By DayakDaily Team
KUCHING, Feb 25: The Sarawak Commercial Vehicle Licensing Board (CVLB) will review and refine proposed amendments with feedback gathered from a meeting with nine associations representing lorry operators on licensing for lorries that was held on Feb 24.
In a statement issued today, Sarawak CVLB chairman Michael Kong Feng Nian said the meeting reflected a common goal by all stakeholders to foster a thriving and competitive industry while ensuring Sarawakians’ interests are protected.
One of the key amendments proposed, he said, is to exempt Sarawak-based public listed companies and their subsidiaries from the 51 per cent Sarawakian shareholding requirement for Licence ‘A’ holders.
“Currently, this equity requirement has been a barrier for some companies considering public listing, as they are unable to guarantee a fixed Sarawakian majority ownership due to open-market trading of shares.
“By introducing this exemption, we aim to encourage local businesses to expand and reach their full potential without unnecessary regulatory hurdles.
“A more open and growth-friendly framework will allow Sarawak-based companies to scale up, attract investments, and contribute more significantly to the state’s economy,” he said.
He said with the feedback gathered, they will review and refine the proposed amendments before presenting them to the Sarawak CVLB Board for approval.
“Once finalised, we will seek endorsement from the federal ministry to implement these improvements effectively,” he said.
Kong also assured that over the coming months, they will continue to engage with industry players across various commercial vehicle sectors to fine-tune further and enhance their policies.
He reiterated the board’s commitment to working with stakeholders to create a more efficient and business-friendly regulatory framework that supports industry growth. — DayakDaily
