By BERNAMA
The proposed delisting of PadiBeras Nasional Bhd (Bernas) from Bursa Malaysia will not affect its shareholders as well as the company’s responsibility towards the farmers and millers.
Minister of Agriculture and Agro-based Industry Ismail Sabri Yaakob said the written pledge received from Bernas also said that the delisting was only temporary until the company’s restructuring process is completed.
“Bernas wants to be restructured and it involves all the stakeholders, including Nafas (National Farmers Organisation) and Nekmat (National Fishermen’s Association), which hold about 4.7% and 4.3% stake, respectively, in the company.
“But the offer given to Nafas dan Nekmat will give them huge profit. The shares bought by Nafas for RM200,000 before, will now give it returns of RM60 million if they are sold.
“After the completion (of the restructuring), Bernas will be relisted on Bursa Malaysia, with Nafas and Nekmat each getting five per cent shareholding in the company, which is more than before,” he told reporters after officiating the Innovation Day of the Farmers Organisation Authority (LPP) here today.
Ismail Sabri Yaakob
He was asked to comment on Bernas’ restructuring and its impact on shareholders. The Cabinet does not obstruct the process as long as Bernas does not run away from its original responsibility which it had undertaken prior to this, he said.
Ismail Sabri also blasted the opposition for trying to exaggerate the issue, which is actually profitable for the parties involved.
“The question now, delist or not, Bernas’ pledge to the government is maintained. They also promise to guard the interests of farmers, the agreed minimum price of paddy, guard the interests of the Bumiputera rice millers besides managing the subsidies by the government. All these promises will be kept,” he said.
Meanwhile, he said the ministry was also planning to upgrade the Peninsular Malaysia Agriculture Institute to a private institute of higher learning, to focus on the practical aspects of the sector.
“If the working paper is accepted by the Cabinet, we will start the academic session in 2015,” he said.
Earlier in his speech, he urged farmers to adopt innovation as a work culture, including the way of thinking and solving problems.
Innovation not only contributes to the increase in farm production but also provides multiple financial returns, he said.
He also urged that each innovative product that are developed to be patented so that it is not misused by irresponsible parties.
At the event, Ismail Sabri also presented innovation awards to winners of the LPP Innovation Award 2013.
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