KUALA LUMPUR: The proposal to introduce the equity safety net framework only refers to the sale of shares by Bumiputera mandated agencies and companies, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said today.
In a statement today, Mustapa said the agencies and companies include Permodalan Nasional Bhd, Lembaga Tabung Haji, Lembaga Tabung Angkatan Tentera (LTAT) and Koperasi Polis DiRaja Malaysia (KPDRM), among others.
“The proposed sale does not involve shares and/or companies to be sold by Bumiputera individuals, non-Bumiputeras or foreign companies.
“On the other hand, this announcement only involves the sale of Bumiputera shares and/or companies by Bumiputera mandated agencies.
“Under the equity safety net framework, these sales will be offered to qualified Bumiputera consortia, companies or individuals,” he said.null
In tabling the 12th Malaysia Plan last week, Prime Minister Datuk Seri Ismail Sabri said an equity safety net framework will be introduced so that the sale of Bumiputera shares or companies is only offered and sold to other Bumiputera consortia, companies, or individuals.
The initiative is to ensure sustainable Bumiputera equity ownership.
Mustapa said in 2019, Bumiputera ownership in market value-based corporate equity was only 17.2 per cent.
“This announcement is made to ensure that the existing ownership will remain in Bumiputera ownership and will not be eroded.
“This proposal will not take away the interests of other races,” he said.
By : Farah Adilla – NST