Monday, March 22, 2010


One of the curious development last year as the Prime Minister removed the 30% bumiputera requirement for public listing on Bursa Malaysia, was the set up of the RM500 million EKUINAS fund to specifically promote bumiputera participation in the local economy.

What I couldn't fully understand was how a RM500 million fund, almost fully funded by the Government, taking equity interest in various companies would actually promote or increase bumiputera participation.  So I asked the following question to the Prime Minister in parliament:

Tony Pua meminta Menteri Kewangan menyatakan bagaimana dana Equinas dapat meningkatkan penyertaan bumiputera dalam ekonomi sedangkan ia dibiayai oleh kerajaan dan bukan daripada pelabur bumiputera. Apakah perbezaan antara Equinas dengan dana pelaburan kerajaan seperti 1MDB, Khazanah dan lain-lain? 

The following was a fairly long answer, which again, did not answer the crux of my question.

Ekuiti Nasional Berhad (EKUINAS) ditubuhkan dengan tujuan meningkatkan penyertaan Bumiputera dalam ekonomi secara bermakna dan berkesan.  Ekuinas merupakan syarikat government linked private equity fund management yang bukan sahaja mengurus dana daripada sumber Kerajaan malah menjana dana dari sumber luar.  Ekuinas mempunyai empat fungsi utama iaitu:
i. menggalakkan penglibatan berkesan dan berkekalan Bumiputera dengan menguasai pemilikan dan pengurusan syarikat dalam sektor korporat;

ii. mengenal pasti usahawan Bumiputera yang berpotensi serta membina keuppayaan usahawan Bumiutera sedia ada untuk terlibat secara efektif dalam sektor pertumbuhan strategik berasaskan meritokrasi;

iii. mewujudkan usahasama tulen di antara Bumiputera dengan bukan Bumiputera dalam sektor strategik; dan

iv. meningkatkan tenaga kerja Bumiputera terutamanya dalam kategori pekerjaan pengurusan dan professional.
Melalui penekanan kepada aspek penguasaan dan pengekalan pemilikan ekuiti, Kerajaan yakin Ekuinas mampu menjadi mekanisme yang berkesan untuk meningkatkan pemilikan ekuiti Bumiputera.  Prinsip pemilihan investee company yang berasaskan meritokrasi dan ketulenan juga akan menyumbang kepada peningkatan pemilikan ekuiti Bumiputera yang lebih bermakna.

Ekuinas merupakan anak syarikat milik penuh Yayasan Ekuiti Nasional iaitu sebuah tabung amanah yang diwujudkan untuk kepentingan Bumiputera, sama seperti Permodalan Nasonal Berhad yang merupakan anak syarikat milik penuh Yayasan Pelaburan Bumiputera, sebuah tabung amanah yang diwujudkan untuk menggalakkan penyertaan Bumiputera di dalam pasaran modal.  Ini berbeza daripada 1Malaysia Development Berhad atau Khazanah Nasional Berhad yang dimiliki sepenuhnya oleh Menteri Kewangan Diperbadankan.

Maybe I'm a little thick, but with the above answer, I'm still completely clueless on how Equinas can help individual bumiputeras, and on how it sources funds other than from Government.


Anonymous said...

Who run equinas? I understand a few people close to Najib wanted a fund like this so they can be managers and get carry and even if they fail, there is still a big salary, nice perks..

Anonymous said...

I not smart, neither I stupid. As with Tony I also donno how Equinas can help individual bumiputeras, and on how it sources funds other than from Government.

NEO said...

It work like this:

1. Ekuinas (syarikat government linked "private equity" fund) will invest in Boc (Bumiputera Owned Companies).

2. BOC will use fund from Ekuinas to invest and eventually undertake IPO. When the BoC listed on Bursa, the owners /promoters of BoC will increase Bumi Equity. While the Ekuinas will exit vio IPO.

3. The issue is what is the criteria use by Ekuinas to identify the BoC?

I hope Ekuinas will not invest in UmNoCo (Umno Owned Compopines)

azmie said...

tony, its very simple. first you need to really understand what the term bumiputra means. bumiputra means the shitheads who leads umno and heads the giant glc such as khazanah, pnb and all the other shits. you see, the kelantanese are not bumiputra because the are against umno. even a lot of umno supporters are not bumiputra because the are not shitheads who leads the party. i myself is a malay, but not a bumiputra since i am not in favor of umno shitheads. now that's not very difficult to understand is it? as for how the billions is to be shared among the bumiputras. i'll let you do the maths.

Anonymous said...

YB, not helping the Bumiputra but the cronies of UMNOPutra.
Tell them don't bullshit!!!

Anonymous said...

Now we all know why Ibrahim Ali /Perkosa is saying the Malay rights are threathen....???

Not all bumis are getting their due yah...! Better he go "dig" his own countrymen.

Anonymous said...

Aiyooo bosses i think are umno with Govt project project and more project.

The sucess of a person in malaysia is pro

Anonymous said...

Kill 2 birds with one stone lah! Publicly, it looks good on the invest in local enterprises with such huge funds.Umno Cronies will reap the pofits from the IPO listing.How to loose? Failures in managing the $$$ is no problem.Public funds!

Anonymous said...

little wonder our country is in shits.

Anonymous said...

The word used in the parliamentary answer was "mengenal pasti" syarikat bumiputera bla bla bla.....the English translation of " mengenal pasti" is "to identify". But to those currently in power translated it directly....."mengenal" = to know; and "pasti" = ensure. Therefore, only the bumiputeras that they "know" and they want to "ensure" to remain wealthy will benefit from this. I'm a "non-bumi Malay", plus they don't "know" me, and I'm not in the group that they want to "ensure" to remain wealthy..therefore like many others, I don't benefit anything from the policy. I'm seriously encouraging my children to migrate once they finished their studies..