KUALA LUMPUR (Oct 13): Putrajaya plans to consolidate the country's Bumiputera-focused investment institutions under Yayasan Pelaburan Bumiputera (YPB), a subsidiary of Permodalan Nasional Bhd (PNB), Malaysia's largest fund manager, following recent past experiences where Bumiputera agencies fell into losses because of mismanagement, negligence and procrastination.

"The main institutions of the country cannot deviate from the original goals of their establishment. Past mismanagement had forced the government to bear the loss of Tabung Haji (RM20 billion), Felda (RM10 billion) and the Armed Forces Fund Board (LTAT). In the face of problems, it is not appropriate for key institutions to have to undertake strategic asset sales," it said.

Key institutions should be managed well and professionally, to realise their long-term investment potential for the benefit of its stakeholders.

On that note, Prime Minister Datuk Seri Anwar Ibrahim said Ekuiti Nasional Bhd or Ekuinas will be placed under YPB to strengthen the development of Bumiputera businesses, with the cooperation of PNB and Perbadanan Usahawan Nasional Bhd (PUNB), an agency establishd to enhance the participation and involvement of Bumiputera in entrepreneurship.

Ekuinas is a private equity fund management company that was set up to enhance Bumiputera economic participation and wealth creation towards the creation of Malaysia’s next-generation leading companies.

The government also wants to consolidate Pelaburan Hartanah Bhd, a fully-owned subsidiary of Yayasan Amanah Hartanah Bumiputera (YAHB), under PNB and be strengthened by the injection of strategic land assets from the government, especially in Kuala Lumpur, for housing developments.  

Educational institutions under Majlis Amanah Rakyat (Mara), including Universiti Teknologi Mara (UiTM), should focus on training and improving the skills of new Bumiputera talent in high-growth fields such as Islamic economy, aerospace and the creative industry.

A total of RM1.6 billion worth of loan facilities and guarantees will be provided to micro, small and medium-sized Bumiputera entrepreneurs to increase their capacity and competitiveness, as well as to provide funding for Bumiputera start-ups, he added.

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