Foreign participation in radio and tv broadcasting companies is limited to 30% as per historical practice. Under the previous Foreign Investment Committee Equity Guidelines on the Acquisition of Interests, Mergers and Takeovers by Local and Foreign Interests, which were repealed in 2009, companies whose activities involved national interests such as water and energy supply, broadcasting, defense and security, the participation of foreign interest was limited to 30%. In certain circumstances, the government could impose other conditions such as the issuance of the "golden share". Practioners seem to suggest that the MCMC may still impose such local shareholding / Bumiputera equity as a criteria for licence holders depending on the type of licence (see example below; and Baker & Mckenzie, 2012).  In 2012, when the Autonomous Liberalisation Policy was announced, the government explicitly mentioned the other three activities which are also subject to licence by the same Malaysia Communications and Multimedia Commission, namely the Application Service Provider [which was fully liberalised to 100% FDI], and the activites of Network Service Providers and Network Facilities Providers [in which FDI limits were raised to 70%]. But made no explicit reference to any sort of liberalisation to the Content Application Services Providers (broadcasting activities mostly). All of the others refer mostly to telecom activities. For the purpose of the OECD FDIRRI, since no explicit FDI liberalisation was announced in respect to CASP licences under the autonomous policy liberalisation package of 2012, it is assumed that the previous equity policy guidelines [foreign shareholding limited to 30%] are still applicable. 
----------------
"11. Approval and Conditions
11.3 Approval, major licences and permits obtained
(iii) CASP Individual Licence:
AMSB obtained the CASP individual licence on 21 March 2010 by MCMC to conduct the following: (a) subscription broadcasting; (b) terrestrial radio broadcasting; and (c) non-subscription based TV broadcasting [...]
Details of Salient Conditions Imposed: [1] The licensee shall be a company incorporated in Malaysia [...] / Foreign shareholding, if any, in the Licensee shall not be more than 30% [...]"(IPO Prospectus Asia Media Group Berhad, 2010, p. 140)
"In line with the government effort to undertake autonomous liberalization in priority areas as mentioned in the 2012 Budget Speech by the Honorable Prime Minister on 7 Oct 2011, the Ministry of Information, Communication and Culture would like to announce that effective 1 April 2012, the telecommunication and couriers service are autonomously liberalize with maximum foreign equity according to category of services as follow: Network Service Providers (NSP) - Maximum foreign equity: 70%; Network Facilities Providers (NSP) - Maximum foreign equity: 70%; Application Service Providers (ASP) - Maximum foreign equity: 100%; Courier Services - Maximum foreign equity: 100%. Remark: This autonomous liberalization subject to licensing condition including equity for bumiputra participation." (Press release, Ministry of Information, Communication and Culture)
------------------------
"Under the Communications and Multimedia Act, 1998 (CMA), there are four (4) categories of licensable activities. Within the activity categories, there are two (2) key types of licences: (i) Individual licence requires a high degree of regulatory control which is for a specified person to conduct a specified activity and may include special conditions; and (ii) Class licence is a 'light-handed' form of regulation which is designed to promote industry growth and development with easy market access.
Licence: Individual / Type of available licence: Network Facilities Provider (NFP); Network Services Provider (NSP) and Content Applications Service Provider (CASP).
Licence: Class / Type of available licence: Network Facilities Provider (NFP); Network Services Provider (NSP), Content Applications Service Provider (CASP) and Applications Service Provider (ASP).
[...]
(a) Network Facilities Providers – are the owners/providers of network facilities infrastructure such as cables, towers, satellite earth stations, broadband fibre optic cables, telecommunications lines and exchanges, radio communications transmission equipment, mobile communications base stations and broadcasting transmission towers and equipment. [...]
(b) Network Services Providers – provide the basic connectivity and bandwidth to support a variety of applications. A network service provider is generally also the owner of the network facilities. However, a connectivity service may be provided by a person using network facilities owned by another licensee.
(c) Application Service Providers – provide particular functions such as voice services, data services and Internet access.[...]
(d) Content Applications Service Providers – are special subset of applications service providers including television and radio broadcast services and services such as online publishing (currently exempt from licensing requirements) and information services." (MITI Booklet 6: Information and Communication Technology Services, Series: Malaysia: Investment in the Service Sector).
------------------------
"Chapter 3 - Ministerial Declaration  
13. Declaration by the Minister.
(1) The Minister may, from time to time, make a written declaration that an individual licence, or a class of individual licences, or a class licence —  (a) is subject to such conditions; or  (b) enjoys such benefits, as the Minister deems fit.
(2) Any declaration on the conditions of licence shall relate to the matters set out in the Schedule. 
[...]
30. Grant of an individual licence.
(1) The Minister shall have due regard to the recommendation of the Commission given under section 29 before making a decision.
(2) The Minister may, acting on the recommendation of the Commission, by written notice—  (a) grant an individual licence in accordance with the provisions of this Part; and (b) declare that an individual licence granted under this Part be subject to special or additional conditions. [...]
(4) Notwithstanding subsection (2), all individual licences shall be deemed to include the relevant standard licence conditions specified in the Schedule.  
[...]
32. Compliance with the conditions of an individual licence.
An individual licensee shall comply with—  (a) the relevant standard conditions of the individual licence as set out in the Schedule; and  (b) any special or additional conditions of the individual licence as declared by the Minister and included in the individual licence. 
[...]
Chapter 2 - Class Licence  
44. Minister may grant class licence.
(1) The Minister may grant a class licence in respect of any matter requiring a licence under this Act.
(2) A class licence granted under subsection (1) may include the relevant standard conditions as set out in the Schedule and/or such other standard conditions as may be declared by the Minister from time to time. 
[...]
PART VI - ECONOMIC REGULATION
Chapter 1 - Licensing 
126. Licensing of network facilities, network services and applications services.   
(1) Subject to such exemptions as may be determined by the Minister by order published in the Gazette, no person shall—  (a) own or provide any network facilities;  (b) provide any network services; or   (c) provide any applications services,   except under and in accordance with the terms and conditions of—  (aa) a valid individual licence granted under this Act; or   (bb) a class licence granted under this Act, expressly authorising the ownership or provision of the facilities or services. 
(2) A person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding five years or to both and shall also be liable to a further fine of one thousand ringgit for every day or part of a day during which the offence is continued after conviction.  
127. Compliance with licence conditions.   
(1) The relevant standard conditions of a licence under this Part shall be in accordance with the Schedule. 
(2) Any special or additional conditions of a licence may be declared by the Minister and included in the licence. 
(3) A licensee under this Part shall not provide any facility or service except in accordance with the conditions of the licence granted to that licensee under this Part or the conditions of a class licence to which the licensee is subject. 
[...]
SCHEDULE 
1. Network Facilities Provider Individual Licence    
Standard licence conditions:
- The licensee shall be a company that is incorporated in Malaysia. 
- The shareholding of the company shall comply with relevant Malaysian foreign investment restrictions. [...]
3. Network Service Provider Individual Licence
Standard licence conditions:
- The licensee shall be a company that is incorporated in Malaysia. 
- The shareholding of the company shall comply with relevant Malaysian foreign investment restrictions. [...]
5. Applications Service Provider Individual Licence     
Standard licence conditions: 
- The licensee shall be a company that is incorporated in Malaysia. 
- The shareholding of the company shall comply with relevant Malaysian foreign investment restrictions. [..]
7. Content Applications Service Provider Individual Licence
 Standard licence conditions:
-  The licensee shall be a company that is incorporated in Malaysia.  
-The shareholding of the company shall comply with relevant Malaysian foreign investment restrictions. [...]" (Communications and Multimedia Act 1998(Act 588), as amended)
------------------------
"PART III - INDIVIDUAL LICENCE
Regulation 5. Ineligibility
The following persons or classes of persons shall be ineligible to apply for an individual licence: (a) a foreign company as defined under the Companies Act 1965 [Act 125]; (b) an individual or a sole proprietorship; (c) a partnership; and (d) such other persons or classes of persons as may be decided by the Minister from time to time.
[...]
PART IV - CLASS LICENCE
Regulation 23. Ineligibility
(1) The following persons or class of persons shall be ineligible to be registered as a class licensee: (a) a foreign individual who is not a permanent resident; and (b) a foreign company as defined under the Companies Act 1965.  
(2) Notwithstanding subregulation (1) , the Minister may, for good cause or as the public interest may require, permit any person in paragraph (1)(a) or (b) to apply to be registered as a class licensee"(COMMUNICATIONS AND MULTIMEDIA (LICENSING) REGULATIONS 2000 [P.U.(A) 129/2000]
------------------------
"5. Licensing Criteria (Individual Licence)
5.1. MCMC will consider an application together with the accompanying information on its merits. However, the merits of each application will be evaluated against a set of criteria which may include, but is not limited to the following: [...] 
d) Shareholdings: 
I. In assessing the shareholding structure of any one applicant, MCMC will take into account the need to encourage more local SMIs (i.e. locally incorporated companies and where the majority of shares are held by Malaysians) to participate in the local ICT industry, particularly the applications services market; 
II. MCMC will also take into account any specific policy determined by the Minister in relation to shareholdings in companies applying for CASP licence [...]
f) Benefits/Impact Analysis:  MCMC will also consider the benefits that will be brought by the applicant to the overall communications and multimedia industry.  
g) Technological and Service Innovations: MCMC will consider technological and/or service innovations the applicant proposes to provide. [...]" (Malaysia Communications and Multimedia Commission, Licence Application Procedure and Licensing Criteria, 2019)
Prime Minister, Budget Speech, 2012.
MITI Booklet 6: Information and Communication Technology Services, Series: Malaysia: Investment in the Service Sector.
Communications and Multimedia Act 1998 [Act 588], as amended
Communications and Multimedia (Licensing) Regulations 2000 [PU (A) 129/2000].
Malaysia Communications and Multimedia Commission, Licence Application Procedure and Licensing Criteria, 2019.
[<a href="http://www.pmo.gov.my/dokumenattached/speech/files/Budget2012.pdf">PM Speech</a>],[<a href="http://www.mida.gov.my/home/administrator/system_files/modules/photo/uploads/20170915172214_BOOKLET%206-INFORMATION%20AND%20COMMUNICATION%20TECHNOLOGY%20SERVICES.pdf">Booklet</a>],[<a href="https://www.mcmc.gov.my/skmmgovmy/media/General/pdf/Act588bi_3.pdf">Act</a>],[<a href="https://www.mcmc.gov.my/legal/acts/communications-and-multimedia-act-1998-reprint-200/communications-and-multimedia-(licensing)-regulati">Rule</a>],[<a href="https://www.mcmc.gov.my/skmmgovmy/media/General/pdf/Licensing_Guidelines_2019.pdf">Guide</a>],[<a href="https://www.commsalliance.com.au/__data/assets/pdf_file/0016/42136/Guide-to-Media-and-Content-Regulation-in-Asia-Pacific.pdf">Other</a>],[<a href="http://www.insage.com.my/Upload/Docs/AMEDIA/ASMEDIA-Cover%20to%20Page%20185%20(2.8MB)%2022-12-2010.pdf">Other</a>]