Foreign investment in the media sector is subject to screening taking into account economic interests criteria (e.g. the need to encourage local ICT firms (majority-owned by Malaysians), particularly in the applications services market; and the level of technology and innovation the applicant proposes to provide).
"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)
Malaysia Communications and Multimedia Commission, Licence Application Procedure and Licensing Criteria, 2019.
[<a href="https://www.mcmc.gov.my/skmmgovmy/media/General/pdf/Licensing_Guidelines_2019.pdf">Guide</a>]