ASEAN KEY DESTINATIONS
New local companies to be listed
"Prestariang Bhd is the fourth bumiputra company to be listed this year under this programme. So far six companies have been listed, including two last year. Its small number, of course, but going forward there are probably around 20 listings in the pipeline," International Trade and Industry Minister Datuk Seri Mustapa Mohamed said after launching Prestariang's prospectus yesterday. However, he did not provide a timeline for this.
The SJJB scheme was set up in 2007 to elevate bumiputra entrepreneurial capabilities, particularly in the area of equity ownership.
To date, it has identified 30 capable bumiputra companies that have fulfilled the Securities Commission's (SC) listing criteria and need only government assistance to ensure they meet Bursa Malaysia's listing requirements.
"We know that the number of bumiputra companies listed on the local stock exchange is quite small. Bumiputra equity in the corporate sector is still not satisfactory. So that's why the government introduced this scheme," Mustapa said.
Main Market-bound Prestariang expects to raise RM19.8mil from its initial public offering (IPO). The company is also bullish on its financial performance for the rest of the year driven by its expansion plans.
"Last financial year was sterling. We are expecting another sterling performance this year. I think once you see our first quarter results, you will know roughly what we will be making,"said chief executive officer Dr. Abu Hassan Ismail.
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