Bursa Malaysia chief praises Budget 2023 in Invest Malaysia 2023

Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.

KUALA LUMPUR: Budget 2023 is a shot in the arm for the Malaysian capital markets, particularly in stimulating more fundraising activities, according to Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.

In his welcoming speech at the Invest Malaysia 2023 event on Wednesday, Abdul Wahid welcomed the budget measures to encourage initial public offerings (IPOs), apart from the absence of the prosperity tax.

ALSO READ : Budget 2023 highlights

One of the measures is the tax exemption extension of up to RM1.5mil for listing expenses on Bursa Malaysia’s ACE and LEAP markets, which also applies to technology companies seeking a Main Market listing until assessment year 2025.

“Separately, the plans for dual-class shares will help attract high-growth technology companies, while the proposed Capital Gains Tax for disposal of shares in unlisted companies by 2024 will also help encourage listing activity.

“These measures will certainly help us achieve our target of 39 new listings for 2023 compared to the 35 listings in 2022,” said Abdul Wahid.

ALSO READ : Budget 2023: Budget 2023 revised up to RM388.1bil, GDP growth at 4.5%

He also called Budget 2023 as “the first in a long while” that has sought to inspire not by numbers and generous allocations, but by a narrative that is built upon deeply meaningful and widely accepted human values.

“Malaysia Madani is clearly committed to bettering the human condition and instilling a spirit of continuous development,” according to him.

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