ALOR STAR, 29 Oct 2008: The abolishment of the 30% Bumiputera equity in public listed companies will only weaken further the economy of the Malays, Umno Youth executive council member Datuk Mukhriz Mahathir said today.
He said that now was not the time to make such a proposal. Instead, proposals for improving the economy of the Malays should be mooted.
Mukhriz said that at best, Malay ownership of equity reached 22% but that has now dropped to 18%. “So, is it apt to abolish the policy?”
He was responding to MCA vice-president Datuk Liow Tiong Lai who suggested that the condition for Bumiputera equity in public listed companies be abolished.
Mukhriz, who is also Jerlun Member of Parliament, said there were still many objectives in the New Economic Policy which had not been achieved and efforts should be made to enhance Malay economic competitiveness.
“So long as the Bumiputera are not comfortable and confident with their capabilities, the policy cannot be abolished,” he added. — Bernama