Peranan Perbadanan Nasional Berhad (PERNAS) dalam Perniagaan dan Pemilikan Saham Orang Melayu, 1969–1990 (The Role of Perbadanan Nasional Berhad (PERNAS) In Promoting Malay Participation In Business and Equity Ownership, 1969–1990)

Abstract

This study discusses the role of the National Corporation (PERNAS) in improving Malay economic participation through business and equity ownership from 1969 to 1990. The research problem centres on the question on the extent of PERNAS’ effectiveness in implementing the objectives of the New Economic Policy (NEP), particularly in expanding Bumiputera participation in the corporate and business sectors that had previously been dominated by non-Bumiputera and foreign companies, as well as increasing Bumiputera equity through share ownership. This study employs a qualitative method based on the historical approach, with an emphasis on documentary and primary source analysis. The research materials were obtained from the National Archives, PERNAS annual reports, and parliamentary hansard reports. The study also refers to secondary sources such as academic books, journals, and magazines related to economic policies and Bumiputera development. Content analysis techniques are used to evaluate the implementation of PERNAS’ strategies and their effectiveness in achieving the goals of the NEP. The findings show that PERNAS played a significant role as an agent in implementing government policy by establishing various Bumiputera-owned companies, acquiring interests in multinational corporations, and building up a network of Malay entrepreneurs through training and franchise programmes. Despite facing challenges in policy implementation and relying on government support, PERNAS remained a key instrument in the socio-economic transformation of the Malays by the late 1980s. The study concludes that PERNAS has made significant contributions in Bumiputera economic development during the period under review.