Govt to set sale of bumiputera shares, companies only to bumiputeras

 

PARLIAMENT | A new safety net framework will be introduced under the 12th Malaysia Plan (12MP) to ensure the sustainability of bumiputera equity ownership, the Dewan Rakyat heard today.

Prime Minister Ismail Sabri Yaakob said this is to allow the sale of bumiputera shares or companies to only be offered to other bumiputera consortiums, companies or individuals.

“On top of that, the holdings and disposal of ownership by bumiputera companies will be regulated by the relevant ministries and agencies as sector regulators,” he said in a speech while tabling the 12MP in the Dewan Rakyat.

A bumiputera prosperity division with a clearer function and mandate will be created by re-assigning officers from every ministry and government agency, he added. 

Bumiputera ownership of corporate equity, he said, had still not reached its minimum target of 30 percent in the country.

As of 2019, bumiputera shares was only 17.2 percent, with non-bumiputeras owning 25 percent while 45.5 percent was held by foreign entities and 12.3 percent were nominee shares, Ismail Sabri added.

As such, the prime minister assured that the bumiputera agenda will not be abandoned under the 12MP, in line with Article 153 of the Federal Constitution, which guarantees the position of bumiputeras in the country.

Uplifting low-income households

At the same time, he acknowledged that there are many low-income households regardless of race that will require uplifting, guidance and attention from the government.

The Orang Asli community has a high rate of poverty, so the government is coming up with a comprehensive socio-economic development plan for them, that will cover their wellbeing, basic infrastructure and increased income, Ismail Sabri said.

Quality education is also a key part of enhancing the socio-economic development of the Orang Asli community, he added.

For low-income Chinese households, specifically residents of new villages, the premier said the government has improved the special loan scheme for new villages’ residents in order to help them expand their businesses and entrepreneurship.

Low-income Indian households will also receive assistance in line with the Indian Community Action Plan.

“The government will provide support to them by preparing skills improvement programmes and targeted financial assistance as well as entrepreneur opportunities,” Ismail Sabri said. - Mkini