GOVERNMENT-linked companies (GLCs) such as Khazanah Nasional Bhd and the Employees’ Provident Fund (EPF) will invest in innovative and high-growth local start-ups with an investment of RM1.5 billion, Prime Minister Anwar Ibrahim said yesterday.

The prime minister added that, with the cumulative investment value of GLCs estimated at RM50 billion this year, their role and that of government-linked investment companies (GLICs) as the driver of the country’s economy is huge.

“The government proposes to extend the tax deduction of up to RM1.5 million for listing expenses on the ACE Market and LEAP market up to year of assessment 2025.

“The tax deduction also covers listing cost for technology-based companies on the Main Board of Bursa Malaysia,” he said when tabling Budget 2023 in the Dewan Rakyat yesterday.

Government agencies, he said, will also increase the capital space as well as attract the interest of local talent in the high-innovation sector.

“(A total of) RM40 million is provided under the Malaysia Co-Investment Fund (MyCIF) as matching grants to support the alternative funding approach. This will make the total funds available under MyCIF to RM300 million.

“The Securities Commission will also facilitate a wider secondary market for private sector instruments to increase the liquidity and enabling a better price discovery,” he said.

To encourage the listing of local high-growth technology companies, he said the government will allow the issuance of dual-class shares. – Bernama, February 25, 2023.