Waiver not for MGO on Bernas

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With reference to the article “Why a waiver?” (in the Frankly Speaking column of The Edge weekly Oct 12 issue), the Securities Commission Malaysia (SC) would like to point out that the article is incorrect and misleading.

Contrary to what was published, the waiver that was approved by the SC relates to Tradewinds (M) Bhd’s (Tradewinds) application for a waiver from deeming Tradewinds’ acquisition of equity interests in Padiberas Nasional Bhd (Bernas) as an acquisition resulting in a significant change in the business direction or policy of Tradewinds rather than in relation to Tradewinds’ application for a waiver from making a general offer for the shares in Bernas that it does not own.

The SC’s approval was subject to conditions.

Eugene Wong  Executive DirectorIssues and Investment, SC

Ed: We regret the misleading interpretation of the waiver and apologise if it had in any way impaired the reputation of the SC.

This article appeared in The Edge Financial Daily, October 13, 2009.