Friday saw Malaysian Plantation Company Tradewinds declaring that it was interested in buying a 53.76 percent stake in rice importer Bernas, for 526 million ringgit ($149.3 million).

In a filing with the stock exchange, Tradewinds said it was purchasing the stakes from Wang Tak Company Ltd and Gandingan Bersepadu Sdn Bhd.

Bernas’ 31.52% stake is owned by Wang Tak; and while 22.24% stake is owned by Gandingan.

Tradewinds explained that it had no issues of making a general offer for the left over shares in Bernas, and would look for a release from the authorities to avoid a buyout.

Bernas carries the sole license to bring in rice into Malaysia, apart from being the buyer of previous resort for local paddy. Bernas has to ensure sufficient supply and stability of price for rice in the country, under a 1996 privatization deal with the government.