KUALA LUMPUR – The statistics used to estimate Bumiputera equity ownership will be based on the share capital of companies listed in Peninsular Malaysia only.
From 2008 to 2019, equity ownership was calculated based on share capital from listed and non-listed companies nationwide.
In a written parliamentary reply to William Leong Jee Keen (Selayang-PH), Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed reiterated that the 30% Bumiputera equity ownership target under the New Economic Policy (NEP) has yet to be achieved, and that efforts to reach this goal will continue under the 12th Malaysia Plan (12MP).
“The statistics used to estimate equity ownership during the NEP are based on share capital holdings or ‘share capital’ only for companies listed in Peninsular Malaysia,'” said Mustapa, adding that data is obtained from annual reports and financial statements submitted to the Companies Commission of Malaysia.
“As announced in 12MP, equity ownership for Bumiputera holdings in 2019 was 17.2%, non-Bumiputera (25%), foreigners (45.5%), and nominees (12.3%).”
The government had prior to this announced that only Bumiputera companies and shares can be sold to other Bumiputera individuals and firms, in a bid to empower the community economically.
Other methods that Putrajaya has adopted to strengthen the economic position of the Bumiputera community include the requirement of 51% Bumiputera ownership for freight forwarding companies.
The policy, which was supposed to come into action in December this year, has since been postponed by the Finance Ministry until the end of 2022 in order to review regulations. It was also since a freight forwarders’ association issued a letter for clarification on the matter. – The Vibes, November 26, 2021
