Bursa Malaysia celebrates its 50th anniversary, highlighting five decades of capital market growth, business financing, job creation and contributions to Malaysia’s economy
KUALA LUMPUR: Bursa Malaysia has marked its 50th anniversary, reflecting on the capital market’s role in financing the country’s economic development, supporting businesses and creating jobs over the past five decades.
Bursa Malaysia chairman Tan Sri Farid Alias said the incorporation of the Kuala Lumpur Stock Exchange on Dec 14, 1976, marked an important step in charting the country’s path for economic growth.
“It became a beacon for free market activities, a platform for capital raising, and a thermometer of economic value creation,” he said in his welcoming remarks at Bursa Malaysia’s 50th anniversary gala dinner here today.
The exchange underwent a major transformation through a demutualisation exercise in 2004, moving from a member-based organisation into a market operator, frontline regulator and publicly listed company.
Farid said successive generations had responded to changing market needs while protecting the trust on which the market depends.
“That ability to adapt has kept Bursa Malaysia resilient and relevant through fifty years of change,” he said.
He said the capital market’s contribution could be seen in the country’s transport systems, electricity and water infrastructure, buildings and businesses, many of which had been funded directly or indirectly through capital-market channels.
“They create jobs and support livelihoods, while the market enables companies to grow and investors to participate in that growth,” he said.
Farid said this gave meaning to Bursa Malaysia’s purpose of “Creating Opportunities, Growing Value”.
He also paid tribute to former chairmen, board members, committee members, chief executives and senior management who had guided the exchange through different phases of growth, change and challenge.
Among those acknowledged were Datuk Nik Din, Tan Sri Amirsham, Datuk Shireen and Tan Sri Abdul Wahid. Tan Sri Azlan Hashim was unable to attend as he was unwell.
Farid also recognised the contributions of other capital-market figures, including Tan Sri Azman Hashim, Tan Sri Rashid Hussein and Tan Sri Ong Liang Huat, alongside generations of Bursa Malaysia employees, regulators, policymakers, intermediaries, listed companies, investors and regional and global exchange partners.
He said regulators and policymakers had helped establish the frameworks and standards needed to promote and protect confidence in Malaysia’s capital market.
As Bursa Malaysia celebrates its golden jubilee, Farid said the institution must build on the legacy left by previous generations.
“We have inherited a proud history, and with it the responsibility to build on what previous generations have entrusted to us,” he said.
He thanked Prime Minister Datuk Seri Anwar Ibrahim for attending the celebration alongside members of the capital-market community.
