Information Memorandum

Transcription

1 Information Memorandum relating to AMB Shariah Value Plus Fund ( AMBSVPF or the Fund ) This document is important. The offer or invitation which is the subject of this Information Memorandum (i.e. classes of Units in AMB Shariah Value Plus Fund) is not allowed to be made to the retail public in Singapore. This Information Memorandum is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore ( the Act ). Accordingly, statutory liability under the Act in relation to the content of prospectuses would not apply. The Monetary Authority of Singapore takes no responsibility for the contents of this document. You should consider carefully whether an investment in the Fund is suitable for you. This Information Memorandum does not constitute an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation is unlawful or in which the person making such offer or solicitation is unqualified to do so or to anyone to whom it is unlawful to make such a solicitation. It is the responsibility of any person in possession of this Information Memorandum and any person wishing to apply for Units to inform themselves and to observe all applicable laws and regulations of any relevant jurisdiction. Prospective investors should inform themselves as to the legal requirements of applying for Units and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence, domicile or incorporation. The Units in the Fund, if subscribed for or purchased in Singapore, may be transferred subject to compliance with applicable laws and regulations. Please refer to Section 7.4 of the Malaysian Prospectus for further information on Transfer of Units. AMB Shariah Value Plus Fund is an open-ended Shariah-compliant equity fund constituted in Malaysia which offers investments in multi Classes of Units. The registered office of Amanah Mutual Berhad (the Manager or AMB ) is at 4 th Floor, Balai PNB, 201-A, Jalan Tun Razak, Kuala Lumpur, Malaysia. The Manager is subject to the supervision of the Securities Commission Malaysia (the Authority ). The Authority s contact details are as follows: Address: No. 3 Persiaran Bukit Kiara, Bukit Kiara, Kuala Lumpur, Malaysia Telephone No.: Facsimile No.: The Trustee for the Fund is CIMB Islamic Trustee Berhad ( M). The Trustee is incorporated in Malaysia since 1998and is registered as a trust company under the Trust Companies Act 1949, with its registered address at Level 13, Menara CIMB, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, Kuala Lumpur.

2 Investment objective, focus and approach of the Fund and the investment approach of the Manager for the Fund Investment objective To provide investors with capital growth through investments into Shariah-compliant securities that are trading at a discount to their intrinsic values. Investment policy and strategy The Fund seeks to maximise total returns by providing investors mainly from capital appreciation through diversified investments primarily in Shariah-compliant stocks listed on the Bursa Malaysia that are trading at a discount to their intrinsic values. However, the Fund may also invest up to 30% of the Fund s NAV in the Asia Pacific ex-japan markets. The countries that the Fund may invest in will include, but not limited to Malaysia, Singapore, Indonesia, Thailand, Philippines, India, Hong Kong and China (via the Hong Kong Stock Exchange), Korea, Taiwan, Australia and Vietnam. The Fund may also invest in Shariah-compliant stocks that derive the majority of their revenue from the Asia Pacific ex-japan markets. The investment approach for the Fund emphasises on a bottom-up approach that focuses on specific stock selection rather than markets and sectors. Shariah-compliant stocks are selected for their value (value driven approach). Risks Summary Potential investors are asked to carefully read the Malaysian Prospectus in full before making any investment. Prior to investing one should consider the elements of risks associated to the investments as the values of the investment could fluctuate due to the risks stated below. Investors are reminded that the list of risk may not be exhaustive and if necessary they should consult their advisors for a better understanding of the risks. General Risks The general risks to which the Fund may be exposed to are: Fund management risk Loan/financing risk Non-compliance risk Operational risk Inflation risk Force majeure risk Liquidity risk Specific Risks The following specific risks are associated with investments in this Fund: Equity risk Reclassification of Shariah status Credit risk risk Interest rate risk Country risk Currency risk Settlement risk Class currency risk For further information on the above, please refer to Section 4of the Malaysian Prospectus.

3 Conditions, limits and gating structures for purchase / repurchase of Units Cut-off time for purchase price of Units Completed applications to purchase Units will be processed on the same Business Day if AMB receives it by 2.30 p.m. with cleared payment. Cut-off time for Repurchase Price of Units Completed application to repurchase Units will be processed on the same Business Day if AMB receives it by 2.30 p.m. and the Repurchase Price of Units will be based on the NAV per Unit at the end of the same Business Day. Any application deemed to have been received after this cut-off time will be considered as being transacted on the next Business Day and would be subjected to the NAV per Unit of the next Business Day. The Manager will pay the nett repurchase proceeds to the Unit Holder within 7 Business Days or 10 days from the receipt of the completed application to repurchase Units, whichever is earlier. For more information on the repurchase of Units, transfer of Units and switching, please refer to Sections 7.3, 7.4 and 7.5 of the Malaysian Prospectus and the Manager s website at Charges The following section describes the charges that you may directly incur when you purchase or repurchase Units of the Fund. (1) Sales and repurchase charge Class Maximum sales charge Manager/Distribution Channel (% of NAV per Unit) Repurchase charge B-SGD, B-USD 5.5 Nil Note: The sales charge is negotiable, subject to the Manager s discretion. (2) Transfer charge Class Transfer Charge B-SGD SGD 25 B-USD USD 25 For further details on transfer transactions, please refer to Section 7.4 of the Malaysian Prospectus.

4 (3) Switching charge Switch out to any class of shares registered in Singapore within the Switching Charge AMB Family of Fund B-SGD SGD 25 B-USD USD 25 For further details on switching transactions, please refer to Section 7.5 of the Malaysian Prospectus. (4) Conversion charge Convert from the following Classes to any other Class registered in Conversion Charge Singapore B-SGD SGD 25 B-USD USD 25 For further details on conversion transactions, please refer to Section 7.6 of the Malaysian Prospectus. (5) Other administrative charges In addition to the charges expressly allowed to be charged directly by the Manager and/or the Trustee, the Unit Holder may be required to pay a charge as allowed by the Deed, where applicable in respect of: a) any document supplied to the Unit Holder at the Unit Holder s request; b) bank charges, courier charges and any other relevant charges incurred for repurchase of Units; or c) any act of administrative nature carried out for the Unit Holder at the Unit Holder s request. The above charges are subject to Goods and Services Tax ( GST ) which is payable by Unit Holders. Fees This table describes the fees that you may indirectly incur when you invest in the Fund. Class Annual management fee (%) B-SGD 1.50 B-USD 1.50 Annual trustee fee Up to 0.06% per annum of the NAV of the Fund. The NAV is a gross NAV, before deducting annual management fee Other annual operating expenses The auditor s fees, tax agent s fee and other relevant professional fees; the costs of printing and distribution of annual and interim reports, tax vouchers and warrants; cost of modification of the Deed other than those for the benefit of the Manager and/or Trustee; and other notices to

5 and trustee fee for the day. Unit Holders as well as expenses that are directly related and necessary for the administration of the Fund as set out in the Deed (including any applicable GST). These costs have been factored into the quoted NAV per Unit as they are related and necessary to the business of the Fund. Note: Each Class is charged at the above mentioned rates per annum respectively. The annual management fee is calculated and accrued on a daily basis before deducting the annual management fee and trustee fee for the day. The annual management fee shall be rounded to the nearest two (2) decimal points. The above fees are subject to GST which is payable by the Fund. For further information on the above, please refer to Section 6 of the Malaysian Prospectus. Policy on brokerage rebates and soft commissions It is the policy of the Manager, with consent from the Trustee to channel all rebates, if any, received from brokers and dealers to the Fund. The Manager will not receive any soft commissions from brokers, and/or any related body corporate in relation to its investment of AMBSVPF. However, the EIM will subscribe but not limited to the goods and services which are demonstrably beneficial to Unit Holders such as financial wire services and stock quotation system incidental to investment of AMBSVPF. There are fees and charges involved and investors are advised to consider them before investing in the Fund. Past performance of the Fund The Fund has been launched for less than one year, hence no performance figures are available as at the date of this Information Memorandum. Accounts of the Fund Financial Year End The financial year end of the Fund is 31 May of each calendar year. Annual Reports and Interim Reports Strategies and performance of the Fund are published twice a year in interim and annual reports and distributed to Unit Holders within two (2) months from the end of the half-year and financial year of the Fund respectively. The interim report will be submitted and the annual report will be lodged with the Securities Commission Malaysia. The interim reports and annual reports of the Fund are available at AMB s appointed distributors offices in Singapore and their addresses can be obtained from AMB s office.

6 This Information Memorandum incorporates and should be read in conjunction with the Malaysian Prospectus. No person is authorised to give any information or to make any representation concerning AMB Shariah Value Plus Fund other than as contained in this Information Memorandum. If you are in any doubt about the contents of this Information Memorandum, you should consult your legal adviser or obtain any other independent professional advice.

7 Glossary AMB Family of Funds All funds under the management of the Manager. B-SGD B-USD Business Day(s) Class Deed Distribution Channel External Investment Manager or EIM GST Malaysian Prospectus MYR Net Asset Value or NAV NAV per Unit Repurchase Price of Units Class of Units denominated in SGD under accumulation of Units policy for retail investors. Class of Units denominated in USD under accumulation of Units policy for retail investors. A day on which the Bursa Malaysia is open for trading in securities. Any class of Units representing similar interests in the assets of the Fund differentiated by currency denomination. The deed in relation to the Fund including any supplementary deed between the Manager, the Trustee and the Unit Holders for the Fund. An institution, corporation or an organisation that is appointed by Amanah Mutual Berhad for the purpose of marketing and distributing the Fund inside and outside Malaysia as allowed by the applicable laws. Kenanga Islamic Investors Berhad ( D). The Goods and Services Tax (GST) implemented effective 1 April 2015 at a rate of 6% to replace the consumption tax i.e. the sales tax and service tax. Unit Holders will be subjected to GST based on the Industry Guide on Fund Management issued by the Royal Malaysian Customs Department. The Prospectus for AMB Shariah Value Plus Fund is dated 16 June 2015 and expires on 15 June 2016 and has been registered with the Securities Commission Malaysia. The lawful currency of Malaysia i.e. Malaysian Ringgit. The NAV of the Fund is determined by deducting the value of all the Fund s liabilities from the value of all the Fund s assets, at the Valuation Point. For the purpose of computing the annual management fee and annual trustee fee, the NAV should be inclusive of the management fee and trustee fee for the relevant day. The NAV of a Class is the NAV of the Fund attributable to a Class at the same Valuation Point. The NAV attributable to a Class divided by the number of Units in Circulation for that Class, at the Valuation Point. The repurchase price of Units by Unit Holders of any Class is calculated at the NAV per Unit as at the next Valuation Point after the complete repurchase request is received by the Manager.

8 SGD Shariah Principles Sukuk Unit Holder(s) Unit(s) USD The lawful currency of Singapore i.e. Singapore Dollar. Shariah principles are based on Islamic law, originating from the Quran as well as practices and explanations rendered by the Prophet Muhammad (PBUH), ijmak (consensus of opinion), qiyas (analogical deduction), maslahah (public interest) and other sources that are in line with Shariah. Certificates of equal value which evidence undivided ownership or investment in the assets using Shariah principles and concepts approved by the Shariah Advisory Council (SAC) of the SC. Types of Sukuk include Sukuk bai bithamalajil, Sukuk murabahah, Sukuk istisna, Sukuk ijarah, Sukuk mudharabah and Sukuk musharakah. A person(s) registered as holder(s) of Units of any Class and whose name(s) appear(s) in the register of Unit Holders. Unit(s) of any Class of the Fund. The lawful currency of the United States of America i.e. US Dollar.