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PETALING JAYA: PAS has called on the government to provide greater clarity regarding the recent requirement mandating 50% Bumiputera ownership in high-value property transactions exceeding RM20 million, particularly those involving government-linked companies (GLCs) and government-linked investment companies (GLICs).

The call for clarification comes as stakeholders seek a better understanding of the implications and practical application of the new rule. PAS officials expressed concerns that the lack of detailed guidelines could lead to confusion and potentially hinder investment and development activities involving GLCs and GLICs.

The requirement, recently introduced as part of broader efforts to promote Bumiputera economic participation, stipulates that any property transaction valued at RM20 million or more must have at least 50% Bumiputera ownership. This applies to deals involving both GLCs and GLICs, raising questions about how the rule will be implemented in various scenarios, including mergers, acquisitions, and new developments.

PAS believes that a clear and comprehensive explanation from the government is crucial to ensure smooth implementation and prevent any unintended consequences. They suggest a public forum or detailed written guidelines to address the concerns raised by industry players and provide a transparent framework for compliance. The party emphasized the importance of balancing the need to uplift Bumiputera economic standing with the need to maintain a stable and attractive investment climate for all stakeholders.

The government has yet to release specific details on how this rule will be enforced and what exemptions, if any, will be allowed. This ambiguity has prompted PAS to proactively seek clarification to avoid potential disruptions to ongoing and future transactions involving significant government-linked entities. Further updates are expected as the government finalizes the implementation details.