Dawn Raid (Malaysia)

The Dawn Raid (Malay: Serangan Subuh) was the acquisition of a controlling interest in the British plantation company Guthrie Corporation Limited (GCL) by Malaysia's Permodalan Nasional Berhad (PNB) on 7 September 1981. PNB, which already held approximately one-quarter of Guthrie's shares, rapidly acquired additional shares through the London market and negotiated block purchases, increasing its holding to more than 50 per cent. The acquisition formed part of a broader process of Malaysianisation of foreign-owned corporate assets following independence and the introduction of the New Economic Policy (NEP). Guthrie possessed extensive plantation interests in Malaysia and remained under British corporate control after Malayan independence in 1957. Although popularly portrayed as a sudden acquisition, the 1981 operation followed an earlier attempt by the Malaysian-controlled Sime Darby to acquire Guthrie in 1979. After that bid failed, Sime Darby sold approximately 25 per cent of Guthrie's equity to PNB in December 1980. PNB therefore entered the September 1981 operation already as a major shareholder of Guthrie.