SUNGAI PETANI, August 1 — The government is expected to complete the buy-back of Wang Tak Co Ltd’s 31.26 per cent stake in Padiberas Nasional Bhd’s (Bernas) soon.
Agriculture and Agro-based Industries Minister, Datuk Noh Omar, said the process to buy back the shares was expected to be completed within two or three months.
“Negotiations to buy back the shares, which were in final stage, started last year after the government was aware of the company’s stake.
“Wang Tak agrees to sell its interest to a Bumiputera company,” he told a media briefing after chairing Umno Merbok’s branch meeting here today.
Noh said this when asked to comment on concerns raised by several parties on the major equity ownership by a foreign company in the country’s national rice supplier company.
“The rakyat need not worry because the government is aware of the stake. The government has the ‘golden share’, giving it the absolute power to decide on the direction of Bernas.
“This means any action by Bernas will need the approval of the government before it is undertaken,” he said.
He said the Padi and Rice Control Act did not allow non-citizens to be a member of Bernas board of directors.
Noh, however, declined to name the company which was given the right to buy back the shares from Wang Tak.
On the proposal to import rice from Sulawesi, Indonesia, Noh said the government hoped it would be realised after discussions with governor of Wilayah Gorontalo, Fadel Muhammad and governor of South Sulawesi, Pak Asrol di Makassar, last Thursday.
“We discussed the purchase of rice, corn and livestock and they hope the deal will be sealed. However, Indonesian President, Susilo Bambang Yudhoyono, has asked for a postponement because of El-Nino.
He said Sulawesi, which has eight planting seasons a year, has over 100 million metric tons of rice for export. – Bernama
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