Two Bumiputera firms targeted for Bursa Malaysia listing by year-end
The initiative aims to strengthen the Bumiputera entrepreneurial ecosystem by offering alternative financing of up to RM1 million at a competitive profit rate of 3.5 per cent. Additionally, selected companies will receive comprehensive capacity-building support to prepare them for public listing.
'A total of 15 companies will be selected in the initial phase, and from that number, five will receive intensive mentoring to prepare them for listing on Bursa Malaysia by the end of this year,' Ahmad Zahid said in his speech, delivered by Minister of Entrepreneur and Cooperatives Development Datuk Ewon Benedick.
As of 2022, only 62 out of 945 companies listed on Bursa Malaysia were majority Bumiputera-owned, representing just seven per cent. Over the past four years, only one Bumiputera company was listed compared to 96 non-Bumiputera firms.
'More concerning is that over the past four years, only one Bumiputera company has been listed compared with 96 non-Bumiputera companies. This reflects an urgent reality; we cannot remain complacent with the 'status quo' but must step out of our comfort zones and create change,' he said.
To achieve the listing target, Ahmad Zahid emphasised the need for strategic training in investor relations, corporate communications, and IPO preparation, alongside stronger industry collaboration.
On micro, small, and medium enterprises (MSMEs), he noted that the sector contributes 97.4 per cent of all businesses in Malaysia, generating RM631.1 billion in GDP and RM152.2 billion in exports in 2023. However, challenges such as limited capital access and low competitiveness persist.
He hopes the BRAVE programme will serve as a catalyst for MSME growth, addressing these barriers while fostering economic inclusivity. - Bernama
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