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Categories
| Miti to boost bumi participation in new growth areas |
| Written by Surin Murugiah | |||
| Friday, 03 July 2009 00:04 | |||
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"In 2008, out of 664.4 million shares available for allocation, only 326 million units or 49% were successfully distributed to bumiputera investors, said Miti in conjunction with the release of its 2008 annual report here yesterday. In comparison, for the period of 2004 to 2007, on average 71% of the shares totalling 888.5 million units offered to bumiputeras were successfully allocated. "This decrease was due to the cautious response from bumiputera investors in view of the impact of the global economic slowdown on the performance of the share market," it said. On the allocation of bumiputera special shares for initial public offerings (IPOs), Miti said for the period of 2004 to 2008, a total of 3.88 billion shares valued at RM3.8 billion were allocated to bumiputera investors. Out of this, tier 1, 2 and 3 entities were allocated a total of 36%, existing shareholders and board of directors 34%, registered companies and cooperatives 2% and direct application 28%. Miti also said that efforts would be intensified to improve bumiputera participation in new growth areas, particularly in the manufacturing, services and agricultural and agro-based sectors. Assistance would be provided to entrepreneurs to move into selected services sub-sectors such as transport and logistics, automotive workshops, distributive trade, professional and business services, tourism as well as resources-based industries. In the manufacturing sector, participation of bumiputera entrepreneurs will be focused on strategic and high-technology industries such as ICT, advanced manufacturing and precision engineering, it said. Miti added that it was preparing the "Bumiputera Development Master Plan", a five-year strategic plan for 2009-2013, to increase the involvement and participation of bumiputeras in the manufacturing and services sectors. "The plan will, among others, provide strategic action plan for bumiputeras to capitalise on opportunities in the domestic and global markets," it said. In its review of 2008, Miti said the development of the bumiputera commercial and industrial community would be the key towards restructuring society and ensuring greater bumiputera participation in the economy. The new development will not only look at the quantity of bumiputera entrepreneurs produced, but more importantly would focus on their overall quality in terms of productivity and competitiveness, it said. Miti had also established the bumiputera business development unit (BBDU) in July 2008 to ensure effective participation of bumiputeras in the manufacturing, services and international trade along the whole value chain encompassing exports, SMEs, outsourcing, management, research and development, marketing, packaging, rebranding, finance and training.
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