Hadi says Malays still weak, 30pc equity quota needed

By Asrul Hadi Abdullah Sani

KUALA LUMPUR, July 1 — Datuk Seri Abdul Hadi Awang today rejected the government’s plan to drop the 30 per cent Bumiputera equity requirement for Malaysian firms seeking public listing.

The PAS president believes that the time is not yet right because the Malay community is strong enough to face economic challenges.

“What was proposed before has not been achieved yet. We want equality for all races but at the same time, the Bumiputeras must be given the strength,” he told reporters in parliament today.

Hadi also stressed that the community is still at a disadvantage because they lack infrastructural facilities which in turn narrows education opportunities.

“Because they are still left behind not only in experience but also economy and education. We have to realise that rural towns still lack the facilities and they have not yet been given the chance to catch up to the development enjoyed by other communities staying in urban areas,” he added.

Datuk Seri Najib Razak announced yesterday that the government will drop the 30 per cent Bumiputera equity requirement for Malaysian firms seeking public listing, the cornerstone of the New Economic Policy (NEP), but they will now have to offer 50 per cent of the public shareholding spread to Bumiputera investors.

Najib also plans to cut the powers of the Foreign Investments Committee (FIC), immediately repealing its guidelines covering the acquisition of equity stakes, mergers and takeovers.

 

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