Posted by Tessa Joseph > 2014-03-14 11:49 | Report Abuse

Syed Mokhtar to compulsorily acquire rest of Bernas shares

Posted by connot2323 > 2014-03-27 01:36 | Report Abuse

Minister: Bernas deal good for gov’t
Anisah Shukry
| March 26, 2014

Shareholders Nafas and Nekmat will receive an annual payment of RM2 million for every year Bernas remains de-listed.

Syed Mokhtar al-Bukhary Ismail Sabri YaakobKUALA LUMPUR: Syed Mokhtar al-Bukhary’s acquisition of Padiberas Nasional Berhad (Bernas) is a “good deal” as the original shareholders will receive RM2 million from the tycoon for every year the national rice firm remains de-listed.

Agriculture and Agro-Based Industry Minister Ismail Sabri Yaakob revealed today he had received a written pledge from Syed Mokhtar that his four firms would make the annual payment to National Farmers Association (Nafas) and the National Fisherman’s Association (Nekmat).

This was on top of the RM67 million Syed Mokhtar paid the two associations for its shares in Bernas, through his companies Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal Sdn Bhd, Acara Kreatif Sdn Bhd and Tradewinds Bhd.

“So we not only get RM67 million from selling the shares, but an additional RM2 million yearly. It’s a good deal for the government because the money can be used to invest in other ventures,” Ismail told a press conference at the Parliament lobby today.

He said the RM2 million was in lieu of the dividends Nekmat and Nafas would have received had they not sold their shares to Syed Mokhtar’s four firms.

The written pledge was legally binding, he said.

Ismail also clarified that while the four companies intended to re-list Bernas after five years, it was entirely up to the Security Commission (SC) to allow it to be listed again in Bursa Malaysia.

“They plan to re-list Bernas in the future, but they cannot guarantee as it is up to the SC. It is something out of their control,” he pointed out.

The four companies had on March 14 informed Bursa Malaysia that they had already obtained more than the 90% of Bernas’ shares, which is required to execute a compulsory acquisition.

They said they planned to de-list Bernas from Bursa and trading was suspended on March 21.

Opposition Leader Anwar Ibrahim had previously said the privatisation was done at the expense of fishermen and farmers, who used to control a 10% stake each in Bernas through Nafas and Nekmat.

But Ismail reiterated today that not only would Nafas and Nekmat be compensated handsomely for the buyout, but the interests of the paddy field workers would remain protected per the original agreement between Bernas and the government.

“Even though Bernas will be delisted, its obligation and responsibility towards paddy field workers remains unchanged because it is bound to concession agreement between Bernas and the government,” said Ismail.

“The Finance Ministry and Agriculture Ministry have also placed representatives in Bernas to safeguard the interests of the farmers,” he said.

http://www.freemalaysiatoday.com/category/nation/2014/03/26/minister-bernas-deal-good-for-govt/

Posted by bennike129 > 2014-03-31 15:23 | Report Abuse

why is the counter 0? in my platform

Posted by JXRepcoBuffet > 2014-04-15 17:26 | Report Abuse

bye bye Bernas!

Posted by bthunter > 2018-06-07 08:57 | Report Abuse

https://www.nst.com.my/business/2018/06/377337/bernas-monopoly-ends

Posted by Jeffreyteck > 2018-07-05 12:48 | Report Abuse

"there can be no guarantees that prices of rice will fall when the domestic rice market is liberalised...." but for sure the guy said this will have less works, please lower his pays accordingly. Never think outside if box of course no positive solutions.

Posted by hairy > 2020-04-06 15:20 | Report Abuse

no rice buy kah...