By Chan Quan Min
Majority shareholders of Padiberas Nasional (Bernas) have launched a fresh privatisation bid via an unconditional takeover offer of the monopoly rice importer.
Today’s announcement comes a week after an earlier privatisation bid via voluntary delisting was defeated by minority shareholders in an EGM (extraordinary general meeting) on Jan 27.
The voluntary delisting was blocked by minority shareholders. In terms of absolute numbers, 155 or 70.5% of shareholders voted against the January resolution to privatise and delist Bernas despite 99.95% of shareholders by value backing the resolution.
The joint offerors named in the takeover bid today are Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd.
Together, the joint offerors and majority shareholder, Tradewinds (M) own 83.7% of the issued and paid-up share capital of Bernas. Tradewinds is the investment vehicle of renowned businessman Syed Mokhtar Al-Bukhary.
The latest takeover offer is priced at RM3.70, identical to the voluntary takeover bid defeated last month.
Maybank Investment Bank has been appointed to facilitate the takeover offer.
In May 2013, the joint offerors increased their shareholdings in Bernas under a mandatory takeover offer, in a bid to privatise the company.
Following the mandatory takeover offer, the public shareholding spread shrank to 16.3% from 27.4% previously.
As a result, Bernas fell out of compliance with public shareholdings spread requirements under Bursa Malaysia’s listing requirements.
Minister of Agriculture and Agro-based Industry Ismail Sabri Yaakob said in late November the delisting of Bernas was only temporary until the completion of a corporate restructuring plan.
At market close today Bernas was trading at RM3.48 up 8 sen.
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