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Najib: Bumiputera quota is still national policy

By Thursday November 13th, 2008 No Comments

KUALA LUMPUR, Nov 13 – Deputy Prime Minister Datuk Seri Najib Razak clarified today the 30 per cent Bumiputera equity remains a national policy despite yesterday’s announcement to relax the requirement.

“This is just to make it as easy as possible to implement,” he explained.

Yesterday, Najib, who is also Finance Minister, announced that the government would allow non-Bumiputeras to take up unsubscribed shares of companies that were looking to be floated on Bursa Malaysia.

He said the relaxation, which would take effect immediately, was to ensure that the Malaysian capital investment market stays progressive and competitive.

Today, after announcing the Childcare and Early Education National Policy, he explained to reporters that companies seeking to be listed will still have to go through the same procedures.

“They will have to set aside the 30 per cent to be offered to Bumi institutions,” he said.

Following that the quota would then be offered to Bumiputera individuals.

If the shares are still undersubscribed, then the company “would be deemed to have complied”, thus allowing the general public to buy up the unsubscribed shares.

Earlier in the day, Najib was also present at the opening of a seminar on “Creating a blue ocean in education and training sector” where he spoke on Malaysia’s potential as a gateway between the Muslim world, the West and Asia.

He moved to assure Prime Minister Datuk Seri Abdullah Ahmad Badawi that when the transfer of power is effected after the Umno party polls in March, he would continue Abdullah’s Islam Hadhari concept.

“Islam Hadhari is something that we will continue to propagate,” he said, explaining that Islamic civilisation was one of progress, technology and knowledge in the “golden era of Islam” before it went into decay due to close-mindedness.

He said Malaysia must continue to be more open to allow a greater infusion of input to ensure the country did not suffer the same fate.

Source : Malaysian Insider

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