Last Time: 30% of your company must be bumi-owned to qualify for listing, hence you see those public-listed companies having a bumi director, etc.

Now: you can list your company but after that, make sure that 50% of the shares are owned by bumis, i.e. now the shares are spread among many public shareholders - no individuals with controlling stake like before.

It's also less strict because you can say that you've offered by the bumis are not interested, your stocks have low liquidity, major shareholders unwilling to sell ...blah, blah, blah. Mesdaq companies are also required to have certain amount of public spread, but they always get away with such excuses.