Ismail Sabri: Bernas takeover 'good deal' for all

KUALA LUMPUR: The takeover of national rice firm Padiberas Nasional Bhd (Bernas) by Tan Sri Syed Mokhtar Al-Bukhary is a “good deal” as farmers, fishermen and those in the agriculture sector will benefit from it.

Agriculture and Agro-based Industry Minister Datuk Seri Ismail Sabri Yaakob said he had received a written pledge from Syed Mokhtar that his companies would make an annual payment of RM2mil to the National Farmers Association (Nafas) and the National Fisherman’s Association (Nekmat).

This is on top of the RM67mil he paid the two associations for their 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.

“It’s a good deal for the Government because the money can be used to invest in other ventures,” Ismail Sabri told a press conference at the Parliament lobby.

The written pledge was legally binding, he said.

Ismail Sabri also clarified that while Syed Mokhtar’s 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.

He said Syed Mokhtar now owned 90% of the shares of Bernas following the acquisition of shares from Nafas and Nekmat.

“They are no longer shareholders and are not entitled to dividends.

“However, I have requested them (the new owners) to continue this payment so that Nafas and Nekmat will still have consistent financial supply from it,” said Ismail Sabri.

However, he reiterated that not only would Nafas and Nekmat be compensated handsomely for the buyout, the interests of the padi field workers would also remain protected according to the original deal.