Tuesday, February 8, 2011

PM: Five more Bumi companies expected to list this year

PUTRAJAYA: The Prime Minister today said five more Bumiputera companies are expected to be listed on Bursa Malaysia this year through the Skim Jejak Jaya Bumiputera (SJJB).

Their listing is expected to raise the total market capitalisation of Bumiputera companies listed in the stock exchange through the SJJB to more than RM1 billion.

Five Bumiputera companies have already been listed through the SJJB with their market capitalisation amounting to RM700 million currently.

"We hope (the market capitalisation) will be doubled to RM2 billion by middle of next year," Datuk Seri Najib Tun Razak told reporters here after chairing the Bumiputera Agenda Action Council Meeting on Tuesday, Feb 8.

The SJJB, a scheme tracking the success of Bumiputeras, is an agenda to raise the capacities of Malay entrepreneurs in the economic field particularly in the ownership of equities.

The scheme has been responsible for the listing of Bumiputera companies on Bursa Malaysia and will continue to raise the number of listed Bumiputera companies.

Najib, who is also Finance Minister, said the Secretariat of SJJB will be transferred from the Finance Ministry to Unit Peneraju Agenda Bumiputera (Teraju), which was launched on Tuesday.

Teraju, a unit to fulfill the Bumiputera development agenda has been established to ensure that the government's plans to strengthen the Bumiputera agenda is carried out effectively.

"With the transfer, our efforts to list many more Bumiputera companies would be coordinated by the Secretariat which will now come under Teraju," Najib said.

He said Teraju will report to the implementation committee under the Deputy

Finance Minister, Datuk Dr Awang Adek Hussin who is also the Chairman of the SJJB Working Committee.

Najib also said that the SJJB, a programme formed in 2007, had identified 30 Bumiputera companies that possessed the required capabilities in their respective businesses.

"A majority of them fulfill the listing criteria set out by the Securities Commission," he said.

Najib said the government's help will for the "last mile" to ensure that the companies meet the requirements for listing on the stock exchange.

Meanwhile, Dr Awang Adek said the RM1 billion market capitalisation target could be achieved with the listing of the additional five companies.

Speaking to Bernama, he said among the sectors these Bumiputera companies have ventured into are information TECHNOLOGY [], bio-technology, financial services and manufacturing. -- Bernama

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