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corporate sector: It was RM127 billion in 2008
KUALA LUMPUR: PRIME Minister Datuk Seri Najib Razak said Bumiputera equity in the corporate sector expanded to 23.09 per cent, or RM167.7 billion, in 2010 from RM127.4 billion in 2008.
This is based on the total corporate equity of RM726.4 billion in 2010, compared with RM581.8 billion in 2008.
In a statement issued by Unit Peneraju Agenda Bumiputera (Teraju) in Putrajaya yesterday, Najib said Bumiputera corporate equity included those held by individuals; institutions that handled Bumiputera funds, such as Lembaga Tabung Haji (LTH) and the Armed Forces Pension Fund, and trust agencies mandated by the government to boost Bumiputera participation in the economy, such as Permodalan Nasional Bhd (PNB), Perbadanan Usahawan Nasional Bhd, Majlis
Amanah Rakyat (Mara) and state economic development corporations.
Najib had earlier chaired the Bumiputera Agenda Action Council (MTAB) meeting.
According to the Economic Planning Unit (EPU) of the Prime Minister’s Department, Bumiputera equity ownership was the highest in the financial, insurance and takaful sector.
This sector saw Bumiputera equity rise from 37.56 per cent in 2009 to 38.97 per cent in 2010.
In terms of value, Bumiputera equity in this sector rose 22.5 per cent to RM65.37 billion in 2010, from RM53.35 billion in 2009.
“Among all industries, wholesale and retail has the highest number of Bumiputera companies.
However, the number has declined from 73,230 companies in 2009 to 70,216 in 2010.”
EPU attributed the increase to the government’s commitment to the Bumiputera development agenda, for example, reinforcing the role of Bumiputera institutions, such as Mara, PNB, LTH, Urban Development Corporation and Amanah Hartanah Bumiputera.
Bumiputera corporate equity ownership is further strengthened by widening the interpretation of corporate equity to include property, asset and intellectual property ownership.
Together with the setting up of Teraju, or Bumiputera Agenda Driving Unit, EPU said, these initiatives would help the government achieve its target of 30 per cent Bumiputera equity ownership by 2020.
On the possibility of achieving this target by 2020, Bernama quoted Najib as saying it would depend on several factors, including domestic and foreign economic conditions.
“According to our analysis, if the economy can grow like in the last one or two years and we can maintain this momentum, there is a good chance, Insya Allah (God willing), that the 30 per cent can be achieved by 2020.”
He said the 15-month-old Teraju had identified 130 Bumiputera small- and medium-sized enterprises (SMEs) under its TeraS programme.
Under t he prog ramme, high-performing SMEs with good growth potential will be developed to grow beyond local markets through merit-based access to business opportunities.
He said Teraju had collaborated with two core companies under TeraS: Ahmad Zaki Resources Bhd (AZRB) dan MITC Ancasa Hotel (M) Sdn Bhd.
The partnership aims to create more bu si ne s s opp or t unities for smaller introduce a supply chain development programme, where the company will offer supply contracts worth RM500 million to Bumiputera companies within two years.
MITC Ancasa Hotel will invest RM100 million within three years to expand its business aggressively, thus providing opportunities for Bumiputera companies through spin-offs in the tourism sector such as halal food, logistics and cultural activities.
On the disposal of 10 companies — five under PNB and five subsidiaries of Khazanah Nasional Bhd — to Bumiputera companies through open tender, as announced at the last MTAB meeting in February, Najib said the names of the companies would be announced soon as they needed to get the approval from the board of directors.
Najib also said Yayasan Peneraju Pendidikan Bumiputera (YPPB)’s Peneraju Tunas programme has so far received 8,000 applications from SPM and STPM holders. In the first phase, 225 students will be offered scholarships to further their studies at the foundation level, A levels, International Baccalaureate as well as diploma and degree.
YPPB will also introduce its second signature programme, called “Peneraju Profesional Akauntan” to increase the number of certified Bumiputera accountants. This programme is a collaboration between YPPB and Mara, which will also involves other major accounting firms in the country such as PricewaterhouseCoopers, Ernst & Young and KPMG.
Najib also announced income tax exemption for cash or in-kind contributions to YPPB Fund, which aims at expanding the number of Bumiputeras pursuing the tertiary education level.