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UM report released in 2002 found that Bumi equity hit NEP target 10 years ago
Liu Tian Khiew
by Ronnie Liu Tian Khiew
Thursday): In a Malaysiakini exclusive report entitled " Bumi equity hit NEP target 10 years ago " today, Beh LihYi reported that a university research paper has found that the 30% bumi equity ownership as targeted under the government's new Economic Policy had been achieved about 10 years ago.
Interestingly, the academic team led by Dr M Fazilah Abdul Samad had used par value of KLSE listed companies as the basis of calculation. Even so, her team has reached the conclusion that the bumi equity target under NEP had been met by 1997.
The ground-breaking research was
compiled into a 107-page report
entitled 'Bumiputeras in the
corporate sector: Three decades
of performance 1970-2000' and
was published four years ago.
The research, done by Universiti
Malaya academician Dr M Fazilah
Abdul Samad, was based on a
10-year analysis of bumiputera
equity ownership between 1988
and 1997 of public listed
companies on the Kuala Lumpur
Stock Exchange (KLSE), now
called Bursa Malaysia.
According to the 2002 study, the
33.7 percent figure was made up
of bumiputera corporate equity
ownership (30.6 percent) - which
is equity held by bumiputera
companies - and individual
bumiputera share ownership ( 3.1
We are still waiting for the Government to respond with its data and methodology to back up its claim of 18.9%.
We urge BN Government to stop extending the racial biased NEP to 2020. It's time to push the country forward with new colour-blind economic and social policies.
Ronnie Liu Tian Khiew,
DAP CEC member and NGO Bureau Chief