11 Bumi firms to list in 2011

By New Straits Times

Eleven Bumiputera-owned firms are expected to list on Bursa Malaysia in 2011, with a combined market capitalisation of RM1 billion, Prime Minister Datuk Seri Najib Razak disclosed today.

He said in 2011, four Bumiputera companies were listed on the local bourse, with a combined market capitalisation of RM411 million.

Najib, who is also Umno president, said the companies had undergone the normal process to be listed, which included having a strong track record, at least four years of growing profits and positive future prospects.

“We did not know who they were. They only needed a little assistance in the final stages, what you would call ‘the last mile’, which the Government provided and they were able to get listed,” he said in his closing speech at the Umno General Assembly here.

Najib said the government-linked private equity fund management company, Ekuiti Nasional Bhd (Ekuinas), had also invested RM350 million in three Bumiputera-owned companies so far.

Ekuinas was set up with a RM5 billion endowment from the government to acquire controlling stakes in unlisted local companies to raise the level of bumiputera participation in commercial activities.