Malaysia

Bumis own 10pc of Bursa firms, says deputy minister

March 17, 2012

Ahmad Maslan urged Bumiputera firms to explore the possibility of listing their businesses. — File picAhmad Maslan urged Bumiputera firms to explore the possibility of listing their businesses. — File picKUALA LUMPUR, March 17 — One in 10 companies listed on the Bursa Malaysia is owned by Bumiputeras, Datuk Ahmad Maslan was reported as saying by Bernama Online today.

But the deputy minister in the Prime Minister’s Department also said that only 75 of the 101 Bumiputera-owned firms were profitable.

He added that the number of such firms were still below what was needed to put Bumiputeras on par with the other communities in the country.

“We hope that Bumiputeras would get to know more about capital market, bourse and all things related to securities because it would be beneficial to them,” he was quoted as saying by Bernama Online.

Ahmad Maslan urged Bumiputera owners to explore the possibility of public listing, and said they stood to benefit from government incentives designed to promote entrepreneurship within the community.

Putrajaya recently formed the Bumiputera Agenda Driving Unit (Teraju) to promote the community’s participation in the country’s economy.

This is in addition to the billions of ringgit spent to achieve the same objective under the New Economic Policy (NEP), which was due to expire in 1991 but has never been officially discontinued.