KUALA LUMPUR: A roadmap that stretches from 2023 to 2025, known as MAMPAN25, was launched today as a new strategic plan for the Armed Forces Fund Board (LTAT) to face economic challenges, safeguard the social welfare of its contributors, and drive the transformation towards a sustainable savings fund.
Defence Minister Datuk Seri Mohamad Hasan said it is also a restructuring, reassessment and relaunching of its business plan, as there are numerous issues that require re-evaluation and a re-strategising effort from the entire LTAT family, including subsidiary companies.
He said MAMPAN25 comes with four main thrusts, namely Growth, Resilience, Impact and Trust; with a commitment to better manage the retirement funds of military personnel.
"The world is changing rapidly and drastically, and in the corporate world, we cannot remain static.
"We need to reposition ourselves, reassess our business pillars and organisational structure to remain relevant and competitive in the mainstream,” he said after launching MAMPAN25 here today.
Mohamad said the launch of MAMPAN25 is also to ensure that LTAT and its subsidiary companies continue to operate robustly and, at the same time, maintain their commitment to providing steady dividend returns to military personnel who contribute to their retirement funds.
He said the ministry has been monitoring LTAT and its subsidiaries to ensure that they continue to ensure the wellbeing of military personnel as outlined in the core values of the Ministry of Defence (MINDEF).
The minister stressed that MINDEF will not allow any organisation under its purview to become stagnant and unproductive as they should move together towards a better and brighter future.
He said the LTAT’s privatisation of Boustead Holding, for example, is not an end but more of a restructuring process.
"Taking a step back does not mean we are losing, but it signifies our preparation to move forward. Look at our assets, and there are assets that are like planting oil palm in a gold mine. We have to unlock that. This is a process of adding value. This is what we want to do in LTAT,” he said.
Meanwhile, LTAT chief executive officer Datuk Nazim Rahman said MAMPAN25 is evidence of LTAT's readiness to move forward into the next phase of growth.
"We have strengthened our foundation through several significant achievements, including amending the Armed Forces Fund Act 1973, which provides a framework for comprehensive investment and governance, the formulation of various guidelines and policies, and resolving various legacy issues, including the takeover of our gamechanger, Boustead,” he said.
Nazim said MAMPAN25 will propel LTAT to move forward holistically and cohesively to fulfil its responsibilities in the best possible way, meeting the needs of its stakeholders.
He said the new vision and mission, supported by various targets and strategies, will drive LTAT towards sustainable financial performance and create a lasting positive impact on contributors, namely the members of the Malaysian Armed Forces.
"This in turn will contribute to LTAT becoming an organisation that contributes to the country's economic development,” he added. - Bernama
