KUALA LUMPUR: Datuk Seri Anwar Ibrahim has announced that laws will undergo a review to enhance shareholding transparency, particularly for companies owned by bumiputras. The Prime Minister stated that the Companies Act 2016 and Limited Liability Partnership Act 2012, which pertain to beneficial ownership declaration, are being reviewed to strengthen transparency of share ownership in alignment with the focus on good governance. Anwar highlighted that many instances still exist where nominee shareholders are not properly identified as the true owners.
The Finance Minister further shared that previous bumiputra empowerment strategies have relied on equity ownership as a measure of bumiputra participation in the economy. However, even after five decades, the targeted 30% ownership has yet to be achieved. Anwar stated that this approach will be reassessed under the Madani economy during the mid-term review of the 12th Malaysia Plan (12MP).
He additionally mentioned that a bumiputra economic congress will take place in January of the following year to determine new directions and approaches for a just, fair, and inclusive bumiputra agenda. Anwar assured that bumiputra companies will continue to receive government funding support provided through various bumiputra agencies, including Majlis Amanah Rakyat (Mara), Amanah Ikhtiar Malaysia (AIM), Tabung Ekonomi Kumpulan Usaha Niaga (Tekun) Nasional, Ekuiti Nasional Berhad (Ekuinas), Unit Peneraju Agenda Bumiputera (Teraju), and Permodalan Nasional Berhad (PNB).
Furthermore, he mentioned that funding support has exceeded RM30bil since the implementation of the 3rd Malaysia Plan.
Credit: The Star : News Feed
