Comfort zone keeping Bumiputera firms off Bursa, says PNB chief

KUALA LUMPUR: The head of Permodalan Nasional Bhd, Datuk Rizal Rickman Ramli, asserts that Bumiputera firms' inability to grow and seek public listings stems from a lack of strategic planning and fear of change, keeping them out of Bursa Malaysia. While capital and loans are readily available in Malaysia, many Bumiputera firms are content with their current operations and unwilling to undertake bold transformations.

Rizal believes that vision, ambition, and partnering with value-creation experts are essential to achieve public listings. Entrepreneurs often put growth aspirations on hold when their businesses succeed and reach a comfort zone, but scaling requires substantial operational shifts and professional management. A major obstacle is succession planning, as founders often wish to transfer businesses to family members who may not be equipped for the role.

Institutional investors can assist through advisory roles under the 10 Bumiputera Champions Programme. PNB, alongside other government-linked investment companies, is available to assist entrepreneurs in expansion plans. Rizal emphasizes that entrepreneurs have many ideas, but focusing on the right ones is crucial. PNB is among six government-linked investment companies participating in the Government-Linked Enterprises Activation and Reform Programme, which aims to foster strategic investments, nurture high-potential companies, and enhance socio-economic impact.

In 2025, GLICs invested RM1.3 billion directly into Bumiputera companies, and between 2022 and 2025, GLCs and Petronas procured an average of RM49 billion in goods and services from Bumiputera businesses.