KUALA LUMPUR: The government’s bold move to scrap the 30% bumiputra ownership ruling for 27 sub-sectors in the services industry will have a positive impact on the economy, according to economists.

The sub-sectors would be able to attract fresh capital from overseas investors and also raise their expertise.

While these efforts would take some time, the thrust of Prime Minister Datuk Seri Najib Razak’s strategy would see the economy transforming into more services-based rather than manufacturing-oriented  where there is already intensive competition from India, China and other regional economies.

Companies in the sub-sectors which benefit from the new ruling are  those in the ICT sector, especially in the computer and related services; supporting and auxiliary transport services like vessel salvage and refloating services; and tourism services.

Specific stocks to watch on April 23 include listed ICT companies, players in the hotel industry and also maritime firms involved in salvaging and refloating services.

Meanwhile, MMC Corp had received the Economic Planning Unit’s approval to acquire the two million shares in Senai Airport Terminal Services for cash consideration of RM1.7 billion.

Plantations would continue to attract interest due to the extended rally on the crude palm oil futures amid concern that global supplies of vegetable oils may be tighter than expected.  IJM Plantation is expanding its plantation business in Indonesia by acquiring a 75% stake in an Indonesia company.

Mesdaq listed Opcom secured a RM359 million two-year contract for the supply of passive fibre-to-the-home (FTTH) system to Telekom Malaysia Bhd. The contract could be related to TM's multi-billion high-speed broadband project.