PNB and GLICs target 10 Bumiputera champion firms by 2030

PNB and five other GLICs aim to develop 10 Bumiputera companies with a value of at least RM500 million each under the GEAR-uP initiative

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) and other Government-Linked Investment Companies (GLICs) are committed to creating 10 Bumiputera champion firms by 2030.

Each company is targeted to achieve a market capitalisation or enterprise value of at least RM500 million.

PNB deputy president and group chief executive Datuk Rick Ramli said this initiative is part of the Government-linked Enterprises Activation and Reform Programme (GEAR-uP).

The programme forms a key component of the national MADANI Economy agenda.

“The GLICs are in the process of evaluating and shortlisting companies for the activation of the support phase,” he said in a recent interview.

Nearly 170 companies have undergone an initial screening process.

Between 30 and 40 companies are now under further scrutiny for the final shortlist.

The goal is to select the final 10 companies in the first quarter of 2026.

Six GLICs are involved: PNB, KWAP, the EPF, Khazanah Nasional, Lembaga Tabung Haji and LTAT.

Rick said the initiative aligns with the Prime Minister’s call under the Bumiputera Economic Transformation Plan 2035.

The plan aims to produce five to 10 successful Bumiputera companies.

Support will include capacity building and facilitating market access through the GLICs’ networks.

Strategic guidance and tailored value-creation plans will also be provided to accelerate growth.

“Bumiputera companies still face challenges in growing, building capacity, market access, funding and so on,” Rick noted.

He added that these challenges limit their ability to access the capital market.

A total of RM40 million has been approved in Budget 2026 to scale up high-potential Bumiputera firms.

The RM500 million enterprise value target is the entry point for listing on Bursa Malaysia’s Main Market.

“At the end of the five-year period, if this initiative is successful, the companies will be at scale,” Rick said.

He added they would then have the potential to pursue an initial public offering.

The final listing decision will remain with the management of each company.

Such a listing would enable the firms to attract new investments from shareholders and the public. – Bernama

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