KUALA LUMPUR: The minimum 30% Bumiputera equity requirement will remain in place under the Property Procurement Guidelines (GPPH), which took effect on July 13, 2022, subject to approval by the Ministry of Economy.
The ministry said the government remained committed to ensuring that strategic national assets, particularly those owned by government-linked companies (GLCs) and government-linked investment companies (GLICs), contribute more effectively to the economic empowerment of the Bumiputera community.
It said proposals to increase the equity requirement were among the policy measures aimed at expanding Bumiputera participation and ownership in strategic, high-impact property assets, thereby supporting the country’s socioeconomic development agenda.
The ministry was responding to a written parliamentary question from Lim Guan Eng (PH-Bagan) on the rationale for raising the Bumiputera equity quota from 30% to 50% for private companies involved in property disposals worth more than RM20 million by GLCs and GLICs.
Lim also sought information on the value of transactions affected by the revised requirement and whether the quota could be restored to 30%.
According to the ministry, the government reviewed the proposed implementation measures after considering feedback from stakeholders and subsequently decided to enforce the requirement through administrative measures to ensure that all GLCs and GLICs implement the Bumiputera economic empowerment agenda.
The ministry added that the government would continue monitoring policies governing property procurement and disposal, while periodically assessing the effectiveness of the measures.
It said the reviews would take into account prevailing economic developments and current needs to ensure the Bumiputera economic empowerment agenda could be achieved effectively.
-AWANI
