Ten RM500mil Bumiputera firms for Bursa listing by 2028

 Four such companies are already in the pipeline for listing this year, says government spokesman Fahmi Fadzil.

The target of 10 Bumiputera firms was among the decisions from a Bumiputera Economic Council meeting presented to the Cabinet today. (Bernama pic)

PETALING JAYA:

A total of 10 Bumiputera companies are to be listed on Bursa Malaysia between this year and 2027, with four already in the pipeline for listing this year, says government spokesman Fahmi Fadzil.

He said this was among the decisions from a Bumiputera Economic Council meeting presented to the Cabinet today.

Fahmi, who is communications minister, said the target significantly exceeds the achievements recorded over the previous five years.

“To support this target, the ‘10 Bumiputera Champions’ programme has been introduced in collaboration with government-linked investment companies to nurture those with high potential and develop 10 Bumiputera firms, each valued at RM500 million, by 2028,” Bernama reported him as saying today.

Fahmi said government companies such as Petronas contribute about RM50 billion a year to the economy through investments, vendor procurement, talent development and community programmes.

“New guidelines for Bumiputera vendor development have been introduced to strengthen the vendor pipeline and enhance vendors’ capabilities in a more structured and effective manner,” he said.

Fahmi said the Cabinet is also considering a proposal by the entrepreneur development and cooperatives ministry to shorten payment periods from government companies to local vendors, enhancing cash flow management. - FMT