Malaysian company Padiberas Nasional Bhd (Bernas) (KLSE:6866) plans to buy back part of the 31 per cent equity shares held by Hong Kong company, Wang Tak Co. Ltd.
Minister of International Trade and Industry Mustapa Mohamed said Bernas had personally relayed its intention to buy back the shares from the foreign company as a move in keeping with the company's role as the national rice supplier.
"This, however, does not mean that the government intends to restrict the entry of foreign investment. Infact, the government encourages the entry of foreign investments," he said.
As for Bernas issue, it was a normal process when it was listed on the stock exchange, and a specific party had bought the shares and there were no restrictions on it by the government as the sale was in accordance with the laws, he told reporters after officiating the SME Bank Entrepreneurs Expo here Friday.