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The Malaysian Insider

Malaysia

Putrajaya announces ‘Sweat Equity’ to grow Bumi wealth

November 26, 2011

KUALA LUMPUR, Nov 26 — Putrajaya introduced today a programme offering Bumiputeras corporate shares as an incentive to grow their wealth, as part of its new affirmative action strategy.

The programme, called Sweat Equity, identifies capable individuals who have proven themselves the chance to develop companies divested by the government and government-linked companies (GLCs) or through new initiatives.

“The Bumiputeras must think of new ways to do something unique if they want to go far and not be left behind in the global economy,” said Prime Minister Datuk Seri Najib Razak (picture) at the launch of the Bumiputera Economic Transformation today.

Marking this today, the government’s Bumiputera agenda unit, Teraju, inked today a memorandum of understanding with Majlis Amanah Rakyat (Mara) and Johor Corporation (JCorp) to provide financial and other forms of aid to entrepreneurs.

Teraju also revealed the names of 30 Bumiputera-owned companies today under the Teras programme launched last July 20.

The new initiative is aimed at identifying the top Bumiputera performers most likely to grow in the next five years and help them market their goods and services abroad.