KUALA LUMPUR: All Majlis Amanah Rakyat (Mara) agencies and subsidiaries will be consolidated into a single entity known as MaraCorp, says Prime Minister Datuk Seri Najib Tun Razak.
He said the new Mara Corp Bhd would be a Government-linked corporation valued at RM1.4bil.
“There will be no additional Government funding, but all assets will be rearranged in a more orderly manner, with better principles of governance,” he said at Mara’s 50th anniversary celebration on Monday.
Najib added that Mara would also consolidate its entrepreneurial loans under one institution, namely the new Rural Capital Bhd.
“We have approval from the Finance Ministry for this, and this will help entrepreneurs continue to develop in this competitive market,” he said.
Following the success of Universiti Kuala Lumpur (UniKL), Najib also announced plans for Universiti Mara, which has been approved by the Higher Education Ministry.
“For those in this university who score seats at top foreign universities, Mara will continue to fund them,” he said.
Yayasan Pelajaran Mara will also be rebranded as Yayasan Mara, he said.
“It has funds of RM800mil which can now be used for other aid programs like welfare, flood and drought assistance â€“not just education,” he said.
Najib also said Jalan Semarang next to Menara Mara will now be known as Jalan Mara.
“City Hall has approved it and I will officiate the road today,” he said.