It is encouraging to hear what PM Dato Seri Najib Razak said this morning especially when he mentioned:
“It is not a time for sentiment of half measures but to renew our courage and pragmatism to take the necessary bold measure to advance the national interests for the long term benefit of all Malaysians…We will help the best and the good in business. We want to be fair to all communities. No one must feel marginalized…It is a tricky balancing act but it is doable”.
Basically in line with the 1Malaysia concept, the PM has announced that 30 per cent Bumi equity for firms seeking public listing is no longer required. However they need to offer 50 per cent of the public shareholding spread to the Bumis. In addition he also lifted the requirement of FIC approval for properties below RM20 million purchased by non-Bumis or foreigners. The latter may not seems to make much of a difference considering it only works as a technical change. But what about the getting rid of the Bumi quotas? Such changes are likely to have an impact in the economy and excite the wealthy non-Bumis. Conversely will the Bumis or UMNO napoleans/cronies accept the decision with an open heart? Is there a catch somewhere? I am sure PM will be pressurised by these people whereas Lim Kit Siang, Anwar Ibrahim and others will start analysing it before throwing out their criticisms. Anyway it is also understood that (from a reliable source) PM will form another body similar to Danaharta, to monitor any major acquisition of the Bumi shares so that a merger and acquisition plan can be initiated. To me, whether it is a political strategy or for the people, economically it is heading the right direction. After this it will be ideal if PM can think constructively to deal with issues such as prevention of crimes and corruption, then sustainable development and confidence is well on track. Ultimately what is really required is not only the implementation but execution and consistency.
andyyong
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