MCA: Government Biggest Shareholder in Company Driving Third National Car

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MCA president Wee Ka Siong has questioned Putrajaya’s claim that the new national car project will not involve government funds.

He says Putrajaya’s claim is false as the federal government is the largest shareholder in DreamEDGE Sdn Bhd, the company driving the project.

In a Facebook post, Wee targeted Finance Minister Lim Guan Eng who had repeatedly said the project will be privately financed.

“He (Lim) guaranteed that it would only involve private funds.”

He said DreamEDGE’s largest shareholder was a company called Venturetech Sdn Bhd, which is 100% owned by Malaysian Industry-Government Group for High Technology (MIGHT).

FMT

“MIGHT, in turn, is owned 100% by the government of Malaysia.”

Citing DreamEDGE’s paid-up capital of RM12.4 million up till 2018 and the losses it suffered last year, Wee voiced doubt that the Cyberjaya-based company had the financial strength to invest in the third national car project.

“Billions of ringgit will be needed. The company will surely need a large injection of funds.

“And I am confident this injection of funds will come from its biggest shareholder, that is the Pakatan Harapan government.”

On Venturetech’s website, the investment company is described as being under the purview of the Economic Affairs Ministry and is involved in aiding in the growth of high-technology industries in Malaysia.

The website also states that it is incorporated as a wholly-owned subsidiary of MIGHT.

DreamEDGE is listed under Venturetech’s portfolios and has been one of its investments since 2016.

On the MIGHT website, DreamEDGE’s CEO Khairil Amri Adnan is listed as a member of MIGHT’s board of directors.

Earlier today, it was announced that DreamEDGE will develop the third national car in collaboration with Daihatsu Motors in Japan, with the first model ready by 2021 and mass production by 2031.

The announcement ended speculation on who will fund the latest automobile project, after more than a year of debate on whether the government should venture into the car industry following the bad experience faced by Proton, the first national car, not long ago.

DreamEDGE expects the first model to be rolled out by March next year.


Relates report: Aug 9, DreamEDGE Appointed to Produce Malaysia’s Third National Car