Latest news with #GEAR-uP2025ProgressReport
New Straits Times
15-07-2025
- Business
- New Straits Times
PNB prepping 10 firms for IPO
PUTRAJAYA: Permodalan Nasional Bhd (PNB) is leading the efforts to prepare 10 Bumiputera companies for their initial public offering (IPO) and turn them into regional champions over the next few years. Coming under the Bumiputera Relay Race initiative, it includes a possible listing of an Ekuiti Nasional Bhd (Ekuinas) portfolio company by the year-end. The Bumiputera Relay Race is to ensure continued and sustainable Bumiputera equity ownership in the corporate sector through the capital market. Industry observers said the concept is simple but strategic: Ekuinas invests in mid to late-stage growth companies, supports their scale-up and guides them toward IPO readiness. "Once they are ready for a listing, PNB steps in by acquiring a strategic stake and continuing the companies' value creation plan to become regional champions, all while ensuring the equity remains within Bumiputera institutional hands," they said. This structured handover - from private equity firm (Ekuinas) to public institutional ownership (PNB) - forms the core of the "relay race" metaphor, symbolising the seamless transition of Bumiputera ownership across growth stages. Putra Business School economist Professor Dr Ahmed Razman Abdul Latiff said the initiative can help increase Bumiputera participation in the capital market at the entry level given that the current participating rate of Bumiputera companies is very low. He, however, said equally important is to have a more comprehensive plan to ensure sustainability and competitiveness of these companies. "Many have faced financial and non-financial issues and challenges which forced them to being delisted or in financial difficulties such as Serba Dinamik Holdings Bhd and Sapura Energy Bhd," he added. Ekuinas, a government-linked private equity firm focused on Bumiputera economic participation, will invest in mid to late-growth companies via direct investments and private credit. The "relay race" is a flagship component of the GEAR-uP (Generating Empowerment and Advancement for Resilient Bumiputeras) programme, which seeks to elevate Bumiputera participation in the economy. According to Finance Minister II Datuk Seri Amir Hamzah Azizan, the strategy is about building capacity and opportunity for Bumiputera communities and businesses. "It's important as we make the cake, we don't forget that some part of the cake. Bumiputera must also be given an extra hand. "The government-linked investment companies are helping to create mechanisms where Bumiputera may have support along the way, but making sure that when we do that, we create the right incentives," he said at a media briefing of GEAR-uP 2025 Progress Report recently. Amir Hamzah added that the activation of the Bumiputera Relay Race is slated to begin in the fourth quarter of 2025 through the potential listing of an Ekuinas portfolio company. He said the relay race will ensure continued Bumiputera ownership while benefitting the community by distributing listing gains, complementing Amanah Saham Nasional Bhd's unit trust fund returns. "What we hope to achieve through this is to build a connected value chain, where we can work with Equinas to nurture smaller companies, help them scale and eventually guide them towards an IPO. "Once these companies are listed, we can then take a chunk of stake in the IPO, retain some ownership and gradually release shares back into the market, essentially making the 'relay race' work, with smooth handovers from one stage to the next," he explained. Ekuinas had previously been reported planning to list two of its portfolio companies, Orkim Sdn Bhd and Al-Ikhsan Sports Sdn Bhd. Both companies had been identified as IPO candidates, but unfavourable market conditions and timing issues had forced earlier delays. In March 2025, Ekuinas reportedly was preparing to list oil and gas shipping company Orkim by the fourth quarter of this year, with a potential valuation of up to RM1 billion. Meanwhile, Al-Ikhsan - one of the country's largest homegrown sportswear retail chains - had been positioned as a consumer-sector IPO story, leveraging its brand strength and growing retail footprint. Ekuinas had first explored an IPO for Al-Ikhsan in 2022, deferring the plan to this year, though no further updates have been announced since. Ekuinas other portfolio companies include Cosmopoint Group, Unitat International University, Xenergi Sdn Bhd, Bluesify, Mizou, Symbiotica, Kaisar Farmasi, Flexi Versa Group Sdn Bhd, Davex (M) Sdn Bhd, Exabytes Capital Group Sdn Bhd and Revenue Valley Sdn Bhd.
The Star
30-06-2025
- Business
- The Star
MOF: RM11bil deployed under GEAR-uP to drive high-growth sectors
Finance Minister II Datuk Seri Amir Hamzah Azizan - NORAFIFI EHSAN / The Star PUTRAJAYA: A total of RM11 billion has been deployed under the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) as of June 30, 2025, less than a year since the initiative spearheaded by the Ministry of Finance (MOF) was launched. In a special briefing on the GEAR-uP 2025 Progress Report, Finance Minister II Datuk Seri Amir Hamzah Azizan said the amount forms part of the RM22 billion in domestic direct investments identified, representing 88 per cent of the RM25 billion pledged by six major government-linked investment companies (GLICs). He said the funds are being channelled into high-growth, high-value sectors such as semiconductors, the energy transition, community upliftment, and talent development. "The programme has also secured commitments from 34 GLICs and government-linked companies (GLCs) to provide at least a minimum monthly living wage of RM3,100 to 153,000 employees - delivering on its promise to raise the rakyat's quality of life and lead the national agenda for wage reform. "Guided by the objectives and principles of the Ekonomi MADANI framework, GEAR-uP aims to unlock RM120 billion over five years to drive socioeconomic reforms and jumpstart Malaysia's industrial transformation,' he added. The six GLICs anchoring the programme are Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), the Retirement Fund (Incorporated) (KWAP), Lembaga Tabung Angkatan Tentera (LTAT), and Lembaga Tabung Haji. Since its launch in August 2024, the six core GLICs have channelled over RM800 million into Malaysia's semiconductor ecosystem, kickstarted green industrial development across 3,000 acres (1,214 hectares) in Kerian and Carey Island, and backed more than 50 Malaysian companies and funds through venture capital and private equity. Amir Hamzah said the GLICs and their network of GLCs have also awarded RM200 million in scholarships, supported 8,000 B40 youths through job placement programmes, and rolled out community investments benefiting over 700,000 Malaysians nationwide. "GEAR-uP is not just about capital deployment - it is about strategic alignment. We are unlocking RM120 billion to advance future industries while lifting incomes, building capabilities, and delivering on shared prosperity. This is how we translate economic reform into tangible results. "This goes beyond strengthening economic fundamentals. GEAR-uP is about uplifting the rakyat's standard of living and nurturing regional champions in cutting-edge industries, so that Malaysia can rise to new heights,' he said. Looking ahead, Amir Hamzah said GEAR-uP will expand its scope to involve over 30 GLCs under participating GLICs. Through this expansion, it targets to achieve RM100 billion in market capitalisation, deliver 7.5 per cent shareholder returns, and champion non-financial outcomes - including the implementation of living wages, growing Bumiputera enterprises, and developing talent and future leaders. - Bernama
Barnama
30-06-2025
- Business
- Barnama
RM11 Bln Deployed Under Gear-Up To Drive High-Growth Sectors
BUSINESS PUTRAJAYA, June 30 (Bernama) -- A total of RM11 billion has been deployed under the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) as of June 30, 2025, less than a year since the initiative spearheaded by the Ministry of Finance (MOF) was launched. In a special briefing on the GEAR-uP 2025 Progress Report, Finance Minister II Datuk Seri Amir Hamzah Azizan said the amount forms part of the RM22 billion in domestic direct investments identified, representing 88 per cent of the RM25 billion pledged by six major government-linked investment companies (GLICs). He said the funds are being channelled into high-growth, high-value sectors such as semiconductors, the energy transition, community upliftment, and talent development. 'The programme has also secured commitments from 34 GLICs and government-linked companies (GLCs) to provide at least a minimum monthly living wage of RM3,100 to 153,000 employees — delivering on its promise to raise the rakyat's quality of life and lead the national agenda for wage reform. 'Guided by the objectives and principles of the Ekonomi MADANI framework, GEAR-uP aims to unlock RM120 billion over five years to drive socioeconomic reforms and jumpstart Malaysia's industrial transformation,' he added. The six GLICs anchoring the programme are Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), the Retirement Fund (Incorporated) (KWAP), Lembaga Tabung Angkatan Tentera (LTAT), and Lembaga Tabung Haji. Since its launch in August 2024, the six core GLICs have channelled over RM800 million into Malaysia's semiconductor ecosystem, kickstarted green industrial development across 3,000 acres (1,214 hectares) in Kerian and Carey Island, and backed more than 50 Malaysian companies and funds through venture capital and private equity. Amir Hamzah said the GLICs and their network of GLCs have also awarded RM200 million in scholarships, supported 8,000 B40 youths through job placement programmes, and rolled out community investments benefiting over 700,000 Malaysians nationwide. 'GEAR-uP is not just about capital deployment — it is about strategic alignment. We are unlocking RM120 billion to advance future industries while lifting incomes, building capabilities, and delivering on shared prosperity. This is how we translate economic reform into tangible results.
