‘Malaysians can still see hope’: Guan Eng hails return of 30pc Bumi equity rule

KUALA LUMPUR, Oct 27 — Bagan MP Lim Guan Eng today praised Prime Minister Datuk Seri Anwar Ibrahim for restoring the 30 per cent Bumiputera equity requirement for buyers of government-linked company (GLC) and government-linked investment company (GLIC) properties, even as the Economy Ministry says its empowerment drive at such firms will continue by other means.

The DAP lawmaker said Anwar “deserves praise for being willing to listen to the rational voices of the people”.

“Many GLCs and GLICs in fact belong to all Malaysians, regardless of race or background, the most prominent being the country’s main statutory retirement fund, the Employees Provident Fund,” he said in a Facebook post.

Lim said the government should therefore adopt more inclusive policies, rather than go the opposite way.

The 50 per cent requirement took effect on November 18 last year and applied to buyers of GLC and GLIC properties worth RM20 million and above, and Lim urged Anwar in May to reverse it.

Lim said Economy Minister Akmal Nasrullah Nasir told him in a written parliamentary reply on October 20 that the government had decided to revert the threshold to 30 per cent after a review and consultation with stakeholders.

The ministry also said the government would pursue Bumiputera economic empowerment at GLCs and GLICs through administrative measures.

“This decision will strengthen the confidence of the public, the business community and investors in the government, showing that it is not expanding a race-based approach to economic decision-making, but is equally focused on securing the best value,” Lim said.

He said he hoped the decision would also dispel concerns that raising the quota from 30 to 50 per cent was only the beginning, with the figure to be raised gradually to 50 per cent across all government policies.

Lim said PH’s long-held consensus, in the interest of national unity, stability and harmony, is to maintain the existing 30 per cent ethnic quota in government and public policy.

“With this decision by the government, Malaysians can still see hope,” he added.