Hot Stock Bernas up 5.69% on Syed Mokhtar’s second takeover bid

Hot Stock Bernas up 5.69% on Syed Mokhtar’s second takeover bid
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 05 February 2014 10:34

KUALA LUMPUR (Feb 5): Padiberas Nasional Bhd (Bernas) shares rose at mid-morning on Wednesday and the counter was the top gainers after Tan Sri Syed Mokhtar Al-Bukhary, who made a second attempt to take Bernas private less than a year after his first takeover offer failed.

At 10.25am, Bernas rose 5.69% or 21 sen to RM3.69 with 212,700 shares done.

In an announcement to Bursa Malaysia Tuesday, Bernas, the country’s sole rice distributor, said it had received an unconditional takeover offer at RM3.70 per share, the same price as the previous offer made in March last year.

The joint offerors are Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd, which are all majority owned by Syed Mokhtar. Currently, the joint offerors own 83.69% of Bernas.

The offer comes on the heels of the minority shareholders’ rejection of a voluntary delisting of the company at an extraordinary general meeting held few weeks ago.