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Budget 2024: govt should improve business mechanisms, says federation | Scoop
Federation of Malaysian Business Associations vice chairman Raymond Woo said businesses face tight deadlines for submitting their regularisation plans, which are essential for them to retain their Bursa listing status. – Scoop pic, October 5, 2023
News

Budget 2024: govt should improve business mechanisms, says federation

Companies seeking to re-list on Bursa Malaysia after the pandemic request for a streamlining of the process

Main Author Image
Adam Ayzzat
Updated
10:00 AM MYT

 

KUALA LUMPUR – The Federation of Malaysian Business Associations (FMBA) has urged the government to implement enhanced strategies aimed at fostering a more conducive business environment in the forthcoming Budget 2024.

FMBA’s vice chairman, Raymond Woo noted the need for streamlining the application processes for companies seeking to re-list on Bursa Malaysia, following the adverse effects of the Covid-19 pandemic.

Woo said the pandemic had led to several for-profit organisations facing financial distress, resulting in them falling into Practice Note 17/2005 (PN17) status, ultimately leading to their delisting from Bursa.

He pointed out that businesses are currently faced with tight deadlines for submitting their regularisation plans, which are essential for restructuring or revitalising companies to retain their listing status.

“Some companies are granted a one-year window, while others are given two to three years,” Woo told Scoop.

“For companies with less than three years, it is crucial to establish an expedited process for re-listing on Bursa.

Woo also expressed hope that the government would simplify interactions with banks within the ‘whole-of-nation’ framework, encompassing government entities, private sector organisations, government-linked companies, and non-governmental organisations.

Increasing engagement within this framework, Woo said, could alleviate the burden on borrowers and lead to lower interest rates.

Meanwhile, Woo urged the government to revitalise the Leading Entrepreneur Accelerator Platform (Leap), thereby providing companies with improved liquidity.

He believes that this move would enable greater participation by retail investors in companies offering significant growth prospects.

Leap, a segment of Bursa, facilitates fundraising access through the capital market for various companies, including small-to-medium enterprises (SMEs).

Woo also proposed a reduction in listing fees through a comprehensive review of the fee structure, with a shift of more responsibilities onto the listers and a reduction in compliance requirements.

Budget 2024 is scheduled for tabling on October 13 and will be guided by the Madani framework.

Deputy Finance Minister II, Steven Sim, indicated that the ministry would prioritise micro, small, and medium enterprises in the upcoming budget to enhance their competitiveness in the evolving economy and stimulate the nation’s economic growth. – October 5, 2023

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