A GLC (government-linked company) is a company in which the Malaysian government has a direct controlling stake or significant influence, typically held through a government-linked investment company (GLIC) such as Khazanah Nasional, the EPF, PNB, KWAP, LTAT or Tabung Haji. GLCs operate as commercial companies — many are listed on Bursa Malaysia — but their largest shareholder is ultimately the state.
- A company where the government holds a controlling or significant stake
- Ownership is usually held indirectly through a GLIC (Khazanah, EPF, PNB, KWAP, LTAT, Tabung Haji)
- Many GLCs are publicly listed and trade on Bursa Malaysia like any other company
- GLCs are concentrated in utilities, banking, telecommunications, plantations and transport
Who this applies to: Investors, jobseekers, suppliers tendering for work, and anyone reading Malaysian business coverage.
On this page
Bahasa Malaysia: Syarikat Berkaitan Kerajaan · English: Government-Linked Company · 中文: 政府关联公司
A GLC is a company in which the Malaysian government holds a controlling stake or otherwise exercises significant influence over its direction. The government rarely holds these shares directly — ownership normally sits with a GLIC, a government-linked investment company.
In practice
The distinction between GLC and GLIC is the one most often confused:
| Term | What it is | Examples |
|---|---|---|
| GLIC | The state-owned investor that holds the shares | Khazanah Nasional, EPF (KWSP), PNB, KWAP, LTAT, Tabung Haji |
| GLC | The operating company whose shares they hold | Utilities, banks, telcos, plantation and transport groups |
Two consequences follow from that structure:
- GLCs are ordinary commercial companies. Many are listed on Bursa Malaysia, file the same accounts, and are bought and sold by the public like any other counter. Being a GLC is a fact about the shareholder register, not a different legal form — a GLC is still typically a Berhad incorporated under the Companies Act 2016.
- They carry a dual expectation. A GLC is expected to deliver commercial returns to its shareholders while also being answerable, indirectly, to public and political expectations. That tension is the source of most public debate about GLCs.
GLC ownership is concentrated in sectors seen as strategic — electricity, water, banking, telecommunications, postal services, airports, plantations and transport — which is why the term appears so often in Malaysian business news.
Related terms
Sources
- Khazanah Nasional Berhad — Khazanah Nasional
- Ministry of Finance Malaysia — Ministry of Finance
- Bursa Malaysia — Bursa Malaysia
Change history
| Version | Date | Change | By |
|---|---|---|---|
| 01.00 | 24 Jul 2026 | Approved and published. | — |