21.   But stocks of local wireless operators rose on Friday as the bill could generate foreign equity interest in their shares, industry analysts said.

22.   Equity investments of foreign universal banks shall also be subject to pertinent foreign equity ceilings in various industries, he said.

23.   For the manufacturing sector, the ministry has already permitted foreign equity levels that are higher than those stipulated in the licences.

24.   He also welcomes foreign equity in local companies, saying that Malaysia cannot afford to borrow anymore.

25.   In addition, there is foreign equity in several of the ventures within the telecommunications sector as well as participation by long-term institutional investors.

26.   Investors were disappointed that no further liberalisation of foreign equity participation in the financial sector were announced.

27.   Its bulky foreign reserves and ceilings imposed on foreign equity investment also gave the government ammunition to battle speculators targeting its financial markets.

28.   Meanwhile, Mutiara Swisscom welcomed the move to allow more foreign equity participation in the industry.

29.   Moggie added that in view of the present financial situation, the Government is prepared to consider foreign equity participation in the local market.

30.   Musa said the new incentives include re-investment allowances, tax holidays, majority foreign equity ownership and lower import tariffs.