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Don't stray from original goal, PM tells companies related to interests of Bumiputeras

Publish date: Sun, 01 Oct 2023, 09:16 PM

KEPALA BATAS: Prime Minister Datuk Seri Anwar Ibrahim has reminded companies, especially those related to the interests of Bumiputeras, not to stray from the original goal of saving the Bumiputeras.

He said, based on his experience upon returning to the government, there were companies which had strayed from the original goal of saving the Bumiputeras, all because of poor governance.

He also reminded the companies not to take the easy way out by selling their assets to save the company.

Anwar said such actions were taken due to weak governance leading to wastage, in addition to management weaknesses.

"Whatever happens, I ask the current management of companies such as Permodalan Nasional Bhd (PNB) or Khazanah, which have been doing a great job, as well as federal and state companies, to first remember that management must be very efficient.

"Secondly, in whatever decisions made, they cannot easily give up their original equity and interests to protect and control the interests of companies that focus on the interests of the Bumiputera.

"Otherwise, no matter what, it will remain unchanged even for decades. They will go back to the basics, set up a company, mismanage, misgovern, (then) lose and the government has to bear it, help again, set up a new company... then we follow the path same," he said at the launch of the Minggu Saham Amanah Malaysia (MSAM) 2023 at Setia Fontaines, Bertam, here.

Present were Chief Minister Chow Kon Yeow and PNB group chairman Tan Sri Arshad Raja Tun Uda.

Anwar said there needed to be a shift in the governance of the Bumiputera companies, in which not only the federal government should be held accountable.

"On the contrary, it should also start from the cabinet and the management of Bumiputera companies, which should be held accountable to understand that there is a basic task that they must know.

"They must know how to manage things well and take care of the stake (Bumiputera interests) so that past weaknesses are not repeated," he added.

Earlier, Anwar said the responsibility, enlightenment and awareness of saving or involvement in stocks should start from school.

He said a discussion between PNB and the Education and Higher Education ministries to expand on the matter would be held soon.

"With the good record, company integrity and good management shown by PNB, enlightenment on shares and savings should be implemented starting with training selected teachers in schools.

"Based on PNB's sustainability agenda, it is a company that has a good management record after a long time.

"We cannot assume that those who save or are involved in shares, by themselves, have enough information.

"Therefore, I have assured the (PNB) chairman (that) a discussion will be held with the two ministries to expand awareness of saving and involvement in these shares in schools."

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