Equity safety net framework won’t take away rights of other races, says PM

The proposal to introduce an equity safety net framework in the 12th Malaysia Plan (12MP) will not take away the rights and interests of other races, Prime Minister Ismail Sabri Yaakob said today.

He said private companies are not subject to this proposal but are subject to the existing rules and regulations of the relevant sectors.

“This is to ensure that the sale of shares and companies by local companies to foreign owners will be controlled and in turn can ensure that Bumiputera equity ownership is not eroded,” he said when tabling the 12MP at Dewan Negara today.

Ismail said the framework would be introduced to ensure that the sale of shares or companies by Bumiputera-mandated agencies is only offered to qualified Bumiputera consortiums, companies or individuals.

He said the Bumiputera-mandated agencies involved include Permodalan Nasional Bhd which contributed the largest percentage to Bumiputera equity ownership, as well as Majlis Amanah Rakyat and Ekuiti Nasional Bhd.

Ismail also gave his assurance that the government would continue empowering the Bumiputera, while also paying attention to the low-income Malaysian families, underprivileged and vulnerable groups regardless of race.

“The government’s intention is to achieve fairer, equitable and inclusive socio-economic development in line with the spirit of Keluarga Malaysia (Malaysian Family),” he said.