MCA ... revamp economic policies

KUALA LUMPUR: The Government has been urged to expedite judicial reform and set up an independent Judicial Commission to restore the confidence of the people in the system.
The MCA 55th annual general assembly unanimously passed the resolution to urge the Government to review the Internal Security Act and establish a check and balance system to ensure that it strictly applies to terrorism and cases with subversive elements.
The general assembly also urged the Government to urgently review and revamp all major macro-economic policies to encourage rapid economic expansion and improve Malaysia's global competitiveness. .. MORE
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Bursa wants bumiputera shareholding rules relaxed

KUALA LUMPUR, Oct 1 - Bursa Malaysia, the former Kuala Lumpur Stock Exchange, has asked the government to relax shareholding requirements that mar the market's attractiveness, industry officials say.
The requirements - which stipulate minimum bumiputera shareholdings - are said to be making local companies with overseas assets reluctant to list locally, and driving a growing number of them to go private or list overseas.
Thirty per cent of a listed company's equity must be set aside for bumiputeras, but this is not really being contested.
The main point of contention is that should a company top-up its capital base - say, through a rights issue - regulators can demand that bumiputera equity be restored to 30 per cent if it has been sold down. This has always been a concern because shareholders rightfully complain about earnings dilution.
The bourse wants the rules changed so that once a company is listed and the 30 per cent bumiputera equity requirement is met, it should no longer be subject to any top-up conditions.
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