''KUALA LUMPUR, March 29 — DAP secretary-general Lim Guan Eng wants the government to investigate why RM52 billion worth of shares in public listed companies allocated for Bumiputeras under affirmative action policies were no longer in their hands.
He said that out of RM54 billion in shares allocated for Bumiputeras, only RM2 billion were still in their hands.
He told reporters in Parliament today that the fact that the shares were no longer in the hands of Bumiputeras was an act of betrayal.
The Penang Chief Minister suggested a Royal Commission be set up to investigate such leakages.
“There is a leakage of RM52 billion which is not in the hands of the Bumiputeras. This is a betrayal. The government has to arrest and take action against the people who have hijacked the money,” he added.
“According to a Bernama report, the Prime Minister had been quoted as saying that of the RM54 billion in shares allocated, only RM2 billion worth of shares were left in the hands of Bumiputeras,” said Lim.
my personal opinion
Mr Guan Eng,
The IPO allocation for BUMI investor are not for FREE, we buy with our hard earn money.
When the Bumi’s portion are allocated to Bumi, the Bumi sell the shares to the public (in the case of public companies). This was done of course when the share price increase from the IPO price that we get. Sometimes, we also incur loss when the share price drop from IPO price.
I give you simple example, I apply Eversendai IPO under BUMI RIGHTS and I get at RM 1.62 (Retail investor price). During the listing the share price up around 10% and I sell. Please, dont ask why I sell at that time....u want me to hold until what year?
we dont have holding power mr Guan Eng... we sell Eversendai IPO in order to buy next IPO, BUMI ARMADA and etc etc... That what we BUMI always do..If u notice, IPO applicant not always got lucky, JCY IPO for example drop 27% on first day. UOA DEV IPO, fantastic fundamental also drop on first day. Now UOA DEV and JCY trade below its IPO PRICE.. so what is your advice? hold this IPO until rebounce and become next MHB? There is no easy money... investment always come with risk.
I think now you know, where RM 52 billion has gone....maybe we BUMI only play RM 2 billion..
out of RM 1300 billion BURSA market capitalisation