PARLIAMENT | Khazanah Nasional Bhd's new management will ensure the strategic investment fund's bumiputera equity holdings in strategic companies are protected and expanded through government engagement, says Economic Affairs Minister Mohamed Azmin Ali.
Its equity holdings had been diluted of late, resulting in a reduction in Khazanah's stakes in strategic firms – including utilities such as Tenaga Nasional Bhd and Telekom Malaysia Bhd – he told the Dewan Rakyat in the winding-up debate on the royal decree.
Azmin, who was recently appointed a director of Khazanah, said the policy to empower bumiputera would be continued and strengthened in view of the low equity ownership level based on socioeconomic indicators, with equity ownership in the corporate sector still below 30 percent.
He said this was in line with the original aim for setting up Khazanah, including controlling government's strategic assets such as utility firms.
Replying to Mustapa Mohamed's (BN-Jeli) question on the status of Majlis Amanah Rakyat, the Bumiputera Agenda Steering Unit (Teraju) and Ekuiti Nasional Bhd (Ekuinas), Azmin said Teraju's role, along with those of other bumiputera development organisations would be reassessed and streamlined to ensure a more effective management and that the original goals are achieved.
“The proposed way of doing business for bumiputera will be enhanced and improved to be more holistic and comprehensive so that bumiputera involvement will remain significant for their economic development,” he explained.
He added that his ministry was also identifying potential growth areas to be focused on as well as the assistance and forms of strategic cooperation that could be established to support the Bumiputera Economic Empowerment Agenda.