New Straits Times, May 20, 2007

3 venture firms now under MOSTI

PUTRAJAYA: The Malaysia Capital Management Bhd (MAVCAP) and Malaysia Debt Ventures Bhd (MDV) are now under the Ministry of Science, Technology and Innovation.

The move was made under a new policy approved by Prime Minister Datuk Seri Abdullah Ahmad Badawi.

Minister Datuk Seri Dr Jamaludin Jarjis said the initiative was also aimed at helping the country’s information communication technology industry players.

The Malaysia Technology Development Corporation was the only venture capital company overseen by the ministry prior to this.

"Although MAVCAP and MDV come under the supervision of my ministry, they are entities under the Finance Ministry.

"The move to have my ministry oversee the three venture capital companies will drive new economic growth areas such as IT and biotechnology beyond the research zone," he said at the end of the MSC International Advisory Panel meeting yesterday.