(Kuching, 12th) Sarawak Premier Datuk Patinggi Tan Sri Abang Johari announced the establishment of a RM5 million endowment fund for the Tanjong Lobang College Alumni Association to strengthen its ability to implement sustainable community development programs.
During his speech at the alumni association’s charity dinner on Saturday (July 11), he said that this donation fund should be managed in a prudent and rigorous manner, generating sustainable returns through investments which would enable the association to carry out more impactful and community-benefiting initiatives.
According to TVS, he said: “I suggest that the alumni association set up an endowment fund. If managed properly, this fund can yield returns through effective investment strategies and other means.”
“Therefore, I will allocate RM5 million for this endowment fund. I hope everyone manages it well so that the fund can operate sustainably.”
Abang Johari, who is also Sarawak’s Minister of Finance and New Economy, said that the investment returns generated by the fund can be used to organize forums and educational activities to help the public understand the ever-changing economic environment.
He said that such activities would not only promote knowledge sharing and the exchange of new ideas, but also help people adapt to the rapidly evolving economic landscape.
Abang Johari also shared Sarawak’s experience in turning around the performance of Amanah Saham Sarawak Berhad (ASSAR) by restructuring its investment strategy. He pointed out that upon taking office, he found the fund’s performance unsatisfactory at that time.
He said: “What we did was to review and restructure ASSAR. I'm not criticizing the previous management, but at that time, part of the funds was invested in listed companies and IPOs, yet failed to yield satisfactory returns.”
“Therefore, I decided to invest 70% of ASSAR’s funds in bonds and other fixed-income financial instruments, with only 30% in equities. Now, ASSAR has successfully turned things around.”
He added that a similar investment approach could serve as a reference for the alumni association in managing the endowment fund, to ensure the fund’s long-term sustainability and continued benefits to the community.
According to TVS, he said: “I suggest that the alumni association set up an endowment fund. If managed properly, this fund can yield returns through effective investment strategies and other means.”
“Therefore, I will allocate RM5 million for this endowment fund. I hope everyone manages it well so that the fund can operate sustainably.”
Abang Johari, who is also Sarawak’s Minister of Finance and New Economy, said that the investment returns generated by the fund can be used to organize forums and educational activities to help the public understand the ever-changing economic environment.
He said that such activities would not only promote knowledge sharing and the exchange of new ideas, but also help people adapt to the rapidly evolving economic landscape.
Abang Johari also shared Sarawak’s experience in turning around the performance of Amanah Saham Sarawak Berhad (ASSAR) by restructuring its investment strategy. He pointed out that upon taking office, he found the fund’s performance unsatisfactory at that time.
He said: “What we did was to review and restructure ASSAR. I'm not criticizing the previous management, but at that time, part of the funds was invested in listed companies and IPOs, yet failed to yield satisfactory returns.”
“Therefore, I decided to invest 70% of ASSAR’s funds in bonds and other fixed-income financial instruments, with only 30% in equities. Now, ASSAR has successfully turned things around.”
He added that a similar investment approach could serve as a reference for the alumni association in managing the endowment fund, to ensure the fund’s long-term sustainability and continued benefits to the community.