The push to strengthen Bumiputera participation in Malaysia’s capital markets has taken on new urgency with the launch of the GEAR-uP program, a government-led initiative designed to close the gap between Bumiputera-owned companies and their representation on Bursa Malaysia.

Between 2020 and 2025, more than 230 companies entered the public market, yet only eight were Bumiputera-owned. That stark imbalance has become a rallying point for policymakers and government-linked investment companies (GLICs) determined to change the trajectory.

GEAR-uP is spearheaded by the Ministry of Finance in collaboration with six of the country’s most influential GLICs: Khazanah Nasional, the Employees Provident Fund (KWSP), Permodalan Nasional Berhad (PNB), the Retirement Fund (KWAP), the Armed Forces Fund Board (LTAT), and Tabung Haji. Together, they are reshaping the landscape with a focus on empowerment, competitiveness, and long-term sustainability. The program is about injecting capital, building capacity, transferring expertise, and creating pathways for Bumiputera firms to thrive in the demanding environment of public markets.

PNB’s President and Group Chief Executive, Datuk Rizal Rickman Ramli, has been vocal about the need to address the shortage of Bumiputera companies pursuing initial public offerings. He explained that GEAR-uP is anchored on two flagship initiatives: the “10 Juara Bumiputera” and the Relay Race. Both are part of the broader Bumiputera Economic Transformation Plan 2035 (PuTERA35), which aims to cultivate a new generation of competitive enterprises.

The 10 Juara program sets a clear target: at least ten Bumiputera companies listed within five years, each with a market capitalization between RM300 million and RM500 million. To achieve this, PNB and its partners have screened approximately 170 potential firms, narrowing the field to about 50, with nine already selected to participate. The expectation is that not all will reach the finish line, but the pipeline is being built with rigor and intent.

Support under GEAR-uP is structured around knowledge transfer and strategic guidance rather than direct funding. Companies are assisted in developing Value Creation Plans that address issues such as market expansion, enterprise resource planning systems, and operational improvements. The idea is to equip them with the tools and strategies needed to scale sustainably. Rizal emphasized that every company must have a clear plan for value creation, and PNB’s role is to provide the expertise and market access that can make those plans viable.

The Relay Race initiative complements this by ensuring that Bumiputera firms receive support at every stage of their growth cycle, from venture capital to maturity. The model envisions seamless transitions, where investments made by entities like Ekuiti Nasional Berhad (Ekuinas) eventually move into the public market with continuity of Bumiputera ownership. When Ekuinas exits an investment, priority is given to selling shares to Bumiputera investors rather than the highest bidder. Ideally, these exits occur through IPOs, allowing PNB to step in and maintain the chain of ownership. This approach not only preserves equity participation but also channels dividends back to PNB, which in turn distributes them to unit holders, reinforcing the ecosystem.

Orkim Berhad stands as an early example of this strategy in action. Roughly 40 percent of its equity was floated on the market, while PNB acquired the remaining 60 percent from Ekuinas. The case illustrates how GEAR-uP’s framework can translate into tangible outcomes, ensuring that successful companies remain within the Bumiputera equity structure while gaining access to the broader capital market.

The program reflects a broader recognition that empowerment requires more than policy statements. It demands structured initiatives, measurable targets, and collaboration across institutions. The involvement of multiple GLICs underscores the scale of commitment, while the emphasis on expertise and planning highlights the seriousness of the effort. For Malaysia, the stakes are high. Increasing Bumiputera representation in public markets is not only about equity and inclusion. It is about unlocking economic potential, diversifying the corporate landscape, and ensuring that growth is shared more broadly across society.

GEAR-uP is still in its early stages, but its design suggests a long-term vision. With targeted listings, structured support, and continuity of ownership, it aims to create a virtuous cycle where Bumiputera companies can grow, compete, and sustain their presence in the capital markets. The challenge will be execution, but the framework is in place, and the momentum is building. If successful, the program could redefine the role of Bumiputera enterprises in Malaysia’s corporate sector and set a precedent for empowerment strategies across the region.