Equity safety net framework in 12MP won't take away rights of other races - PM Ismail Sabri

KUALA LUMPUR: The proposal to introduce an equity safety net framework in the 12th Malaysia Plan (12MP) will not take away the rights and interests of other races, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

He said private companies were not subject to this proposal but were subject to the existing rules and regulations of the relevant sectors.

"This is to ensure that the sale of shares and companies by local companies to foreign owners will be controlled and in turn can ensure that Bumiputera equity ownership is not eroded," he said when tabling the 12MP at Dewan Negara today.

Ismail Sabri said the framework would be introduced to ensure that the sale of shares or companies by Bumiputera-mandated agencies would only be offered to qualified Bumiputera consortiums, companies or individuals.

He said among the Bumiputera-mandated agencies involved were Permodalan Nasional Berhad (PNB) which contributed the largest percentage to Bumiputera equity ownership, as well as Majlis Amanah Rakyat (MARA) and Ekuiti Nasional Berhad (EKUINAS).

Ismail Sabri also gave assurance that the government would continue empowering the Bumiputera, while also paying attention to the low-income Malaysian families, underprivileged and vulnerable groups regardless of race.

"The government's intention is to achieve fairer, equitable and inclusive socio-economic development in line with the spirit of Keluarga Malaysia (Malaysian Family)," he said.

-- BERNAMA