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Malaysia repeals 30% equity requirement for ethnic firms

Malaysian government has done away with the 30% quota requirement for bumiputra, or ethnic Malay, companies seeking to list on the Bursa Malaysia as part of an overhaul of economic policies, local daily the Star reported.

Prime Minister Najib Razak said upon taking office in April that there was a need for a new economic model, .

He said the Foreign Investment Committee (FIC) would effectively “no longer exist” as it had failed to achieve its objectives.

The emphasis, he said, will now be on participation instead of equity, Najib also announced the setting up of Ekutinas (Ekuiti Nasional Bhd), a private equity fund to make strategic investments for bumiputras, especially in companies with high-growth potential.

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