Muhyiddin: Don’t politicise efforts by companies to help Bumiputeras

Published: Thursday June 2, 2011 MYT 7:30:00 PM
Muhyiddin: Don’t politicise efforts by companies to help Bumiputeras

KUALA LUMPUR: All development projects drawn up by government-linked companies (GLCs) aimed at assisting the Bumiputeras should not be politicised, said Tan Sri Muhyiddin Yassin.

The Deputy Prime Minister said Thursday that only those who did not understand the meaning of business and the benefits derived from growth would take such a stand whereas successful businessmen adopted an opposite stand.

He said that if the planning and expansion of a particular company was made according to procedure and obtained approval from the relevant authorities, such efforts should be supported in the interest of the company and those depending on it.

"For me, I believe we should not politicise it because such a major exercise will benefit the rakyat and the shareholders and, according to the composition as stated by MSM Malaysia Holdings Berhad, a major section (of the equity) is owned by Bumiputera.

"To me, this is a very good corporate exercise where certainly the benefits (from the plan) will be felt by a large number of shareholders," he said at a media conference after launching the prospectus of MSM Malaysia Holdings Berhad, a subsidiary of Felda Global Group in conjunction with the listing of the largest sugar producing and supplying company on the main board of the Bursa Malaysia Sekuriti Berhad on June 28.

Also present were Deputy Minister in the Prime Minister's Department Datuk Ahmad Maslan, Felda Global Group chief executive officer Datuk Sabri Ahmad and Felda Director-General Datuk Dzulkifli Abdul Wahab.

He said this when asked whether MSM and the government were prepared to face criticisms from the opposition regarding Felda and GLCs.

Muhyiddin said such things should not be politicised because Felda had expanded worldwide and the move to list the company linked to it on the Stock Exchange was appropriate and would further strengthen its role internationally.

According to MSM, the benefits from the listing would be enjoyed by about 220,000 members of Koperasi Permodalan Felda Berhad at the end of each year.

Meanwhile in his speech earlier, the Deputy Prime Minister said the MSM listing also marked another milestone in efforts by the government to refocus on the facilitator role of the State as part of the government desire to let the private sector take the lead.

Muhyiddin said this would not only create the platform for the investing public to share in the successes of these companies but also imposed market discipline on the newly listed entities.

He said the strategic divestment by the state owned enterprise formed an important element of the government's new economic model agenda that would reinvigorate private investment.

"Access to capital markets will allow MSM to compete internationally and help Malaysia's global footprint in the sugar business space," he said.