Guan Eng urges Anwar to reverse 50pc Bumiputera equity rule for GLC, GLIC property acquisitions above RM20m

KUALA LUMPUR, May 24 — DAP veteran Lim Guan Eng today urged Prime Minister Datuk Seri Anwar Ibrahim to roll back a new requirement for buyers of GLC and GLIC properties worth RM20 million and above to have at least 50 per cent Bumiputera equity.

In a press statement, Lim said the updated Ministry of Economy Properties Acquisition Guidelines (PAG), which came into effect on November 18 last year, should revert to the previous 30 per cent threshold.

“The increase in bumi equity ownership [requirement] from 30 per cent to 50 per cent by the current government has not only caused disillusionment amongst the PH base supporters but also raises concerns that this government may do the same for other policy instruments and administrative arrangements,” he said.

The Ministry of Economy reportedly said in March that the condition was intended to ensure that disposals of strategic assets by GLCs and GLICs were aligned with national socioeconomic objectives and the Bumiputera agenda.

Lim said the increase was “disappointing and contrary to PH’s approach of maintaining the status quo”, saying Pakatan Harapan’s position was to preserve the existing framework while providing equal opportunities for all Malaysians.

He said the issue was significant because the guidelines also apply to GLICs such as the Employees Provident Fund (EPF), which he described as “the premier statutory retirement fund of all Malaysians, from both bumi and non-bumi”.

Lim contrasted the issue with tycoon Tan Sri Syed Mokhtar Albukhary’s recent acquisition of a 30.1 per cent stake in Eco World Development Group Bhd, saying Malaysian Chinese had accepted the transaction as a commercial deal between private parties.

Syed Mokhtar acquired the stake in EcoWorld last week from former deputy chairman Datuk Leong Kok Wah through a private vehicle, making him a substantial shareholder in the developer.

The transaction details were not disclosed, but the stakes in EcoWorld and EWI Capital Bhd were estimated to be worth more than RM2 billion combined based on May 15 closing prices.