PAS seeks clarity on Bumi equity rule for GLC, GLIC transactions

PETALING JAYA: PAS has urged the government to clarify a requirement for 50% Bumiputera ownership in high-value property transactions worth RM20 million and above involving government-linked companies (GLCs) and government-linked investment companies (GLICs).

PAS secretary-general Takiyuddin Hassan said the Islamic party had taken note of public reports and discussions regarding the policy, and warned that unclear implementation could lead to confusion, market disruption and long-term economic impact.

He raised several questions for Putrajaya, including whether the 50% requirement is a permanent national policy or applied on a case-by-case basis, and whether it applies to all qualifying transactions or only specific disposals involving GLCs and GLICs.

Takiyuddin said that while PAS supports efforts to strengthen Bumiputera participation in acquiring strategic assets, such measures must be implemented clearly, transparently and consistently.

He also warned that policies involving high-value assets and public funds should not allow for differing interpretations, particularly as these could affect investor confidence, market liquidity and asset valuations.

“PAS believes efforts to strengthen Bumiputera ownership should be carried out through credible, stable and competitive policies, not vague and rushed measures that could weaken market confidence and reduce the value of strategic assets,” said Takiyuddin in a statement.

Stressing that many GLC and GLIC assets are directly linked to public interests through institutions such as EPF, PNB, LTAT, Tabung Haji and others, Takiyuddin said any policy that restricts the market or affects asset valuation will have an impact on investment returns and the interests of the public.

The updated framework to the economy ministry’s Properties Acquisition Guidelines, which came into effect on Nov 18, applies to the disposals of properties valued above RM20 million by GLCs and GLICs.

Under this, the companies acquiring them must have at least 50% Bumiputera equity ownership, up from the previous 30%.

The Edge reported that the objectives for the additional conditions on GLCs and GLICs are to strengthen Bumiputera participation in strategic asset ownership and to ensure the economic benefits are more inclusively distributed and contribute to the sustainable wealth creation of the Bumiputera community.

PAS’s statement comes after DAP veteran Lim Guan Eng yesterday urged Prime Minister Anwar Ibrahim to roll back the 50% Bumiputera equity policy to its original 30%.

In a statement, the former finance minister said the updated guidelines have caused disillusionment among Pakatan Harapan’s core supporters and affected market confidence.

المصدر: Free Malaysia Today