12MP: Only Bumiputeras will be able to buy Bumi firms, shares, says PM

[superadmin]

KUALA LUMPUR – Soon, Bumi-owned companies and shares can only be sold to fellow Bumiputera consortiums, firms and individuals, as the government bids to further empower the community under the 12th Malaysia Plan (12MP).

Prime Minister Datuk Seri Ismail Sabri Yaakob said a safety net framework will be introduced to ensure sustainable equity ownership.

He added that the ownership and disposal of Bumiputera companies will soon be regulated by the relevant ministries and agencies.

“In an effort to coordinate all these initiatives, a Bumiputra Prosperity Division will be set up with a clearer mandate and function by reassigning officers from all government ministries and agencies,” he said in tabling the 12MP in the Dewan Rakyat today.

“A Bumiputera development action framework will be announced at the end of this year, and will detail several key initiatives in realising our aspiration to improve the socio-economic status of this group.”

Ismail Sabri said the country has to date failed to achieve its target of Bumiputeras owning 30% of corporate equities.

As of 2019, he added that equity ownership among this group only makes up 17.2%, with non-Bumiputeras owning 25%, foreign investors with 45.5% and the remaining 12.3% are nominal ownership.



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