From Malaysia Factbook
Permodalan Nasional Berhad (PNB) is Malaysia's biggest fund management company, with funds totaling more than RM200 billion (as at September 2012). It is the parent company of Amanah Saham Nasional Berhad (ASNB) which operates a number of bumiputera-only unit trust schemes. A wholly-owned subsidiary of Yayasan Pelaburan Bumiputra, Permodalan Nasional was founded on 17 March 1978, with its main headquarters is at Jalan Tun Abdul Razak, Kuala Lumpur near Tabung Haji building. It also has foreign offices in Singapore, London and Tokyo.
2. Background: Permodalan Nasional Berhad (PNB) was conceived as a pivotal instrument of the Malaysian government's New Economic Policy to promote share ownership in the corporate sector among the bumiputeras, and to develop opportunities for suitable bumiputera professionals to participate in the creation and management of wealth.
Prior to the establishment of Permodalan Nasional Berhad (PNB), efforts to increase bumiputera ownership in the corporate sector were not sufficient, as shares allocated to individuals were seldom retained. Research indicated that when bumiputera shareholders sold their shares, the profits generated were consumed and not reinvested.
Through Permodalan Nasional Berhad (PNB), shares acquired in major Malaysian corporations from funds provided by Yayasan Pelaburan Bumiputra (Bumiputra Investment Foundation) were transferred to a trust fund and sold to bumiputeras in the form of smaller units. By employing this investment model, PNB ensures that these shares are retained, resulting in the cultivation of widespread savings habits, and the development of entrepreneurship and investment skills of bumiputeras.