ASTANA, Kazakhstan: The Higher Education Ministry has begun reviewing and restructuring public university holding companies last year, including UiTM Holdings Sdn Bhd, says Minister Datuk Seri Dr Zambry Abd Kadir.
He said the aim was for university holding companies to function more effectively and contribute to their respective institutions, particularly after the government stopped fully funding universities' financial needs in 2017.
"We have asked for all university holdings to be reviewed. Since last year, I have asked that we look at how to restructure the existing holding companies at universities.
"What we found was that some holdings were not functioning very well. That was the first step we took, and we have already begun several rounds of reviews to reassess these holdings, including UiTM Holdings," he said.
Zambry said some university holding companies had recorded profits and should serve as models of better-performing companies for those that had incurred losses.
He said this during an official visit to Kazakhstan for the Malaysia-Central Asia Higher Education Forum 2026 (MAHEF2026), when asked about the ministry’s next step after Prime Minister Datuk Seri Anwar Ibrahim on Saturday (Sept 26) called for a review of UiTM Holdings' management and governance following losses incurred by the company.
It was reported that the Malaysian Anti-Corruption Commission is investigating losses suffered by UiTM Holdings Sdn Bhd in 2023, including RM42mil allegedly paid for purposes unrelated to a 50MW solar project in Gambang, Pahang.
On UiTM, he said that a team had been established to comprehensively review efforts to strengthen the university, including aspects related to its holding company.
He said the team included Dr Nungsari Ahmad Radhi, Datuk Dr Hamzah Kassim, UiTM Board of Directors chairman Tan Sri Mohd Khamil Jamil and former Minister of Higher Education Tan Sri Idris Jusoh.
"We have set up a new team to look comprehensively at how we can reassess UiTM, and this also involves its holdings and so on.
"UiTM is a very important Bumiputera higher education institution that we need to safeguard and uphold to ensure that no negative elements take root within it," he said.
Zambry said the measures announced by the Prime Minister on Saturday aligned with efforts already undertaken by his ministry, which would continue with the review.
UiTM Holdings was previously reported to have recorded cumulative pre-tax losses of approximately RM157mil for the 2017, 2018, 2019 and 2021 financial years. - Bernama
