Sunday, 9 October 2011

Malay chamber welcomes move

KUALA LUMPUR: Malay Chamber of Commerce Malaysia (DPMM) welcomes the move to guide high-performing Bumiputera companies to be listed on Bursa Malaysia.

President Syed Ali Alattas said DPMM would discuss the next course of action with Unit Peneraju Agenda Bumiputera (Teraju).

"We have DPMM representative sitting as Teraju council exco, we hope to be able to help and identify the potential businesses and entrepreneurs that can benefit from this initiative," he said.

"Our concern is not so much getting the companies listed, but to ensure that the successful business gains the recognition and assistance it deserves," Syed Ali added.
He hoped the spillover effect from this move would help more Bumiputera companies.

During the tabling of the 2012 Budget yesterday, Prime Minister Datuk Seri Najib Razak announced that Teraju would help guide 1,100 high-performing Bumiputera companies with potential to be listed on Bursa Malaysia.

In addition, Majlis Amanah Rakyat (MARA) will provide financing to qualified corporate personnel to purchase equities as well as acquire a company based on the management buyout concept. This is to ensure that development of the Bumiputera community is in tandem with economic growth.

Meanwhile, an official of another non-governmental organisation representing Bumiputeras, who declined to be named, said he was disappointed that there was no dedicated assistance specifically to spearhead the Bumiputera agenda.

"The Teraju initiative is good, but it is still pretty vague. How are they assisting these Bumiputera companies? What about the allocation given to Mara to provide financing for the management buyout concept?" he asked.

Under the 2012 Budget, the government has allocated RM200 million to enhance the competitiveness of Bumiputera entrepreneurs in rural areas. The fund will be channelled through the Ministry of Rural and Regional Development.

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