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KL to 'gradually' lift curbs on foreign equity Posted: 04 Jul 2011 07:22 PM PDT Malaysia plans six reform initiatives to boost competitiveness and revamp its finances, the government said in a statement. The state will become more of a facilitator in business as opposed to being a significant investor, it said. Around RM13 billion will be targeted through cost-savings and revenue generation which will help the government repay debts and invest, said the statement. Malaysia plans to "gradually" remove restrictions on foreign equity and overseas professionals working in the Southeast Asian nation's services sector, the government said. Malaysia will ease foreign equity restrictions in international schools and extend teaching permits validity to up to five years. Malaysia will remove curbs to foreign participation in the establishment of specialist hospitals and ease entry restrictions for foreign specialists such as doctors and dentists. Malaysia said it identified 33 state-linked companies that may be divested through the government paring its stake, listing or outright sale. Some 24 of these corporate exercises will take place either this year or next, the government said in a statement today, outlining its recommendations. -- Bloomberg Full Feed Generated by Get Full RSS, sponsored by USA Best Price.

Govt earmarks 33 companies for divestment Posted: 04 Jul 2011 07:23 PM PDT KUALA LUMPUR: The government has identified 33 companies as ready for divestment through a stake pare-down, listing or outright sale in a move to rationalise its portfolio of government-linked companies (GLCs. An action which involves the paring down of five companies, listing of seven companies and outright sale of 21 companies is under the Government's Role in Business, one of the six Strategic Reform Initiatives (SRIs) announced today. "Twenty-four companies are expected to be involved in the exercise during 2011-2012," said Performance Management and Delivery Unit (Pemandu) in a statement today. It said the companies were at a different stage of preparation for divestment and announcements will be made over the course of the year by the respective organisations. Proceeds will be channeled to the Federal Government Divestment Account or a State Account for the purpose of serving the country's national deficit, investing in existing funds and the facilitation fund for businesses which the government can be involved in. The government will work at ensuring a clear separation in regulatory and business functions to avoid conflict of interest and encourage a level-playing field to boost private sector investments. - Bernama Full Feed Generated by Get Full RSS, sponsored by USA Best Price.

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