MoF agrees to postpone Bumiputera ownership requirement for freight forwarders

The Finance Ministry has agreed to postpone the enforcement of Bumiputera ownership requirements for freight forwarding companies in order to review regulations.

A source with knowledge of the matter told The Vibes that the ministry has agreed to extend the deadline for enforcement until the end of 2022.

“The matter has been resolved for now, and the Finance Ministry has agreed to postpone (the deadline for enforcement) until 2022 to review the regulations,” the source said.

Yesterday, a letter by a freight forwarders’ association addressed to the government seeking a clarification on Bumiputera ownership requirements for logistics companies was sighted by the media.

In the letter directed to International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali, the association’s president Alvin Chua suggested that conditions requiring logistics companies to have at least 51% Bumiputera ownership be deferred to the end of next year.

It was also mentioned in the letter that the Finance Ministry required all customs brokerage licence holders to comply with Bumiputera equity requirements, but has yet to set a figure.

The contents of the letter also pointed out that licences obtained pre-1976 do not require Bumiputera ownership, however licences registered between 1976 and 1990 require 30% Bumiputera equity.

As for licences registered post-1990, a requirement of 51% is set, while no conditions for Bumiputera equity are set for licences held by international logistics service providers. TV

MoF agrees to postpone Bumiputera ownership requirement for freight forwarders

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