KUALA LUMPUR: Sceptical over the delisting of national rice company Bernas, opposition parliamentarians yesterday asked Securities Commission Malaysia (SC) to investigate the move after an urgent motion to discuss the issue was rejected by the Dewan Rakyat.

Alor Setar PKR MP Gooi Hsiao Leung said the motives behind the delisting were suspicions as Bernas has a monopoly of the rice industry until 2021.

"It was tasked by the government to ensure that the supply is met and to look out for the welfare of padi farmers," he told reporters.

"Its role is critical to the rice production industry ... when news of the voluntary delisting came up, many of us asked why the government did not exercise its golden share to stop it or utilise its rights under the privatisation agreement it had signed with Bernas ... as the delisting goes against the national interest," he said.

The opposition has been trying to persuade the government to halt the process claiming that almost 90% of Bernas shares belong to various companies owned by government-linked business tycoon Tan Sri Syed Mokhtar Al-Bukhary.

"Bernas said it will perform a consolidation after the delisting but you don't usually delist a company then consolidate and then relist on Bursa Saham.

"What's the purpose unless they want to enrich the main shareholders and in this case the Umno cronies," said Gooi.

Dewan Rakyat speaker Pandikar Amin Mulia rejected Gooi's emergency motion stating that the agriculture and agro-based industry ministry had clarified the matter.

Kuala Kedah PKR MP Dr Azman Ismail added the delisting was the company's way of profiteering.

"They are trying to make money out of government investment at the expense of poor padi farmers," said Azman.

Gooi said he will write to SC to investigate the matter.

The bulk of Bernas shares are controlled by Syed Mokhtar through Tradewinds (M) Bhd which holds 72.7% of its shares.

Bernas was privatised in January 1996, replacing the National Padi and Rice Board (LPN) as regulator of the local rice industry.

On April 26, 2011, the government announced that Bernas' contract for rice distribution has been extended for 10 years from Jan 11, 2011 to Jan 10, 2021.

According to news reports, Bernas currently controls 24% of the padi market and 45% of the local rice market.

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This article first appeared in The Edge Financial Daily, on November 22, 2013.