 73000 MELAKA
TEL:06-334 1559/335 2606 TEL:06-281 7766 TEL:06-441 1689
FAX:06-334 1578 FAX:06-284 4499 FAX: 06-441 1745
NEGERI SEMBILAN
BAHAU SSC BDR BARU SALAK TINGGI SC GEMAS SSC GEMENCHEH SC
NO 58 - 60 4 & 6 JALAN ST 1C/4 NO 4 & 5 LOTS: 3235 - 7
JALAN BESAR BANDAR BARU SALAK TINGGI JALAN TAMPIN GEMENCHEH BARU
72100 BAHAU 43900 SEPANG 73400 GEMAS 73200 GEMENCHEH
NEGERI SEMBILAN NEGERI SEMBILAN NEGERI SEMBILAN NEGERI SEMBILAN
TEL:06-454 1137/454 2958 TEL: 03-8706 3549/8706 3548 TEL:07-948 1278/948 2776 TEL:06-431 7331/431 6279
FAX:06-454 4927 FAX: 03-8706 3550 FAX:07-948 2752 FAX:06-431 7335
79
KUALA KLAWANG SSC KUALA PILAH SSC MANTIN SSC NILAI SSC
121,JLN KEYSER NO 95 - 96 1, JALAN BESAR PT 4768&4769, JLN TS 1/19
WISMA UMNO JLN DATO' UNDANG JOHOL KAWASAN HIJAU TAMAN SEMARAK
JLN DATO' MOYANG SALLEH 72000 KUALA PILAH 71700 MANTIN 71800 NILAI
71600 NEGERI SEMBILAN NEGERI SEMBILAN NEGERI SEMBILAN NEGERI SEMBILAN
TEL:06-613 6344 TEL:06-484 1695/481 1128 TEL:06-758 3127/758 1267 TEL:06-799 3316/799 3317
FAX:06-613 7335 FAX:06-481 5906 FAX:06-758 3160 FAX:06-799 3314
PORT DICKSON SSC RAHANG SSC SENAWANG SSC SEREMBAN SSC
NO 409 NO 56 & 57 NO 73&74 JALAN TAMAN NO 166 - 169
JALAN BARU JALAN TUANKU ANTAH KOMERSIL SENAWANG 4 JLN DATO' BANDAR TUNGGAL
71000 PORT DICKSON 70000 SEREMBAN TMN KOMERSIAL 70450 70000 SEREMBAN
NEGERI SEMBILAN NEGERI SEMBILAN SENAWANG NEGERI SEMBILAN NEGERI SEMBILAN
TEL:06-647 1172/647 1263 TEL:06-763 6710/763 5142 TEL:06-677 1115/679 4330 TEL:06-763 3341/763 3342
FAX:06-647 5380 FAX:06-763 3052 FAX:06-679 4329 FAX:06-763 3340
SEREMBAN 2 SSC
NO 36 & 37
JALAN S2 B18 BIZ AVENUE
70300 SEREMBAN 2
NEGERI SEMBILAN
TEL:06-601 2166/601 2184
FAX:06-601 2207
PERAK
BAGAN SERAI SSC BATU GAJAH SSC BERCHAM SSC BIDOR SSC
100 LOT 1 & 2 239 – 241 NO 16-17
JALAN BESAR JALAN PEJABAT POS JALAN BERCHAM, BERCHAM JALAN PERSATUAN
34300 BAGAN SERAI 31000 BATU GAJAH 31400 IPOH 35500 BIDOR
PERAK PERAK PERAK PERAK
TEL:05-721 1262/721 2043 TEL:05-366 1445/366 4066 TEL:05-545 4188/545 4288 TEL:05-434 0036/434 2500
FAX:05-721 1252 FAX:05-366 2888 FAX:05-545 7388 FAX:05-434 3752
CAMERON HIGHLANDS SSC GRIK SSC GUNUNG RAPAT SC HUTAN MELINTANG SSC
69-70 GRD FLR UMNO BUILDING NO. 1-1B, JALAN WIRA JAYA 1-AZ LRG 1, TMN WAWASAN
PERSIARAN CAMELLIA 4 JALAN SULTAN ISKANDAR TAMAN IPOH JAYA TIMUR 1 SIMPANG EMPAT
39000 TANAH RATA 33300 GRIK 31350 PERAK 34600 HUTAN MELINTANG
PERAK PERAK TEL:05-312 9129 PERAK
TEL:05-491 4546/491 4769 TEL:05-791 3588/791 1125 FAX:05-312 7623 TEL:05-642 1125/642 1126
FAX:05-491 2560 FAX:05-791 2778 FAX:05-641 4017
IPOH GARDEN SSC IPOH MAIN JELAPANG SSC JLN SULTAN IDRIS SHAH SSC
NO 112 BGN MAYBAN TRUST 277 - 281 GRD FLR 194 - 206
JALAN CANNING ESTATE 28, JLN TUN SAMBANTHAN JALAN SILIBIN JALAN SULTAN IDRIS
IPOH GARDEN 30000 IPOH 30100 IPOH 30000 IPOH
31400 IPOH, PERAK P.O. BOX 450 PERAK PERAK
TEL:05-547 4561/547 4642 30912 IPOH, PERAK TEL:05-526 4699/526 1625 TEL:05-241 4904/253 7553
FAX:05-547 9813 TEL:05-241 5188/243 1287 FAX:05-528 6196/528 6287 FAX:05-253 9549
FAX:05-253 7262
KAMPAR SSC KAMPONG KOH SC KAMUNTING SSC KLEBANG SSC
154 - 156 82A JALAN BESAR 1-3,JALAN MEDAN SAUJANA NO 16 & 18
JALAN GOPENG KAMPONG KOH TAMAN MEDAN SAUJANA LALUAN KLEBANG RESTU 2
31900 KAMPAR 32000 SITIAWAN 34600 KAMUNTING MEDAN KLEBANG RESTU
PERAK PERAK PERAK 31200 CHEMOR PERAK
TEL:05-466 5188/465 3935 TEL:05-691 2211/691 2108 TEL:05-806 9884/805 7787 TEL:05-291 6133/291 5163
FAX:05-465 3272 FAX:05-691 9498 FAX:05-806 9881 FAX:05-291 2163
80
KUALA KANGSAR SSC LANGKAP SSC LENGGONG SC LUMUT SSC
68 - 70, JLN RAJA BENDAHARA NO. 20 MAIN ROAD NO 10
FASA II BANDAR BARU JALAN SILANG 33400 LENGGONG JALAN SULTAN IDRIS SHAH
33000 KUALA KANGSAR 36700 LANGKAP, PERAK PERAK 32200 LUMUT, PERAK
PERAK TEL:05-659 6301/659 6302 TEL:05-767 7419 TEL:05-683 5875/683 5731
TEL:05-776 1649/776 2870 FAX:05-659 5348 FAX:05-767 8203 FAX:05-683 5825
FAX:05-776 5342
MALIM NAWAR SC MENGLEMBU SSC PANTAI REMIS SSC PARIT BUNTAR SSC
26A JALAN TRANCHELL LOTS 2725 - 6 NO. 21 - 23
JALAN BESAR 31450 IPOH JALAN BESAR JLN DAMAI, TAMAN DAMAI
31700 MALIM NAWAR PERAK 34900 PANTAI REMIS BDR BARU PARIT BUNTAR
PERAK TEL:05-282 0196/281 1327 PERAK 34200 PARIT BUNTAR, PERAK
TEL:05-477 4580/477 4581 FAX:05-281 5602 TEL:05-677 2601/677 1446 TEL:05-716 7740/716 0582
FAX:05-477 4684 FAX:05-677 1127 FAX:05-716 0130
PASIR PUTIH SSC PENGKALAN HULU SC PENGKALAN SC P. P. GREENTOWN, IPOH SSC
211-1, 213 & 213-1 19A, JALAN ISKANDAR NO. 129 & 131 NO 2, 4 & 6
JALAN PASIR PUTIH 33100 PENGKALAN HULU JALAN PENGKALAN BARAT PERSIARAN GREENTOWN 1
31650 IPOH PERAK TAMAN SHATIN BARAT PST P'DGAN GREENTOWN
PERAK TEL:04-477 8389 31650 IPOH, PERAK 30450 IPOH, PERAK
TEL:05-254 8058 FAX:04-477 8561 TEL:04-477 8389 TEL:05-255 3411/254 1355
FAX:05-255 3737 FAX:04-477 8561 FAX:05-253 8768
PULAU PANGKOR SC SELAMA SC SITIAWAN SSC SLIM RIVER SSC
NO 18 JALAN BESAR GROUND & 1ST FLOOR 624 – 6
JALAN BESAR 34100 SELAMA NO.5,PERSIARAN PM 2/2 JALAN AHMAD BOESTAMAN
32300 PULAU PANGKOR PERAK PUSAT BDR SRI MANJUNG 35800 SLIM RIVER, PERAK
PERAK TEL:05-839 4212/ 839 4568 SECTION 2 TEL:05-452 0884/452 8177
TEL:05-685 1494/685 1493 FAX:05-839 4292 32040 SRI MANJUNG,PERAK FAX:05-452 9282
FAX:05-685 2458 TEL:05-688 6510/688 6518
FAX:05-688 6615
SUNGAI SIPUT SSC SUNWAY CITY IPOH SC TAIPING SSC TANJONG MALIM SSC
JALAN BESAR NO. 2, PERSIARAN SCI 2/1 234-237 JALAN CHONG AH PENG
31100 SUNGAI SIPUT UTARA SUNWAY CITY IPOH JALAN CHUNG THYE PHIN 35900 TANJONG MALIM
PERAK 31150 IPOH, PERAK 34000 TAIPING, PERAK PERAK
TEL:05-597 2841/597 5821 TEL:05-549 9170/549 9172 TEL:05-807 2660/805 6598 TEL:05-459 6328
FAX:05-598 2188 FAX:05-549 9213 FAX:05-808 0666 FAX:05-459 6758
TAPAH SSC TELUK INTAN SSC
JALAN BESAR MEDAN MAHKOTA
35000 TAPAH JALAN AH CHENG
PERAK 36000 TELOK INTAN, PERAK
TEL:05-403 4100/403 4101 TEL:05-625 1105/625 1123
FAX:05-401 3016 FAX:05-625 1107
JOHOR
AEON BUKIT INDAH SC BANDAR TENGGARA SC BDR BARU PERMAS JAYA SSC BATU PAHAT SSC
LOT G02, AEON BUKIT INDAH 1B, JALAN TUN ABDUL JALIL G-01, 01-01 & 02-01 32 - 4
SHOPPING CENTRE PUSAT BANDAR BLOK A1, PERMAS MALL JALAN RAHMAT
NO. 8, JALAN INDAH 15/2 BANDAR TENGGARA NO 3, JALAN PERMAS UTARA, 83000 BATU PAHAT
TAMAN BUKIT INDAH 81000 KULAI JOHOR BDR BARU PERMAS JAYA JOHOR
81200 JOHOR BAHRU, JOHOR TEL:07-896 1332/896 1324 81750 MASAI JOHOR TEL:07-434 1441/434 3095
TEL:07-236 7045/236 7054 FAX:07-896 1354 TEL:07-388 1208/388 1205 FAX:07-431 2777
FAX:07-236 7026 FAX:07-386 1203
81
BUKIT PASIR SSC C.P.I LARKIN PERDANA FELDA AIR TAWAR SC JALAN GENUANG SC
NO.31 & 32 NO. 5 & 7 KEDAI FELDA NO 62J & 62K
JALAN MENGKUDU JALAN SUSUR DEWATA SATU RANCANGAN FELDA JALAN GENUANG
TAMAN ABDUL RAHMAN LARKIN PERDANA AIR TAWAR 5, 81920 85000 SEGAMAT
JAAFAR, 83000 BATU PAHAT 80350 JOHOR BAHRU, JOHOR KOTA TINGGI, JOHOR JOHOR
JOHOR TEL:07-235 3155/235 6255 TEL:07-895 3641/895 3640 TEL:07-932 0081/931 3476
TEL:07-433 4845/433 4846 FAX:07-235 7655 FAX:07-895 3641
FAX:07-433 3988
JALAN LARKIN SSC JALAN SEGGET SSC JALAN SULAIMAN MUAR SSC JALAN TEBRAU SSC
113 - 5 NO 49A NO 57-1 & 57-2 69 - 75
JLN GLASIAR, TAMAN TASEK JALAN SEGGET JALAN SULAIMAN JALAN MERANTI MERAH
80200 JOHOR BAHRU 80000 JOHOR BAHRU MUAR KEBUN TEH
JOHOR JOHOR 84000 JOHOR 80250 JOHOR BAHRU, JOHOR
TEL:07-235 1372/236 1761 TEL:07-224 4930 TEL:06-952 3221/952 3312 TEL:07-332 7960/335 8955
FAX:07-236 0659 FAX:07-224 2535/221 4131 FAX:06-951 9395 FAX:07-331 8334
JALAN ZABEDAH JOHOR BAHRU MAIN JOHOR BAHRU SC KELAPA SAWIT SC
BATU PAHAT SSC LOT 1-22, LEVEL 3 11 21 & 22, JALAN SUSUR SATU
NO 84, JALAN RAHMAT J.B CITY CENTRE, 106 - 108 JALAN SELAT TEBRAU BATU 26, JALAN AIR HITAM
83000 BATU PAHAT JALAN WONG AH FOOK 80000 JOHOR KELAPA SAWIT
JOHOR 80000 JOHOR BAHRU, JOHOR TEL:07-228 2400/228 2401 81030 KULAI, JOHOR
TEL:07-431 6844 TEL:07-228 2400/228 2401 FAX:07-224 4102/224 4978 TEL:07-652 5384/652 1159
FAX:07-431 8555 FAX:07-224 4102/4978 FAX:07-652 1160
KOTA TINGGI SSC KOTA ISKANDAR KLUANG SSC KULAI SSC
NO 18&19 NUSAJAYA SC 30 - 34 146 - 7
JALAN NIAGA SATU LOT 5, SIAR JAUHAR JALAN DATO HAJI HASSAN JALAN RAYA
PUSAT PERDAGANGAN DEWAN NEGERI JOHOR 86000 KLUANG 81000 KULAI
81900 KOTA TINGGI JOHOR 79100 KOTA ISKANDAR, JOHOR JOHOR JOHOR
TEL:07-883 2112/883 2112 TEL:07-556 0312/556 0317 TEL:07-771 6228/772 9915 TEL:07-663 1252/663 2778
FAX:07-883 2868 FAX:07-556 0301 FAX:07-772 3321 FAX:07-663 8466
LABIS SSC LAYANG-LAYANG SC MASAI SSC MERSING SSC
NOS: 7/1, 7/2 & 7/3 NO 1 & 3, JALAN SUTERA 1 17 JALAN SURIA 3 22 - 4
JALAN YONG PENG TAMAN MEWAH BANDAR SERI ALAM JALAN ISMAIL
85300 LABIS 81850 LAYANG-LAYANG 81750 MASAI 86800 MERSING
JOHOR JOHOR JOHOR JOHOR
TEL:07-925 2022 TEL:07-752 6485 TEL:07-251 1966/251 5411 TEL:07-799 1242
FAX:07-925 5133 FAX:07-752 6491 FAX:07-251 9858 FAX:07-799 1187
MUAR SSC PAGOH SC PALOH SC PARIT JAWA SC
NO 104, NO. 14-3 & 14-4 NO 2 NO 170
JALAN ABDULLAH PAGOH MAIN ROAD JALAN TEMENGGONG JALAN OMAR
MUAR PEKAN PAGOH 86600 PALOH 84150 PARIT JAWA
80400 JOHOR 84600 MUAR, JOHOR JOHOR JOHOR
TEL:06-952 1544/952 1545 TEL:06-974 6376/974 6051 TEL:07-781 2766/781 2767 TEL:06-987 4410/987 4411
FAX:07-952 3550 FAX:06-974 6713 FAX:07-781 2737 FAX:06-987 3640
PARIT RAJA SSC PASIR GUDANG SSC PEKAN NENAS SSC PONTIAN KECHIL SSC
NO 1 & 3 14 PUSAT PERDAGANGAN 3 - 4, NO. 7, 8, 9 & 10
JALAN CEMPAKA 1 JALAN BANDAR JALAN JOHOR JALAN DELIMA 5
TMN BUNGA CEMPAKA BIRU 81700 PASIR GUDANG 81500 PEKAN NENAS PUSAT PERDAGANGAN PONTIAN
86400 PARIT RAJA, JOHOR JOHOR JOHOR 82000 PONTIAN JOHOR
TEL:07-454 4300/454 2300 TEL:07-251 4778/251 4696 TEL:07-699 1048/699 1049 TEL:07-687 7028/687 7027
FAX:07-454 1300 FAX:07-251 1820/4582 FAX:07-699 1773 FAX:07-687 0957
RENGIT SSC SEGAMAT SSC SENAI SSC SETIA TROPIKA SSC
LOT 10, UMNO BUILDING NO 136 & 137 SETIA TROPIKA, JB BRANCH
JALAN MUHIBBAH JALAN AWANG JALAN SENAI UTAMA 5/17 NO. 8, JLN SETIA TROPIKA 1/21
83100 RENGIT 85000 SEGAMAT 81400 SENAI TAMAN SETIA TROPIKA
JOHOR JOHOR JOHOR 81000 JOHOR BAHRU, JOHOR
TEL:07-424 1320/424 1322 TEL:07-931 3534/931 7782 TEL:07-598 7233/598 8233 TEL:07-232 0748/332 3748
FAX:07-424 1677 FAX:07-931 5112 FAX:07-598 2533 FAX:07-23506748
82
SIMPANG RENGGAM SSC SKUDAI SSC SUNGAI RENGIT SC TAMAN DAYA SSC
1 - 2, JALAN KIJANG 18 - 20 7, JALAN PASAR 18 & 20,
TAMAN MOHD YASSIN JALAN PERWIRA 17 SUNGAI RENGIT JALAN SAGU 8
86200 SIMPANG RENGGAM TAMAN UNGKU TUN AMINAH 81620 PENGERANG TAMAN DAYA
JOHOR 81300 SKUDAI JOHOR JOHOR 81100 JOHOR BAHRU, JOHOR
TEL:07-755 8530/755 8299 TEL:07-556 3944/556 3943 TEL:07-826 3266/826 3466 TEL:07-356 2805
FAX:07-755 0749 FAX:07-556 0171 FAX:07-826 3161 FAX:07-356 2809
TAMAN INTAN SC TAMAN JOHOR JAYA SSC TAMAN MOLEK SSC TAMAN NUSA BESTARI SSC
37, JALAN INTAN 2/1 85 - 87, JALAN DEDAP 6 NO 47 & 49, JALAN MOLEK 3/1 NO 15, JALAN BESTARI 1/5
TAMAN INTAN TAMAN JOHOR JAYA TAMAN MOLEK TAMAN NUSA BESTARI
86000 KLUANG, JOHOR 81100 JOHOR BAHRU, JOHOR 81100 JOHOR BAHRU, JOHOR 81300 SKUDAI JOHOR
TEL:07-774 5401/776 7188 TEL:07-358 5100/355 1662 TEL:07-351 4568 TEL:07-512 7645/512 7486
FAX:07-772 9439 FAX:07-354 5657/353 3657 FAX:07-351 4573 FAX:07-512 6818
TAMAN PELANGI SSC TAMAN PERLING SC TAMAN UNIVERSITY SSC TAMPOI SSC
10 & 12 NO. 17 & 19 NO. 1, KEBUDAYAAN 4 59, JALAN SRI BAHAGIA LIMA
JALAN PINGAI JALAN PERSISIRAN PERLING TAMAN UNIVERSITY TAMAN SERI BAHAGIA
TAMAN PELANGI TAMAN PERLING 81300 SKUDAI TAMPOI
80400 JOHOR BAHRU, JOHOR 81200 JOHOR BAHRU, JOHOR JOHOR 81250 JOHOR BAHRU, JOHOR
TEL:07-334 7351/335 4735 TEL:07-238 5273 TEL:07-521 4561/521 4560 TEL:07-237 3645/237 3539
FAX:07-334 7267 FAX:07-238 6679 FAX:07-521 4562 FAX:07-237 1825
TANGKAK SSC ULU TIRAM SC YONG PENG SSC
10 - 11 NO 4 - 5 216 & 218, JLN BESAR
JALAN MUAR JALAN RAYA TAMAN SEMBRONG BARU
84900 TANGKAK TAMAN TIRAM BARU 83700 YONG PENG
JOHOR 81800 ULU TIRAM, JOHOR JOHOR
TEL:06-978 1269/978 3341 TEL:07-861 2662/861 8252 TEL:07-467 5809/467 5807
FAX:06-978 4968 FAX:07-861 2661 FAX:07-467 2455
PENANG
ALMA SC AYER ITAM SC BALIK PULAU SSC BAYAN BARU SC
2873 &2874 NO. 48 & 50 NO 2 38, JALAN TENGAH
PUSAT PERNIAGAAN ROZHAN LINTANG ANGSANA JALAN QUAH SIN KHENG TAMAN SRI TUNAS
JALAN ROZHAN, ALMA BANDAR BARU AYER ITAM 11000 BALIK PULAU 11950 BAYAN BARU
14000 BUKIT MERTAJAM 11500 AYER ITAM PENANG PENANG PENANG
PENANG TEL:04-829 0473/829 1630 TEL:04-866 8255/866 9654 TEL:04-641 3684/641 3685
TEL:04-551 3868/551 3866 FAX:04-829 1537 FAX:04-866 0642 FAX:04-641 3690
FAX:04-551 3873
BAYAN LEPAS SSC BERTAM SSC BUKIT MERTAJAM SSC BURMAH HOUSE PBC
1-2-25, 1-2-26, 1-1-28 NO 1 LRG BERTAM INDAH 4/9 NO. 447, 448 & 449 405-G-1
& 1-2-28 TAMAN BERTAM INDAH JALAN PERMATANG RAWA BURMAH HOUSE
I-AVENUE, MEDAN KAMPUNG 13200 KEPALA BATAS BANDAR PERDA BURMAH ROAD
RELAU 1, BAYAN LEPAS SEBERANG PRAI, PENANG 14000 BUKIT MERTAJAM 10350 PENANG
11900 PENANG TEL:04-579 2825/579 2269 PENANG TEL:04-228 2992
TEL:04-641 0052/641 0051 FAX:04-579 3317 TEL:04-538 0006/538 0002 FAX:04-229 7616
FAX:04-641 0060 FAX:04-538 0003
BUKIT MERTAJAM SC BUTTERWORTH SSC C.P.I BAGAN GELUGOR SSC
15-6, DANBY ST. 4277, BUTTERWORTH SSC 345 - H
4000 BUKIT MERTAJAM BAGAN LUAR ROAD 4776 & 4777 BANGUNAN KELAB GELUGOR
PULAU PINANG 12000 BUTTERWORTH JLN BAGANLUA JALAN SULTAN AZLAN SHAH
TEL: 04-538 4720/538 4715 PENANG 12000 BUTTERWORTH 11700 PENANG
FAX: 04-530 2802 TEL:04-333 7185/333 7186 PULAU PINANG TEL:04-657 5729/659 1308
83
JALAN ONG YI HOW SSC JELUTONG SSC JURU SSC GREENLANE SSC
NO 6993 552 - 556 1797-G-1,KOMP.AUTOWORLD NO 10-D
JALAN ONG YI HOW JALAN JELUTONG JALAN PERUSAHAAN JALAN MASJID NEGERI
13450 BUTTERWORTH 11600 JELUTONG JURU INTERCHANGE 11600 GEORGETOWN
PENANG PENANG 13600 PRAI, PENANG PENANG
TEL:04-323 6049/323 6050 TEL:04-657 7331/657 3400 TEL:04-507 0886/507 0480 TEL:04-826 1027/826 1052
FAX:04-323 7546 FAX:04-658 8572
KAMPUNG BARU SSC NIBONG TEBAL SSC PENANG MAIN OFFICE SSC PENANG ROAD SSC
38 - C, D & E 3615 - 6, JALAN CHE AHMAD NO 9, LEBUH UNION NO 1, ARKED RIA SATU
11500 PENANG BANDAR NIBONG TEBAL P.O.BOX 297 KOMTAR
TEL:04-828 4728/828 4931 14300 PENANG 10200 PENANG 10000 PENANG
FAX:04-829 9598 TEL:04-593 9482/593 1303 TEL:04-261 2461/262 3278 TEL:04-262 0724/262 0722
FAX:04-593 3840 FAX:04-262 8162 FAX:04-262 4654
PENANG TIMES SQUARE SSC PLAZA MWE SSC PRAI INDUSTRIAL SSC PNG IN'TIONAL AIRPORT SC
LOTS 77-G-13, 14, 15 & 16 GROUND FLOOR NO. 2741, 2742 & 2743 LOT 101, BASEMENT LEVEL
PENANG TIMES SQUARE PLAZA MWE JALAN CHAIN FERRY TERMINAL BUILDING
JALAN DATO’ KRAMAT 8, LEBUH FARQUHAR TAMAN INDERAWASIH PENANG IN'TIONAL AIRPORT
10150 10200 PENANG 13600 PENANG 11900 PENANG
GEORGETOWN, PENANG TEL:04-263 6685/263 6650 TEL:04-399 2967/398 6875 TEL:04-645 5761/645 5762
TEL: 04-2281406/04-22602627 FAX:04-263 6645 FAX:04-390 4451 FAX:04-645 5780
FAX :2284 484
RELAU SC SEBERANG JAYA SSC QUEENSBAY MALL SSC PULAU TIKUS SSC
NO 9 & 9A NO. 5 1F-27 (1F-02) FIRST FLOOR GROUND FLOOR
JALAN RELAU JALAN TODAK 2 QUEENSBAY MALL CANTON SQUARE
11900 PENANG BDR BARU SEBERANG JAYA 100 PERSIARAN BAYAN INDAH 56, CANTONMENT ROAD
TEL:04-644 5321/644 5337 13700 PENANG 11900 BAYAN LEPAS, PENANG 10250 PENANG
FAX:04-644 5340 TEL:04-397 1950 PULAU PINANG TEL:04-226 2270/226 2476
FAX:04-397 1946 TEL: 04-642 9766/9706 FAX:04-227 2530
FAX: 04-641 4029
SUNGAI DUA SSC SIMPANG AMPAT SSC TASEK GELUGOR SSC SG PINANG SSC
21 & 23 LORONG MURNI 6 1637 & 1638 3028 & 3029 TAMAN GELUGOR NO 222 GROUND FLOOR
TAMAN DESA MURNI JALAN BUKIT TAMBUN INDAH, JALAN HASYIM AWANG JALAN JELUTONG, 11600
13800 SUNGAI DUA SIMPANG AMPAT TASEK GELUGOR PENANG
PENANG SEBERANG PERAI SELATAN 13000 SEBERANG PERAI UTARA PULAU PINANG
TEL:04-356 9203/356 9204 14100 PENANG PULAU PINANG TEL: 04-282 2544/2554
FAX:04-356 6911 TEL:04-588 3582 TEL: 04-5734 408/409
FAX:04-588 3586 FAX: 04-5734 788
TAMAN DESA DAMAI SC TANJUNG BUNGAH SSC
NO. 4177 & 4178 NO 2C-2G
JALAN PADANG LALANG AZURIA BUSINESS CENTRE
TAMAN DESA DAMAI JALAN LEMBAH PERMAI
14000 BUKIT MERTAJAM TANJUNG BUNGAH
PENANG 11200 PENANG
TEL:04-530 3620/530 3610 TEL:04-899 1277/899 3513
FAX:04-530 3520 FAX:04-890 3074
KEDAH
ALOR STAR SSC BALING SSC GURUN SSC HARBOUR PARK SC
1535 63 - D NO 4&5 LOT G-02, PETRONAS QUAY
JALAN SULTAN BADLISHAH JALAN BADLISHAH TAMAN JERAI MAJU TELAGA HABOUR PARK
05000 ALOR STAR KEDAH 09100 BALING KEDAH 08300 GURUN KEDAH PANTAI KOK, 07000
TEL:04-731 3855/731 6935 TEL:04-470 1257 TEL:04-461 9903/461 9904 PULAU LANGKAWI KEDAH
FAX:04-733 1550 FAX:04-470 2363 FAX:04-468 2920 TEL:04-959 1085/959 1120
84
JITRA SSC KODIANG SC KULIM HI-TECH SSC KULIM SSC
175 & 176, JALAN PJ 7 24G & H, LOT 629 SUITE B2, GROUND FLOOR NO 254
PEKAN JITRA 2 MAIN ROAD KHTP BUSINESS CENTRE JALAN TUNKU PUTRA
06000 JITRA KEDAH 06100 KODIANG 09000 KULIM HI-TECH PARK 09000 KULIM
TEL:04-916 2248/917 1237 KEDAH KEDAH KEDAH
FAX:04-917 3646 TEL:04-925 0055/925 0036 TEL:04-403 3986/403 3689 TEL:04-490 7564/490 6494
FAX:04-925 0142 FAX:04-403 3682 FAX:04-490 1755
LAGENDA HEIGHT SSC MERGONG SSC PULAU LANGKAWI SSC SIMPANG KUALA SSC
LOT 101-103 , 105A & B NO 5 - 11 GRD FLR, NO. 48 & 49
JALAN LAGENDA 1 SEBERANG JALAN PUTRA JALAN PANDAK MAYAH 1 PEKAN SIMPANG KUALA
LAGENDA HEIGHTS, 08000 05150 ALOR STAR PUSAT BANDAR KUAH 05400 H' WAY SULTAN ABDUL
SUNGAI PETANI, KEDAH KEDAH 07000 LANGKAWI KEDAH HALIM KEDAH
TEL: 04-425 0710/425 0715 TEL:04-732 8027/733 7222 TEL:04-966 6208/966 6207 TEL:04-771 1715/771 2006
FAX: 04-425 0703 FAX:04-733 8948 FAX:04-966 7488 FAX:04-771 1050
SUNGAI PETANI SSC TAMAN RIA JAYA SSC
G27, GROUND FLOOR NO 138 & 139
CENTRAL SQUARE COMPLEX JALAN KELAB CINTA SAYANG
23, JALAN KAMPUNG BARU TAMAN RIA JAYA
08000 SG. PETANI KEDAH 08000 SG. PETANI KEDAH
TEL:04-421 6877/421 2512 TEL:04-441 3358/441 2922
FAX:04-421 6191
PERLIS
KANGAR SSC KUALA PERLIS SC PADANG BESAR SC
UPPER GRD FLR LOT 24 - 5 LOT 1371 - 2
MENARA KWSP JALAN BESAR JALAN PEKAN
JALAN BUKIT LAGI PEKAN KUALA PERLIS 02100 PADANG BESAR
P.O. BOX 38101700 02000 KUALA PERLIS,PERLIS PERLIS
01000 KANGAR, PERLIS TEL:04-985 4399/985 0421 TEL:04-949 0420/949 0421
TEL:04-976 4846/976 3419 FAX:04-985 5199 FAX:04-949 0193
FAX:04-976 4834
PAHANG
BANDAR PUSAT JENGKA SSC BENTONG SSC BUKIT UBI SSC JALAN BESERAH SSC
NO 6 & 7 NO 117 - 8 NO 61 - 65 A 6628, A6630, A6632
NADI KOTA JALAN LOKE YEW JALAN TUN ISMAIL, P.O. BOX 119 JALAN BESERAH
26400 BANDAR JENGKA 28700 BENTONG 25000 KUANTAN 25250 KUANTAN
PAHANG PAHANG PAHANG PAHANG
TEL:09-466 1232/466 1469 TEL:09-222 5533/222 5534 TEL:09-517 9673/517 9674 TEL:09-560 1161/560 1162
FAX:09-466 1470 FAX:09-222 5026 FAX:09-515 7462 FAX:09-566 4007
JERANTUT SSC KARAK SC KUANTAN MAIN SSC KUALA LIPIS SSC
NO 2&3 LRG ALAMANDA 1 NO 647 UMNO BUILDING NO 92A & 92B
TAMAN ALAMANDA KAMPUNG BARU KARAK 1, JALAN HJ ABDUL AZIZ JALAN BESAR
27000 JERANTUT 28600 KARAK 25000 KUANTAN 27200 KUALA LIPIS
PAHANG PAHANG PAHANG PAHANG
TEL:09-260 1822 TEL:09-231 1266/231 1235 TEL:09-512 1172/512 1173 TEL:09-312 1146/312 1600
FAX:09-267 2222 FAX:09-231 2034 FAX:09-514 1622 FAX:09-312 1026
KUALA ROMPIN SSC KUANTAN MOBILE UNIT MENTAKAB SSC MUADZAM SHAH SSC
NO 21 & 22, JALAN UTAMA UMNO BUILDING NO 1 MM 55 - 59
BANDAR BARU ROMPIN 1, JALAN HJ ABDUL AZIZ JALAN HAJI KASSIM JALAN PERSIARAN DARA
26800 KUALA ROMPIN 25000 KUANTAN 28409 MENTAKAB MEDAN MEWAH, 26700
PAHANG PAHANG PAHANG MUADZAM SHAH, PAHANG
TEL:09-414 0010/414 0015 TEL: 09-512 1172/512 1173 TEL:09-277 1151/277 1152 TEL:09-452 2091/452 2092
FAX:09-414 5367 FAX: 09-514 1622 FAX:09-277 2177 FAX:09-452 2745
85
PEKAN SSC RAUB SSC TAMAN TAS SSC TEMERLOH SSC
NO 96 LOT 15610 - 15611 A21&A23, LRG PANDAN A - 73
JALAN SULTAN ABDULLAH, JALAN LIPIS PERMAI 2/2,PANDAN PERMAI JALAN AHMAD SHAH
26600 PEKAN 27600 RAUB JALAN GAMBANG 28000 TEMERLOH
PAHANG PAHANG 25150 KUANTAN PAHANG PAHANG
TEL: 09-422 8903/422 8904 TEL: 09-355 4657/355 4658 TEL:09-539 6815/539 6992 TEL:09-296 1797/296 1707
FAX: 09-422 8901 FAX: 09-355 4766 FAX:09-539 7116 FAX:09-296 4643
TRIANG SSC
NO 6 - 7
JALAN BANDAR
28300 TRIANG
PAHANG
TEL:09-255 1422/255 8236
FAX:09-255 8121
KELANTAN
BACHOK SC C.P.I KOTA BHARU SSC GUA MUSANG SSC KOTA BHARU SSC
LOT 238 LOT 342 NO 45 3880 - E
JALAN PASAR JALAN SULTAN YAHYA PETRA JALAN BESAR JALAN MAHMOOD
16300 BACHOK 15200 KOTA BHARU 18300 GUA MUSANG 15200 KOTA BHARU
KELANTAN KELANTAN KELANTAN P.O.BOX 108, KELANTAN
TEL:09-778 8555/778 0832 TEL:09-741 9562 TEL:09-912 1591/912 4200 TEL:09-741 9584
FAX:09-778 8316 FAX:09-744 7012 FAX:09-912 1232 FAX:09-741 9594
KUALA KRAI SSC RANTAU PANJANG SC TANAH MERAH SSC TUMPAT SC
LOTS 1526 - 9 LOT P.T. 192, G - FLOOR, LOTS 103 & 104,
JLN TENGKU ZAINAL ABIDIN PUSAT PERKEDAIAN BARU UMNO BUILDING JALAN HULU BESAR PASAR,
18000 KUALA KRAI 17200 RANTAU PANJANG 17500 TANAH MERAH 16200 TUMPAT
KELANTAN KELANTAN KELANTAN KELANTAN
TEL:09-966 6335/966 7946 TEL:09-795 0373/795 0459 TEL:09-955 6190/955 6189 TEL:09-725 7480
FAX:09-966 3893 FAX:09-795 0070 FAX:09-955 6188 FAX:09-725 6399
WAKAF SIKU SSC
5493 D & E
JLN SULTAN YAHYA PETRA
15200KOTA BHARU
P.O. BOX 69 KELANTAN
TEL:09-748 5740/744 8582
FAX:09-748 7436
TERENGGANU
C.P.I KUALA T'GGANU SSC JERTEH SSC KERTEH SSC KEMAMAN SSC
NO 1 J,KOMPLEKS PERDANA LOTS 405 & 406 LOT 40 GRD FLOOR K11284 & K11285
JALAN AIR JERNIH JALAN BESAR MESRA MALL TAMAN CUKAI UTAMA
20300 KUALA TERENGGANU 22000 JERTEH LOT 6490 MUKIN KERTEH JALAN KUBANG KURUS
TERENGGANU TERENGGANU RANTAU PETRONAS 24000 CUKAI KEMAMAN
TEL:09-624 6757/624 6758 TEL:09-697 2767/697 1767 24300 KERTEH TERENGGANU
FAX:09-624 6908 FAX:09-697 2331 TEL:09-864 2506/864 2623 TEL:09 859 9135/859 9134
FAX:09-864 2744 FAX:09-858 9069
KUALA BERANG SC KUALA TERENGGANU SSC PAKA SSC
LOTS 6312 - 3 NO. 92, NO 8343,
PEKAN KUALA BERANG JALAN SULTAN ISMAIL JALAN BESAR
21700 KUALA BERANG 20200 KUALA TRENGGANU 23100 PAKA
TERENGGANU TERENGGANU TERENGGANU
TEL:09-681 1378 TEL:09-622 1421/623 2244 TEL:09-827 8122/827 8767
FAX:09-681 2130 FAX:09-623 2067 FAX:09-827 6260
86
SABAH
ALAMESRA SSC BANDAR PASARAYA BANDAR SAHABAT SC C.P.I MIB SADONG JAYA SSC
LOT 15, 16 7 17 DBKK SANDAKAN SSC LOT. NO.4 (A&B),BLK C NO.14-16, BLOK K
NO. B-6, B-7 & B-8 BLOK B LOT 92&93, PUSAT KOMERSIL JALAN IKAN JUARA SATU
LORONG PLAZA PERMAI 1 BDR PASARAYA FELDA CENDERAWASIH SADONG JAYA, KARAMUNSING
ALAMESRA 4TH MILE NORTH ROAD FELDA SAHABAT 88100 SABAH
SULAMAN COASTAL HIGHWAY 90020 SANDAKAN SABAH 91100 LAHAD DATU SABAH TEL:088-244 352/236 842
88400 KOTA KINABALU, SABAH TEL:089-222 528/216 150 TEL:089-811 997/811 998 FAX:088-251 014
TEL:088-448 370/448 371 FAX:089-222 534 FAX: 089-811 997/811 998
FAX:088-448 382
INANAM SSC JALAN PERPADUAN SSC KARAMUNGSING SSC KENINGAU SSC
LOT 1 LOT 6 & 7 BANGUNAN MAYBANK LOTS 11 & 12, BLOCK C
NOUNTUN INDUSTRIAL JALAN PERPADUAN NO 1, LORONG KEMAJUAN FOO LONG SHOPPING
ESTATE, MILE 5.5 KAMPONG AIR KARAMUNGSING COMPLEX
JALAN TUARAN 88809 KOTA KINABALU, 88000 KOTA KINABALU 89000 KENINGAU
88450 KOTA KINABALU, SABAH SABAH P.O. BOX 12599 SABAH
TEL:088-429 002/420 425 TEL:088-243 827 88829 KOTA KINABALU, SABAH TEL:087-341 276/333 319
FAX:088-428 587 FAX:088-223 911/088-252 190 TEL:088-265 184/253 644 FAX:087-334 491
KOTA KINABALU SSC KUDAT SSC KUNAK SC LABUAN SSC
9, BEACH STREET, LOTS 4 - 6, BLOCK 'B' LOTS 28 & 29 LOT E005, GRD FLR PODIUM
88000 KOTA KINABALU SEDCO NEW SHOPHOUSES BGN KEDAI SAPANG FINANCIAL PARK, LABUAN
P.O. BOX 10862 PEKAN TOMBORUNGUS JALAN KUNAK COMPLEX, JALAN MERDEKA
88809 KOTA KINABALU 89050 KUDAT SABAH P.O. BOX 51 87000 WILAYAH
SABAH P.O. BOX 207 91207 KUNAK PERSEKUTUAN LABUAN
TEL:088-250 557/251 030 89058 KUDAT, SABAH SABAH SABAH
FAX:088-224 505 TEL:088-611 145/612 977 TEL:089-851 801/851 800 TEL:087-443 390/443 388
LAHAD DATU SSC LINTAS SQUARE SSC PUTATAN SSC SEMPORNA SSC
MDL NO: 1280 - 2 NO 27 BLOCK D GRD&1ST FLR, LOT 10&11 BLOCK 1
BLOCK 24, JALAN LILY LINTAS QUARE PUTATAN COURT LOT NO: 7
99100 LAHAD DATU JALAN PINTAS PUTATAN SQUARE PHASE II 91300 SEMPORNA,
P.O. BOX 286 88300 KOTA KINABALU LORONG PUTATAN 1 SABAH
91102 LAHAD DATU, SABAH SABAH 88200 PUTATAN TEL:089-781 547/784 852
TEL:089-882 932/881 934 TEL:088-235 632 KOTA KINABALU, SABAH FAX:089-781 680
FAX:089-882 059 FAX:088-254 362 TEL:088-761 760
SIPITANG SSC TAWAU SSC
LOT 25 & 26, BLOCK B 262 - 264, FAJAR COMPLEX
SIPITANG SHOPPING CENTRE JALAN MAHKAMAH
JALAN HAJI AH TENGAH 91000 TAWAU
89850 SIPITANG, SABAH P.O. BOX 260 , 91007 TAWAU
TEL:087-821 757/821 677 TEL:089-757 307/757 333
FAX:087-821 577 FAX:089-763 355
SARAWAK
7TH MILE BAZAAR SSC BAU SC BATU KAWAH SSC BINTULU SSC
LOT 1949 - 1951, GRD FLR NO 80 - 82 CG103 – CG107 NO 24 - 25
KOTA SENTOSA, BATU 7 JALAN TEMENGGONG SALAU BATU KAWAH NEW TOWNSHIP NEW COMMERCIAL CENTRE
JALAN PENRISSEN 94000 BAU JALAN BATU KAWA 97000 BINTULU PO BOX 104
93250 KUCHING SARAWAK SARAWAK 93250 KUCHING, SARAWAK SARAWAK
TEL:082-617 044/616 244 TEL:082-763 398/763 395 TEL:082-461 875 TEL:086-333 211/331 502
FAX:082-616 250 FAX:082-763 400 FAX:082-461 814 FAX:082-332 843
BOULEVARD SSC CROWN TOWER. PBC C.P.I AL-IDRUS SSC JALAN PENDING SSC
LOTS 2429 & 2430 CROWN TOWER BUSINESS 194, GRD FLR,AL-IDRUS LOTS 7018 - 19, SECTION 64
BOULEVARD CENTRE CENTRE LOT G1 & G2 COMMERCIAL CENTRE JALAN PENDING
JALAN PERMAISURI PUJUT JALAN PENDING JALAN SATOK 93450 KUCHING PO BOX 1453
98000 MIRI SARAWAK 93450 SARAWAK 93400 KUCHING SARAWAK SARAWAK
TEL:085-430 793 TEL:082-346 622/331 333 TEL:082-259 999/252 929 TEL:082-485 315
FAX:085-432 758 FAX:082-343 355 FAX:082-251 828 FAX:082-335 936
87
JALAN TAR KUCHING SSC KAPIT SSC KUCHING SELATAN SSC LAWAS SSC
LOTS 250-253 73B & C, NO 65-67, LOT 3179-3181 LOTS 231 - 233,
JALAN TUNKU ABDUL JALAN AIRPORT BLOK 10 JALAN SLOATING
RAHMAN, SECTION 49 96800 KAPIT PO BOX 101 JALAN LAKSAMANA CHENG HO 98850 LAWAS, PO BOX 91
93100 KUCHING, SARAWAK 96807 KAPIT, SARAWAK 93200 KUCHING, SARAWAK 98857 LAWAS SARAWAK
TEL:082-256 461/250 766 TEL:084-796 668/796 100 TEL:082-235 703 / 232 627 TEL:085-285 397/285 186
FAX:082-250 577 FAX:084-796 090 FAX:082-255 437 FAX:085-285 449
LIMBANG SSC MEDAN JAYA BINTULU SSC MIRI SSC MUKAH SSC
NO 57 29, MEDAN JAYA LOT 112 NO.35 & 36, LOT 512, BLOK 68
LORONG MAYBANK COMMERCIAL CENTRE JALAN BENDAHARA MUKAH NEW TOWNSHIP
98700 LIMBANG PO BOX 66 JALAN TUN HUSSIEN ONN 98008 MIRI P. O. BOX 210 PO BOX 72, 96400 MUKAH
98707 LIMBANG, SARAWAK 97000 BINTULU SARAWAK 98007 MIRI SARAWAK SARAWAK
TEL:085-212 277 TEL:086-317 877/317 822 TEL:085-412 282 TEL:084-871 735
FAX:085-211 879 FAX:086-317 811 FAX:085-418 450 FAX:084-871 571
PELITA COMMERCIAL SSC SARIKEI SSC SALIM COMMERCIAL SIBU CENTRAL SSC
WISMA YONG LUNG, 18 & 19 CENTRE SSC LOT 645-647
GROUND & FIRST FLORR JALAN GETAH NO. 43 & 44, LORONG 17 BLOK 6
LOT 698, BLOK 7, MCLD 96100 SARIKEI JALAN SALIM JLN KAMPONG NYABOR
JLN PUJUT, C.D.T. NO.28 SARAWAK 96000 SIBU, SARAWAK 96000 SIBU,SARAWAK
98000 MIRI SARAWAK TEL:084-657 714/657 704 TEL:084-219 403/219 412 TEL:084-345 111/339 403
TEL:085-411 877/427 877 FAX:084-657 671 FAX:084-219 545 FAX:084-345 199
FAX:085-415 055
SIBU SSC TUDAN S/C SC WISMA SATOK SSC
35, 37 & 39 DG.01 BLOCK D LEVEL 1, WISMA SATOK
JALAN KAMPUNG NYABOR E-MART COMMERCIAL CENTRE JALAN SATOK
96000 SIBU JALAN TUDAN 93400 KUCHING PO BOX 1963
P.O. BOX 539 98100 MIRI 93740 KUCHING SARAWAK
96007 SIBU, SARAWAK SARAWAK TEL:082-428 567/428 255
TEL:084-338 868 / 332 081 TEL:085-660 348/660 382 FAX:082-250 299
FAX:084-311 060 FAX:085-660 351
88
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