KUALA LUMPUR (Nov 20): The government, which has proposed to sell its non-strategic assets to raise funds, will ensure that Bumiputera participation remains in these assets after the sale, said Economic Affairs Minister Datuk Seri Azmin Ali.
“I agree that Bumiputera ownership should receive attention,” Azmin told the Dewan Rakyat yesterday.
Budget 2019 tabled earlier this month underlined the government’s plan to sell its non-strategic lands through a public-private partnership (PPP) model, as well as to sell non-strategic assets currently owned by Government-Linked Companies.
“Although we will be utilsing the PPP model, we want to ensure Bumiputera participation remains,” said Azmin when replying to a question from Khairy Jamaludin [BN-Rembau] on how the government plans to maintain its Bumiputera ownership agenda while facilitating the sale of its assets.
Ekuinas, as an equity player, has played a role in helping Bumiputeras own companies, said Azmin.
“If the owner of a business is not Bumiputera, the ownership of the business (via Ekunias) will help to ensure that Bumiputera holding is intact,” he said.
According to Azmin, Ekuinas could hold a stake in a company for up to six years. In the meantime it can provide capital injection and assist the business to scale upwards and add more value into the company.
The steps also include a process to gradually place Bumiputeras in top management positions as part of the nation’s ownership agenda.
Azmin said all assets will be sold via an open tender process to ensure the government achieves maximum returns later. — theedgemarkets.com
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