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Major Listings To Continue To Allow For More Liquidity, Says Najib

By Wednesday May 18th, 2011 No Comments

NEW YORK, May 18 (Bernama) — Prime Minister Datuk Seri Najib Tun Razak said the process of major listings that took place in 2010 would continue this year to allow for more liquidity in the market.

This will ensure the availability of more liquidity for foreign funds to tap into, such as for private equities to invest in Malaysia, he said when asked what would happen next, after the hosting of the Invest Malaysia 2011 at the New York Stock Exchange here Wednesday.

“The fact is we have embarked on a regime of liberalisation…the fact is we have instructed government linked companies to reduce their holdings.

“The fact that we had several major listings last year, and continue the process this year, means more liquidity available for foreign fund managers,” he told Malaysian journalists here.

Among the major listings on Bursa Malaysia were Petronas Chemicals and Marine & Heavy Engineering Bhd, a rig-builder under Petronas’, MISC Bhd.

Najib, who delivered a keynote address at the two-day event attended by over 360 investors and Malaysia’s 10 top companies, said the message to corporate United States is that Malaysia is ready to be as business friendly as possible.

“The door is wide open. We have got the necessary bodies in place for them to engage with, so that we can expedite decisions required for them to invest in Malaysia,” said Najib, who also attended a VIP roundtable lunch with captains of industries.

Najib, who is also the Finance Minister, said US investors were told the contact point for them to engage with the Malaysian government, so that their proposals can be considered and expedited in a timely manner.

According to the prime minister, several US companies have shown an interest in investing in Malaysia, including one, which hopes to be considered for a Petronas project and another currently in discussions to manufacture a top product in the country.

Najib said he was confident that after the event, Malaysia’s profile would rise for US companies to expand their investments in the country.

He also said they were informed of the transformation that was happening and the mechanism put in place by the government to ensure transparency and accountability.

Source : Bernama

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