KUALA LUMPUR (March 2): The decline in profitability of Malaysian public listed companies (PLCs) in recent years indicates a clear need for these companies to undergo a transformation, according to Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.
In the launching event on Wednesday (March 2), Abdul Wahid said the newly launched Public Listed Companies Transformation (PLCT) Programme will benefit not only Corporate Malaysia, but also produce several positive outcomes that among others will boost market confidence and aid Malaysia’s overall economic recovery.
“The support of industry champions and corporate leaders is critical throughout the PLCT Programme.
“The programme's success is dependent on a whole-of-industry approach where key industry stakeholders collectively and continuously encourage and guide PLCs in their journey of growth.
“I encourage PLCs to have a positive mindset and take advantage of this opportunity and rise to the challenge of committing to performance,” he said.
Meanwhile, Bursa chief executive officer Datuk Muhammad Umar Swift said PLCs must remain agile in today's highly challenging economic landscape while maintaining a relentless focus on sustainable outcomes.
“If participating PLCs remain committed to adopting leading best practices and are focused on growth, we strongly believe that the PLCT Programme will help elevate the stature of our PLCs,” Muhammad Umar shared.
The PLCT Programme is a programme aimed at steering Corporate Malaysia to higher performance levels.
Spearheaded by Bursa, the programme is expected to increase the attractiveness ("investability") of listed companies in Malaysia by strengthening the growth narratives of PLCs across all sizes.
The launch of the PLCT Programme on Wednesday also saw the unveiling of the programme’s first digital guidebook titled “Creating Purpose & Performance Driven Public Listed Companies (PLCs)”.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced the PLCT Programme in November last year, aimed at delivering a high-performance Corporate Malaysia.
He said the PLCT Programme will be focusing on enhancing five pillars of the nation's PLCs, being:
- for PLCs to be performance-driven;
- grow as sustainable, socially responsible and ethical organisations;
- to feature strengthened corporate governance;
- to be digitally enabled; and
- to support the nation-building drive to advance the Malaysian economy and community.