Looking at the numerous letters in malaysiakini and also the local press about the problems related to the recent and previous ASM/ASW shares for the public, it appears that the fund manager is either asleep or just couldn't be bothered about service standards.
The method in which they distribute the allocation is similar to what MIDFCCS used to do 25 years ago with public share issues. Of course nowadays, public issues generate not much interest as many new issues actually lose money within one year of going public.
But that system of application and processing can be adopted for ASM/ASW if only the fund manager takes the trouble to make good use of ICT.
It will save time, energy and costs for all Malaysians who want to invest for the future.
Here is how it will work over a period of say 30 days:
1.Citizens are allowed to open a ASM/ASW account with RM10 with any bank in Malaysia.
2.The fund manager will announce the size of the offering and the rules for subscribing like:
a) size of the issue like RM2b
b) first time subscribers limit like RM10k
c) others limit like RM20k to 50k depending on balance in account
d) time to subscribe like within 12days for first timers and then open to others if issue not fully subscribed.
This ASM/ASW account can even be opened via Internet banking and funds can be deposited at ATM machines. This will remove the need to line up at banks.
The way things are managed, it appears that Malaysians are being penalised with both the hassle of filling even more forms and also allowing the bank to make use of depositers' funds during the processing.
Photo: Thanks to the Star