KUALA LUMPUR, Sept 14 – A government equity investment firm would be given 20 billion ringgit ($4.6 billion) to shore up the country’s stock market with announced other measures to support the slowing economy, said Malaysian Prime Minister Najib Razak said on Monday.
Najib hold the press conference on Monday after the Economic Council meeting said the equity investment firm, ValueCap will invest in undervalued shares on Bursa Malaysia. In the same time, he also announced that the factory sector would be exempted from import dutires until the economy recovers, but did not specify which sectors would be affected.
Meanwhile, the ringgit of the currency has lost almost 19 percent of it value against the dollar so far this year, and Malaysia’s stock market has retreated with 8.95 percent on this year. In the same time, he added that the ValueCap had generated high returns to its shareholders Permodalan Nasional Bhd (PNB), Retirement Fund Incorporated (KWAP) and Khazanah Nasional Bhd.
