Finance minister Tengku Zafrul Aziz said the government must consider the views of all stakeholders before making a final decision on the matter, adding that the issue was not new.

He said the postponement of the equity requirement until Dec 31 next year would give Teraju time to study the participation of Bumiputeras in the logistics industry.

“The findings of the study will be presented to the Cabinet to shape the direction of Bumiputera involvement in the logistics sector and ensure that the industry continues to grow,” he told the Dewan Rakyat today.

He was replying to a question from Loke Siew Fook (PH-Seremban), who asked whether the government was ready to review the policy since it was difficult to implement.

Loke also said the policy was unfair for non-Bumiputera-owned firms when the government was exempting foreign-owned companies from the equity policy, thus making these local firms less competitive.

But Tengku Zafrul reiterated that the ministry must consider the views of all stakeholders before coming to a decision.

“For now, no long-term solution has been found. In terms of immediate steps taken, we have extended the exemption to meet the equity condition twice, once to Dec 31, 2021, and now to Dec 31, 2022.

“To find a long-term solution, the government has given Teraju the responsibility to further study the involvement of Bumiputeras in the logistics sector. We will try to shape the direction of Bumiputeras in the logistics sector.”

Freight firms registered before 1976 are not required to have any Bumiputera equity, while a 30% quota was imposed on those registered between 1976 and 1990. The 51% Bumiputera equity requirement applies for firms registered after 1990.

No Bumiputera equity is required for licences held by integrated international logistics service providers.