Local company, Tradewinds buy shares from Hong Kong firm

KUALA LUMPUR: Perusahaan local farming and agricultural products, Tradewinds (M) Bhd yesterday announced a proposal to buy all shares owned by the investment firm of Hong Kong, Wang Tak Co Ltd in Padiberas Nasional Bhd (Bernas).

Purchase of 148,281 million shares or 31.52 per cent in the price of RM2.08 per share worth RM308.425 million will be made in cash.


Tradewinds in reality to Bursa Malaysia also announced the proposed purchase of 104,599 million shares, or 22:24 per cent stake worth RM217.567 million at a price of RM2.08 per share Bernas coupling Integrated Sdn Bhd (GBSB).

Purchase from GBSB is consistent with the implementation of 'Dividends-in-specie' Bernas shares owned by the Cultural Generation (M) Sdn Bhd (BGSB), a subsidiary GBSB.

If the proposal is finalized, Tradewinds will have 252.88 million shares or 53.76 per cent stake in the company's monopoly of the national distribution of rice, thus restoring the country's strategic holdings in the company to local investors.

In fact also, Maybank Investment Bank Ltd Tradewinds representing the Board of Directors, said yesterday the company has signed a conditional share sale agreement with Wang Tak and GBSB.

GBSB, he said, are parties acting in concert (PAC) with Tradewinds to ensure the success of the acquisition of holdings in Bernas step.

"PAC to the Tradewinds GBSB is consistent with the Code on Take-Overs and Mergers 1998. When the proposed purchase of shares was finalized, and Tradewinds GBSB whole has 53.76 percent of Bernas shares.

"If there is no objection, the proposal is expected to be finalized by the fourth quarter of this year," the statement said.

Proposed purchase of the holdings of foreign owned firms in Bernas was made a month after the Daily News revealed an investment company based in Hong Kong, Wang Tak emerged the largest single shareholder in Bernas.

On July 27, by posting transaction Bernas major shareholder in Bursa Malaysia, Berita Harian reported that the works have been Wang Tak 147.51 million shares or 31.36 percent of the total 470,402 million shares Bernas.

Percentage is above the largest single shareholder Bernas before, the generation of culture (M) Sdn Bhd, which only works in 144.83 million shares or 30.79 percent.