By Malaysiakini
The delisting of national rice firm Bernas from Bursa Malaysia represents a “good deal” for farmers and fishermen, said Agriculture and Agro-Based Industries Minister Ismail Sabri Yaakob.
The National Farmers Organisation (Nafas) and National Fishermen’s Association (Nekmat) had respectively held 3.7 and 3.2 percent of Bernas shares previously.
However, Bernas, now owned by companies related to tycoon Syed Mokhtar AlBukhari, has since bought the shares.
Both Nafas and Nekmat made a healthy return on their initial investment, having paid RM200,000 for the shares in the 1990s.
Ismail Sabri Yaakob
“Nafas earned RM67 million and Nekmat earned RM59.5 million. They can use this money to invest it elsewhere,” Ismail Sabri told a press conference in the Parliament lobby today.
He also said Bernas has agreed to his request to pay Nafas and Nekmat RM2 million each annually even though they are no longer shareholders and are not entitled to a dividend.
“(This is so) that Nafas and Nekmat will still have consistent financial (support) … So it’s a good deal for them. They are well taken care of,” he said.
Ismail Sabri said he had received a “personal undertaking” from Syed Mokhtar that Nafas and Nekmat will be offered 5% each of the shares, should the company be re-listed in the future.
Based on his understanding, he reiterated that Bernas will be re-listed within five years after going through a restructuring exercise.
“For me, the personal undertaking from Syed Mokhtar is more valuable. He is the sixth richest man in the country. Bernas can close down, but this is an individual undertaking,” he added.
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