Updated: Tuesday June 30, 2009 MYT 4:22:25 PMBy IZATUN SHARI
KUALA LUMPUR: The 30% bumiputra equity requirement for Malaysian companies seeking public listing is now repealed, said Prime Minister Datuk Seri Najib Tun Razak (full speech below).
However, these companies are now required to offer 50% of the public shareholding spread to bumiputra investors.
“The 30% requirement remains but it is a macro objective,” Najib said.
Announcing a slew of liberalisation measures affecting the capital market, Najib also said that the Foreign Investment Committee (FIC) guidelines covering the acquisition of equity stakes, mergers and takeovers is repealed immediately without any new guideline in place.
Najib also said that FIC would no longer process any transaction or impose equity conditions on such transactions.
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