The government has reversed a policy decision requiring 50 percent bumiputera ownership for any company that wants to buy GLC- or GLIC-owned properties worth over RM20 million.

Economy Minister Akmal Nasrullah Nasir told Parliament via a written reply yesterday that the threshold was reverted to 30 percent after a review that included consultation with stakeholders.

He told Bagan MP Lim Guan Eng that the reversion is also in line with the ministry's property acquisition guidelines which have been in force since July 2022.

The threshold was previously raised from 30 percent to 50 percent in November last year ostensibly to ensure that the disposal of strategic assets by GLCs and GLICs was aligned with national socioeconomic objectives and the bumiputera agenda.