PETALING JAYA: An association of freight forwarders has urged the government to clarify its position on Bumiputera equity in logistics companies, with only months left before an end-of-year deadline.

In a letter dated Sept 18 to the government, Chua said the finance ministry had stated in January that all Customs brokerage licence holders must comply with Bumiputera equity requirements, but did not set any figure.

“It is already September 2021 and the deadline to comply is Dec 31,” he said in his letter to the international trade and industry ministry.

“Selling 51% of the business also means that the present owner can no longer control and run his business. If we can’t find Bumiputeras to actually invest in the companies before the Dec 31 deadline, it means that all the logistics companies with Customs brokerage licenses would close down,” he said.

Licences registered before 1976 do not have a Bumiputera equity requirement, while a 30% quota is imposed on those registered between 1976 and 1990, and a 51% Bumiputera requirement for licences registered after 1990. No Bumiputera equity is required for licenses held by integrated international logistics services providers.

https://www.freemalaysiatoday.com/category/...bumiputera-rule

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TLDR: Freight forwarding companies must have Bumi equity but never specify how much. No Bumi equity = No License renewal. So easy for Bumi to buy stakes 

Who knows maybe in 2025 glove companies must have 51% bumi equity too. Messiahword requesting your expertise.