Perbadanan Nasional Berhad (, abbreviated PERNAS) was set up in November 1969 as a wholly owned government company to carry out the resolutions at the Second Bumiputera Economic Congress. Among the major shareholders included were Malaysia's Ministry of Finance, Bank Negara Malaysia (The Central Bank of Malaysia) and Bank Bumiputera Malaysia Berhad. Pernas was put under a solid footing under the chairmanship of Tengku Razaleigh Hamzah (1970–1974) who had been the Minister of Finance from 1976 to 1984.[1]
Background
With the background of poor and very low participation of Bumiputeras in the private sector and industries at that time, PERNAS' principle were to:
- to enter undertakings which would bring high economic returns,
- when enter into joint ventures, PERNAS was to be the majority stockholder with controlling interest over operations,
- Bumiputeras were to be employed at all levels of operations and undertakings.[2]