The Star reported today that Prime Minister, Datuk Seri Najib Tun Razak, said 30% bumiputra equity required for local companies seeking public listing is repealed, Tuesday. However, these companies need to offer 50% of the public shareholding spread to bumiputra investors.
Other details as follows:
The other announcements, which are to take effect immediately, were:
* All property transactions, except for those involving a dilution of government or bumiputra interests for property valued at RM20mil and above, would no longer require FIC approval;
* All Malaysian companies seeking listing would have to offer 50% of their public offering to bumiputra investors, which would work out to 12.5% of the total stake;
* A 100% ownership would be allowed for qualified and leading fund management companies to set up operations in Malaysia;
* Foreign equity in existing stockbroking companies would be increased to 70% from 49%;
* All transactions on mergers and takeovers by local or foreign companies will no longer need FIC approval; and
* All listed companies need not maintain 30% bumiputra equity as required previously.
Source: The Star
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