Prime Minister Datuk Seri Najib Razak with (from left) Khazanah Nasional Bhd chief executive officer Tan Sri Azman Mokthar, Permodalan Nasional Berhad chief executive officer Tan Sri Hamad Kama Piah Che Othman, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop and young participants at the Government-Linked Companies open day at the Kuala Lumpur Convention Centre yesterday. — NST picture by Chan Wai Yew
This was announced by Prime Minister Datuk Seri Najib Razak during the launch of the GLC Open Day 2011 yesterday at the Kuala Lumpur Convention Centre here.
Praising their commitment, Najib said GLCs’ performance was important to the overall national development agenda.
“They make profits, and with more profits, they pay more dividends to their shareholders, including their GLICs, and pay taxes to the government.” Najib said he was heartened by the achievements under the GLC Transformation Programme from May 2004 to June 2011, in a report earlier read by Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar, who represented the Putrajaya Committee on GLC High Performance secretariat.
Among the achievements include 16.1 per cent of shareholder returns during the period, and beating other companies on the FTSE Bursa Malaysia KLCI by 1.9 per cent, and increasing its revenue to 31 per cent and assets to 24 per cent overseas last year.
Najib reminded the GLICs of their role as trust agencies whose real beneficiaries were the people of Malaysia, for their retirement, for haj or as an opportunity to share in the wealth of the country.
He said there was always room for improvement and that GLCs should reach out to more small and medium enterprises, especially the micro-entrepreneurs and reap benefits from the vendor development programme (VDP).
The VDP was set up to encourage GLCs and multinational companies to set up vendor companies under them.
To date, 130 vendors have graduated from the programme. Najib also lauded the contributions of the GLCs towards the Pintar and Sejahtera programmes, initiatives which had been pivotal in spreading wealth from urban to rural areas.
Pintar is a school adoption programme currently involving 34 companies who provide material and academic support to 222 schools in under-served, predominantly rural locations.
Sejahtera is a poverty alleviation programme to address poverty in Malaysia.
On accusations that GLCs were crowding-out private sector companies, Najib proposed better collaborations between GLCs and the private sector, especially to expand their joint footprint overseas, “crowding -in” instead of crowding out.
“There can also be collaborations in catalysing new growth sectors domestically, ” he added. Also present were Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop and Chief Secretary to the Government Tan Sri Mohd Sidek Hassan.
The GLC Open Day 2011 is a threeday event event aimed at creating awareness and increasing the public’s understanding of the role played by GLCs and GLICs.
Author : Masami Mustaza
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