SC: Penang a key player in development of economy, capital market

PETALING JAYA: Penang is expected to play a bigger role in the development of the country’s economy and the capital market, according to Securities Commission (SC) chairman Datuk Seri Dr Awang Adek Hussin.

“Penang has a number of companies listed on Bursa Malaysia, with 85 currently listed on the Main, ACE and Leap Markets.

“Another Penang-based company is also expected to go public before the end of this quarter. By the end of 2022, over 470 Penang companies had raised over RM193mil using alternative finance platforms such as equity crowdfunding and peer-to-peer financing.

“As such, we believe that the capital market can play an important role in realising the full potential of Penang’s economy,” he said in a statement issued by the SC.

This was in conjunction with a three-day an event held in Penang as part of SC’s efforts to increase investor education in the northern region as well as raise awareness on capital market financing opportunities.

The three-day event from May 26 is aimed at promoting investor education and financial literacy to enable investors to make informed investment decisions and to avoid scams and illegal schemes, the regulator noted.

Awang Adek added that providing access to financing and investment opportunities will enable the capital market to help local businesses, especially small medium enterprises, grow and complete the economic ecosystem of Penang.

Penang Chief Minister Chow Kon Yeow officiated the opening ceremony of the event, which was held in Queensbay Mall, Bayan Lepas.

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