Sunday, September 24, 2006

Bumi's Equity is already 45%

A think-tank tells us something most of us knew long ago, that the bumiputera 30% equity has not only been reached but exceeded. But we all also know that the official line won’t acknowledge that because the NEP and affirmative action for bumiputeras only would lose its justification.

Anyway, the Asian Strategy and Leadership Institute (Asli), has estimated that the rightful Malay equity should currently be 45% based on September 2005 Bursa Malaysia figures.

The study - titled 'Corporate Equity Distribution: Past Trends and Future Policy' - estimated that 70% ownership of government-linked companies (GLCs) was attributable to bumiputeras. Based on a 2005 report by UBS Equity Research Malaysia, the study said GLCs made up about one-third of total market value at the time.

The director of Asli, Dr Lim Teck Ghee, said the top-10 GLCs alone - which include Tenaga Nasional, Telekom Malaysia, Maybank Bhd - roughly made up around one-third of the market value in 2005.

When he was asked to substantiate the 70% estimation, he said: “Our study was established based on the best available information and informed opinion. The government does not make data available easily (to the public).”

And for a damn good reason, to perpetuate the bull that bumiputera equity hasn’t reached 30% yet.

Lim hoped the government would exercise more transparency and publicise the methodology used by the government in providing its own figures.

Dream on, Dr Lim.


  1. When was NEP not a lie?

    How many people know that NEP was supposed to have no qouta? It was suppose to be a real affirmative action program of setting goals and setting handicaps only not qoutas. No less than Tun Abdul Razak gave that reassurance.

    The NEP was also never passed in Parliament. Parliament passing was also promised by Tun Abdul Razak. In fact he tried but the wordings did not satisfy the ultras.

    The biggest lie of all is that it actually worked. There is no evidence that suggest that average Malay would not do as well under socially responsible meritocratic system that would encourage Malay upward mobility. How many people know that Tan Siew Sin killed many silly project idea from ultras to ensure bigger funding rural education and rural healthcare as well as rural industry?

  2. 25 Umno Ministers with an average of RM 200 millions each. 9 sultans and 2 governors with an averge of RM 500 millions each. Further down the line; heirs to the throne, sons, daughters, brothers, sisters, uncles ,aunties and what have you. What is the total? Sorry, my calculator ran out of space.That does not include the AP kings and former PM and family. Hey, I forgot about Daim and his members. As usual they say "ini semua tak kira" because they are parked overseas. We only count Malaysian Ringgit. But even RM you have more than 30 %. But our population is more than 50 % so you shall give us more than 50 % AND IF POSSIBLE 100 %. It is a question of " Head I win and tail you lose" doctrine. Anyway I am not going to cry over spilled milk because there is RM 200 billions more to make from the 9th MP.