AIM announces additional RM50 million fund allocation to Indian women entrepreneurs
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan said the additional allocation brings the total fund for the programme to RM100 million.
He said PENN 2.0 was developed after the success of phase one of the PENN, which benefitted 6,247 Indian women with a total financing amount of RM42,725,640.
'From the 6,247 recipients of this fund, a total of 1,062 were new entrepreneurs. Therefore, the announcement of the additional fund allocation of this RM50 million will give opportunities to more Indian women to involve themselves in business and at the same time improve their standard of living,' he said.
Ramanan said this at the launching ceremony of PENN 2.0 Empowering Indian Women Entrepreneurs at the AIM headquarters here today.
PENN, which was launched on April 14 last year, is a government initiative through AIM as the implementing agency to empower Indian women, especially in the field of entrepreneurship.
Ramanan said AIM is aiming that over 10,000 Indian women entrepreneurs in the country would benefit from this additional fund.
According to him, the target of this fund is not only for new participants but this effort will also strengthen support for existing participants to expand their small businesses in various sectors including food, tailoring, beauty and community services.
'Entrepreneurs who have received PENN financing have generally succeeded in increasing their income by 20 to 30 per cent compared to before,' he added.
Since its establishment in 1987, AlM has disbursed over RM35.9 billion to Malaysians (especially women), in its ongoing efforts to liberate the poor and low-income groups from poverty.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
7 hours ago
- Daily Express
Ex-foundation CEO claims ignorance over Najib's Ambank accounts
Published on: Friday, August 15, 2025 Published on: Fri, Aug 15, 2025 By: Faisal Asyraf, FMT Text Size: SRC International Sdn Bhd and its subsidiary, Gandingan Mentari Sdn Bhd, sued Najib Razak for the recovery of RM42 million allegedly misappropriated from the parent company's accounts. (Bernama pic) Kuala Lumpur: Former Yayasan Rakyat 1Malaysia (YR1M) CEO Ung Su Ling told the High Court here that she only learned from media reports on the SRC International trial that the Ambank accounts which received RM42 million belonged to former prime minister Najib Razak. Ung also claimed she was unaware that the funds had originated from SRC International when she received instructions from the late Azlin Alias, Najib's then principal private secretary, to facilitate the transfer of money from Ihsan Perdana Sdn Bhd (IPSB). The funds were transferred to two Ambank accounts ending in 880 and 906 in late 2014 and early 2015. Ung admitted to facilitating transfers from IPSB in three tranches – RM27 million, RM5 million and RM10 million – but maintained that she had no further details about the funds. 'At the material time, I was not aware of the source of these funds, nor was I informed of the same by Azlin. I can attest that these funds did not originate from nor belong to YR1M. 'However, based on subsequent media reports and the decision of the SRC case, I understand that these funds, which were transferred to IPSB, originated from SRC,' she said during examination-in-chief. She added that she followed Azlin's instructions to transfer the funds to the specified bank accounts without knowing who owned them. 'However, based on media reports and the Kuala Lumpur High Court's decision in the SRC case, I understand that the accounts ending in 880 and 906, to which the funds were transferred, were Najib's personal bank accounts,' Ung said. She was testifying as the first plaintiff witness in the lawsuit by SRC International Sdn Bhd and its subsidiary, Gandingan Mentari Sdn Bhd, against Najib to recover RM42 million allegedly misappropriated from the parent company's accounts. Asked about the relationship between YR1M and IPSB, Ung said that YR1M provided financial support through grants and funding to IPSB for community programmes aligned with the principles of the 1Malaysia initiative. During cross-examination by defence counsel Farhan Shafee, Ung said she never felt the need to find out more details about the funds. Farhan: Before giving any instructions (for the fund transfer), would you think it necessary to ask if there were any proposals regarding these funds? Ung: No. Farhan: In your mind, why not? Ung: It's not my place to enquire. In August 2022, Najib was convicted of seven charges involving abuse of power, money laundering and criminal breach of trust related to SRC International funds. His original sentence of 12 years' jail and a RM210 million fine was later reduced to six years and RM50 million following a royal pardon. The hearing before Justice Raja Ahmad Mohzanuddin Shah Raja Mohzan continues. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
8 hours ago
- The Star
VinFast to spin off assets in US$1.5bil deal with founder
Pham Nhat Vuong, Vietnam's richest man with a US$11.1 billion fortune, has pumped more than $2 billion of his own money into VinFast and has said he's willing to support the company until his cash runs out. - Reuters HANOI: VinFast Auto Ltd is poised to raise about US$1.5 billion by selling certain research and development assets to its founder, a move that will help shore up its finances as it plans an ambitious expansion. The Vietnamese electric vehicle maker announced a plan to spin off part of its R&D unit to a newly formed company, known as Novatech Research and Development SJC, according to a filing made to the US Securities and Exchange Commission on Thursday. Novatech will hold assets related to costs of completed research and development projects. After the creation of the new entity, VinFast will sell all of its shares in Novatech to its founder and Chief Executive Officer Pham Nhat Vuong for about 39.8 trillion dong ($1.5 billion), according to the statement. "This move addresses funding requirements for operations and expansion as the company continues to report losses,' according to Ken Foong, an analyst with Bloomberg Intelligence. Vuong, who is Vietnam's richest man with a $11.1 billion fortune according to the Bloomberg Billionaires Index, has pumped more than $2 billion of his own money into VinFast and has said he's willing to support the company until his cash runs out. "The plan highlights the chairman's ongoing support for VinFast - complementing the grants he's made since 2023,' said Hong Luu, a senior manager of the research department at Vietcap Securities. "Meanwhile VinFast's operations will remain unchanged,' she said. VinFast said in the statement that the transaction "reflects a further effort by the founder to facilitate VinFast's long-term growth.' VinFast is racing to establish a foothold in price-sensitive Asia amid intense competition and ongoing losses in its international business. It inaugurated a factory in the Indian state of Tamil Nadu earlier this month which will have an initial production capacity of 50,000 vehicles a year. It expects to open a plant in Indonesia by October. The company posted a loss of $3.2 billion last year. Novatech will be carved out from VinFast Trading and Production JSC, or VFTP, and will initially remain a direct subsidiary of VinFast, with the EV maker holding about 38% stake, according to the statement. The new company will have a charter capital of about 105.8 trillion dong and Vingroup JSC will own a roughly 62.3% stake, according to a separate statement on Vingroup's website. VFTP will remain a direct subsidiary of VinFast and continue to operate its core EV manufacturing business in Vietnam and conduct future research and development on new products and technologies, according to the filing. Shares of VinFast fell 2.3% to close at $3.46 per share on Thursday trading in the US. - Bloomberg
The Sun
8 hours ago
- The Sun
Indian PM Modi pledges farmer protection and self-reliance amid US trade tensions
NEW DELHI: Indian Prime Minister Narendra Modi called for greater self-reliance in manufacturing and vowed to protect farmers amid rising trade tensions with the US. Modi made the remarks during his Independence Day speech at the Red Fort, addressing concerns over US tariffs on Indian exports. 'Farmers, fishermen, cattle rearers are our top priorities,' Modi said in his annual address. 'Modi will stand like a wall against any policy that threatens their interests.' The prime minister did not directly mention US President Donald Trump's recent tariff hike on Indian goods. Last week, Trump imposed a 25% additional tariff, citing India's Russian oil imports, escalating trade tensions. The new duties could raise tariffs on some Indian exports to as high as 50%. Modi has previously hinted at protecting farmers' interests, even at personal cost. He urged businesses to promote locally made 'Swadeshi' products to strengthen India's economy. India aims to launch domestically produced semiconductor chips by year-end. Exploration for critical minerals is underway at over 1,200 locations to reduce import reliance. US tariffs threaten India's $87 billion export market, impacting textiles, footwear, and gems. Some Modi supporters have called for boycotting US firms like McDonald's and Apple. Trade talks collapsed over disputes on farm sector access and Russian oil purchases. India's foreign ministry expressed hope for US ties based on mutual respect. - Reuters
