S’gor exco member: 51% Bumiputera rule for freight forwarders makes no sense
SELANGOR exco member Ganabatirau Veraman has questioned the Finance Ministry’s (MOF) move to ask for the equity of 51% of companies to be given to Bumiputeras.
“Is it necessary for the MOF to set such conditions? This will force local companies to sell their equities to Bumiputeras and no longer own majority shares despite the fact that these companies are built on the proceeds of their hard work,” said the Kota Kemuning assemblyman in a Facebook post.
Under the existing rules, freight forwarders with custom licences registered before 1976 are exempted from any Bumiputera equity requirement.
For those registered between 1976 and 1990, it must have a 30% Bumiputera equity and those registered after 1990 must have 51% Bumiputera equity.
Those with International Integrated Logistics Services (IILS) customs licences, however, do not have any Bumip