KUALA LUMPUR, – Datuk Seri Najib Tun Razak has called on all government-linked investment companies (GLICs) and government-linked companies (GLCs) to step up their efforts to ensure that they graduate from the GLC Transformation Programme with ‘distinction’ next year.
Addressing the 27th meeting of the Putrajaya Committee on GLC High Performance (PCG27) today, the Prime Minister stressed that having champions or iconic companies would help grow the countryâ€™s gross national income and propel Malaysia towards its 2020 objectives.
The programme was launched in July 2005 with the objective of transforming GLCs into high-performing entities, with the target of having several GLCs emerging as regional champions by 2015.
To signify the completion of the programme, a GLC Open Day will be held in 2015 to engage the public by showcasing achievements, sharing lessons learned and reporting the final outcomes of the 10-year programme.
The meeting also deliberated on post graduation from the programme, asserting that the GLICs and GLCs needed to focus on the runway to 2020, and continued high performance were expected of them.
GLCs have delivered significant performance since the programme started on May 14, 2004 until Oct 31, with the top 20 GLCs (G20) market capitalisation tripled to RM435 billion from RM140 billion, while total shareholders return grew at 12.9 per cent per annum over the period.
Meanwhile, G20 net profit grew at a compound annual growth rate (CAGR) of 11.1 per cent from financial year (FY) 2004 to FY2013.
As a result of this strong financial performance, G20 has been able to return RM93 billion in dividends and RM57 billion in taxes from FY2004 to FY2013, which have directly and indirectly benefited the public. – BERNAMA