(Penang, 24th) Democratic Action Party Bagan MP Lim Guan Eng has urged Prime Minister Datuk Seri Anwar to withdraw the decision to raise the Bumiputera equity requirement to 50%, and to restore the original 30% Bumiputera equity requirement for the sale of government-linked company (GLC) and government-linked investment company (GLIC) assets worth over RM20 million.
He cited as an example that no Chinese person objected when Malaysia's wealthiest Bumiputera entrepreneur, Tan Sri Syed Mokhtar, spent RM2 billion to acquire a large stake in Eco World Development Group Bhd and its sister companies. “The equivalent of 30.1% of EcoWorld's shares were sold by the former vice chairman, Datuk Leong Kok Wah, hence Syed Mokhtar has now become EcoWorld's main shareholder.”
Clearly, he pointed out, the Chinese accepted this transaction because they did not view it from a racial perspective but rather saw it as a business decision between private companies based on market mechanisms. The problem, according to him, is that some extremists still exist in Malaysia, and regardless of any business decision, they insist on interpreting it through a racial lens.
In a statement issued today, he said that maintaining national unity, stability, and harmony is the core stance of Pakatan Harapan (PH) in keeping the 30% ethnic quota in government and public policy. Within this framework, PH is committed to providing fair opportunities for all Malaysians.
"For this reason, the updated framework in the Economic Ministry's ‘Asset Acquisition Guidelines’ is disheartening and contrary to PH's policy direction of maintaining the status quo. The guidelines, effective November 18, 2025, apply to GLCs and GLICs selling assets valued above RM20 million and stipulate that acquiring companies must have at least 50% Bumiputera equity, up from the previous 30%."
He pointed out that one of the most important GLICs is the Employees Provident Fund (EPF), which is the most important statutory retirement fund for all Malaysians, including both Bumiputera and non-Bumiputera.
Regarding the relevant policy in the ‘Asset Acquisition Guidelines’, he stated it was actually already implemented and enforced by the previous government without amendment. "Now, however, the current government is increasing the Bumiputera equity requirement from 30% to 50%, which not only disappoints PH grassroots supporters but also raises concerns among outsiders, who fear that the government might apply the same approach in other policy tools and administrative arrangements in the future."
Clearly, he pointed out, the Chinese accepted this transaction because they did not view it from a racial perspective but rather saw it as a business decision between private companies based on market mechanisms. The problem, according to him, is that some extremists still exist in Malaysia, and regardless of any business decision, they insist on interpreting it through a racial lens.
In a statement issued today, he said that maintaining national unity, stability, and harmony is the core stance of Pakatan Harapan (PH) in keeping the 30% ethnic quota in government and public policy. Within this framework, PH is committed to providing fair opportunities for all Malaysians.
"For this reason, the updated framework in the Economic Ministry's ‘Asset Acquisition Guidelines’ is disheartening and contrary to PH's policy direction of maintaining the status quo. The guidelines, effective November 18, 2025, apply to GLCs and GLICs selling assets valued above RM20 million and stipulate that acquiring companies must have at least 50% Bumiputera equity, up from the previous 30%."
He pointed out that one of the most important GLICs is the Employees Provident Fund (EPF), which is the most important statutory retirement fund for all Malaysians, including both Bumiputera and non-Bumiputera.
Regarding the relevant policy in the ‘Asset Acquisition Guidelines’, he stated it was actually already implemented and enforced by the previous government without amendment. "Now, however, the current government is increasing the Bumiputera equity requirement from 30% to 50%, which not only disappoints PH grassroots supporters but also raises concerns among outsiders, who fear that the government might apply the same approach in other policy tools and administrative arrangements in the future."