HSBC (M) Trustee Bhd has agreed to be the trustee for The Truly Loving Co Sdn Bhd (TLC), which aims to distribute 100% of its dividends to four selected charity organisations.

By DANNY YAP

KUALA LUMPUR: HSBC (M) Trustee Bhd has agreed to be the trustee for The Truly Loving Co Sdn Bhd (TLC), which aims to distribute 100% of its dividends to four selected charity organisations. The four are Handicapped and Mentally Disabled Children Association Johor Baru, Hospis Malaysia, Rumah Aman and Shelter Home for Children.

TLC chief executive officer Julia Chong, who contributed RM1mil seed money to the trust, said HSBC Trustee held 999,990 irredeemable non-convertible preference shares. "The balance of one RM1 share each is held by co-director Khaw Chay Tee and myself," Chong said, adding that the share ownership entitled them to manage the company but not receive any dividend.

She said TLC had a unique business model in that it was run by professionals with the objective of maximising earnings purely for charity. "We are a trading company that has worked out a deal initially with three local companies involved in household and personal care products. "Part of the proceeds (10% to 15%) from the sales of their products will go to charity," she told a media briefing. The three companies are Paos Holdings Bhd, Eng Kah Bhd and Packaging Centre Sdn Bhd.

Chong said TLC planned to invite more companies to participate in its business model and come up with more products in the near future. Currently, it has launched 15 household products and is targeting for 39 products in total by year-end with its TLC logo. "Our mission is to derive a sustainable source of income that can be channelled to charity to help people in need develop various sets of skills to be independent as much as possible," she said.

Chong said TLC hoped as the company's earnings improved over the years, it could contribute more to various charitable organisations. HSBC Trustee managing director Lim Liang Hua said the company was honoured to support TLC. "TLC's approach is truly in line with HSBC's philosophy in giving back to the community we operate in, and we applaud the management for its noble cause," said Lim.