Putrajaya: Permodalan Nasional Bhd (PNB), in collaboration with several Government-Linked Investment Companies (GLICs), is set to spearhead the development of 10 Bumiputera Champion firms, each projected to achieve a market capitalisation or enterprise value of at least RM500 million by the year 2030. This initiative is part of the Government-linked Enterprises Activation and Reform Programme (GEAR-uP), which aligns with the broader MADANI Economy agenda aimed at fostering sustainable growth and empowering the bumiputera community.
According to BERNAMA News Agency, PNB’s deputy president and group chief executive, Datuk Rick Ramli, emphasised the ongoing efforts to evaluate and shortlist companies for this initiative. Nearly 170 companies have undergone an initial screening, with 30-40 companies being scrutinised further. The aim is to narrow down to 10 companies by the first quarter of 2026. Six GLICs, including PNB, Retirement Fund (Incorporated) (KWAP), the Employees Provident Fund (EPF), Khazanah Nasional Bhd, Lembaga Tabung Haji (TH), and the Armed Forces Fund Board (LTAT), are actively involved in this endeavour.
Rick highlighted that the initiative is in line with Prime Minister Datuk Seri Anwar Ibrahim’s vision under the Bumiputera Economic Transformation Plan 2035 (PuTERA35), which calls for the empowerment of Bumiputera economic development. The focus is on producing five to 10 successful bumiputera companies by providing support in areas such as capacity building, market access, and strategic guidance to accelerate expansion.
The initiative also addresses challenges faced by bumiputera companies, such as limited access to the capital market, which has resulted in fewer listings on Bursa Malaysia. To support this, RM40 million has been approved in Budget 2026 to accelerate the scaling-up of high-potential bumiputera companies.
Rick also noted that reaching an enterprise value of RM500 million would position these companies to be listed on the Main Market of Bursa Malaysia. Successful companies at the end of the five-year period will have the potential to be listed through an initial public offering (IPO), enabling them to attract new investments from shareholders and the public.