Acceptances of offer for Bernas fall short of compulsory acquisition threshold

PETALING JAYA: Tan Sri Syed Mokhtar Al-Bukhary's offer for Padiberas Nasional Bhd's (Bernas) at RM3.70 a share fell short of the 90% of acceptances it needed to allow for a compulsory acquisition of all the shares his vehicles do not own in the company.
The offer made through Syed Mokhtar's vehicles, Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd (joint offerors), saw acceptances of 13.73% as at 5pm yesterday.
This is short of 90% of the 16.31% of the issued and paid-up share capital of Bernas the joint offerors needed to complete the acquisition.
The acquisition by Syed Mokhtar has come under the spotlight for the monopoly Bernas has on import of rice into the country.
While the government has said that the delisting of Bernas is temporary and the public can expect it to be relisted in the future, the joint offerors have not stated their intention in writing. Observers have opined that no mention of the relisting is understandable, considering that it is not a requirement for the company to do so.
Existing shareholders in Bernas will now remain as shareholders in an unlisted entity as the company's shares fall short of the critical public shareholding spread of at least 10% of the total issued and paid-up share capital of Bernas to remain listed.
This is Syed Mokhtar's second attempt to take over Bernas at RM3.70 a share.