Weitere Kapitel dieses Buchs durch Wischen aufrufen
This chapter deals with GLIC ownership structures, looking particularly at the companies in which they have a majority interest among the top 100 enterprises quoted on the domestic stock exchange, the Bursa Malaysia. These GLICs have majority ownership of 35 companies publicly listed among the top 100 enterprises in terms of market capitalization. In this chapter, the development of these 35 GLCs is traced, with specific focus on how the GLICs have come to obtain ownership of these firms. The ownership patterns of these companies are assessed from a sectoral perspective, that is, utilities, plantations, property development and construction, oil and gas, banking, media, services and healthcare. The chapter pays particular attention to how the GLICs have come to acquire a significant presence in four core sectors: plantations, banking and finance, property development and construction, and media.
This chapter then studies how these seven GLICs function as business groups. Although all the GLICs can be classified as business groups, they fundamentally differ from each other in terms of the way they function, the business ownership methods they employ and how they control the companies in which they have an equity interest. This chapter identifies how the ownership patterns of the GLCs by the seven GLICs differ. While some GLICs have majority equity ownership of GLCs, others merely hold a minority interest in a large number of quoted companies. Block shareholdings are common, where two or more GLICs have an equity interest in GLCs. In most of these block shareholding situations, however, one GLIC has majority ownership of the GLC. Also noted here is the use of obscure private companies by the GLICs to function as shareholders of some important GLCs as a means to shield the extent of government ownership of a particular enterprise—a pattern most obvious in the media sector. What these ownership patterns indicate is that one company, MoF Inc., has overwhelming influence over the other six GLICs, with the possible exception of LTAT, long led by a corporate figure closely associated with Prime Minister Najib Razak. Although the focus of this study is GLICs associated with the federal government, the presence of state government investment arms such as Johor Corporation or State Financial Secretary Sarawak is noted and discussed.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Chan Chee Khoon. 2010. Re-thinking Health Care and the State. In K.B. Ooi and B.L. Goh (eds). Pilot Studies for a New Penang. Singapore: Institute of Southeast Asian Studies: 129–147.
Gill, Ranjit. 1985. The Making of Malaysia Inc.: A Twenty-Five Year Review of the Securities Industry of Malaysia and Singapore. Petaling Jaya: Pelanduk Publications.
Gomez, Edmund Terence. 1990. Politics in Business: UMNO’s Corporate Investments. Kuala Lumpur: Forum.
Gomez, Edmund Terence. 1999. Chinese Business in Malaysia: Accumulation, Accommodation and Ascendance. Honolulu: University of Hawaii Press.
Gomez, Edmund Terence. 2001. Why Mahathir Axed Daim. Far Eastern Economic Review (5 July): 50–51.
Gomez, Edmund Terence. 2002. Political Business in Malaysia: Party Factionalism, Corporate Development and Economic Crisis. In Edmund Terence Gomez (ed.), Political Business in East Asia. London: Routledge: 62–81. CrossRef
Gomez, Edmund Terence. 2005. The State, Governance and Corruption in Malaysia. In Nicholas Tarling (ed.), Corruption and Good Governance in Asia. London: Routledge: 214–244.
Gomez, Edmund Terence. 2006. Malaysian Business Groups: The State and Capital Development in the Post-currency Crisis Period. In Chang (ed.): 119–146.
Gomez, Edmund Terence and Jomo K.S. 1997. Malaysia’s Political Economy: Politics, Patronage and Profits. Cambridge: Cambridge University Press.
Gomez, Edmund Terence, Elsa Satkunasingam and Lee Hwok Aun. 2015. The State’s Business: Government-Linked Companies, the Financial Sector, and Socioeconomic Development in Malaysia. In Edmund Terence Gomez, Francois Bafoil and Cheong Kee Cheok (eds.), Government-Linked Companies and Sustainable, Equitable Development. London: Routledge: 103–126.
Jesudason, James V. 1989. Ethnicity and the Economy: The State, Chinese Business and Multinationals in Malaysia. Singapore: Oxford University Press.
Lim Chong-Yah. 1967. Economic Development of Modern Malaya. Kuala Lumpur: Oxford University Press.
Lim Kit Siang. 1986. BMF: Scandal of Scandals. Kuala Lumpur: Democratic Action Party.
Lim Mah Hui. 1981. Ownership and Control of the One Hundred Largest Corporations in Malaysia. Kuala Lumpur: Oxford University Press.
Mehmet, Ozay. 1986. Development in Malaysia: Poverty, Wealth and Trusteeship. London: Croom Helm.
Nor Mohamed Yakcop. 2016. Pushing the Boundaries: Stories from the Putrajaya Years (May 2000–May 2013). Petaling Jaya: MPH Group Publishing.
Puthucheary, James J. 1960. Ownership and Control in the Malayan Economy. Singapore: Eastern Universities Press.
Searle, Peter. 1999. The Riddle of Malaysian Capitalism: Rent-Seekers or Real Capitalists. St Leonards/Honolulu: Allen & Unwin/University of Hawaii Press.
Sieh-Lee Mei Leng. 1982. Ownership and Control of Malaysian Manufacturing Corporations. Kuala Lumpur: UMCB Publications.
Sloane, Patricia. 1999. Islam, Modernity and Entrepreneurship Among the Malays. Basingstoke: Macmillan. CrossRef
Snodgrass, Donald R. 1980. Inequality and Economic Development in Malaysia. Kuala Lumpur: Oxford University Press.
Tan Tat Wai. 1982. Income Distribution and Determination in West Malaysia. Kuala Lumpur: Oxford University Press.
Wong Sulong. 2011. Notes to the Prime Minister. Petaling Jaya: MPH Group Publishing.
Yoshihara, Kunio. 1988. The Rise of Ersatz Capitalism in Southeast Asia. Kuala Lumpur: Oxford University Press.
- GLICs and Corporate Ownership
Edmund Terence Gomez
- Springer Singapore
- Chapter 3
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta