Only 1 Bumiputera company out of 97 firms listed in last 3 years

Abdul Wahid Omar urged the government to introduce an Equitable Opportunity Act to enhance Bumiputera participation in the private sector.

PUTRAJAYA: Only one out of 97 listed companies in the last three years is Bumiputera-owned, says Bursa Malaysia Bhd chairman Abdul Wahid Omar.

Expressing concern, Wahid said this revelation is a reflection of the Bumiputeras’ participation in the business sector.

“This is a wake-up call for us, as it represents the current reality,” he said at the seventh Bumiputera economic congress here today.

Wahid, a former minister in the Prime Minister’s Department in charge of economic planning, attributed the discrepancy to an excessive focus on public sector policies over private sector development.

He said this has resulted in Bumiputeras from the public sector contributing only 17.8% to the country’s GDP, compared to 76.2% in the private sector.

“The public sector may contribute some part of our country’s economy … there is a larger participation in the private sector,” he said.

Wahid called for the introduction of the Equitable Opportunity Act to ensure that all citizens are given a fair shot at jobs and business opportunities.

He said this proposal should be considered, considering the relatively low levels of wealth creation and corporate ownership among Bumiputeras compared to other communities.

If the policy is implemented, it can foster better competition in the business and corporate sectors, where its ownership is imbalanced among communities, he said.