i3i2i1KUALA LUMPUR: Tenaga Nasional Bhd (TNB) said it has received acceptances for its general offer of Integrax Bhd shares, giving it a total of 90.2% holding in the latter.
Tenaga also said that it did not intend to maintain the listing status of Integrax and would take the necessary steps to withdraw its listing in accordance with Bursa Malaysia’s listing rules.
Meanwhile, Integrax said in a filing that it had been informed that Tenaga would seek to compulsorily acquire the remaining shares it did not own once it received acceptances totalling ninth tenth of the total shares it was seeking to buy though the general offer.
Integrax is a profitable listed port operator that has the critical role of handling up to 15 million tonnes of coal annually for TNB’s 4,100MW generation capacity in Manjung.
TNB’s plan to take the port private became easier after Amin Halim Rasip gave in to the ulitility giant to sell his 24.76% stake in Integrax at a revised general offer price of RM3.25 per share.
Amin, who is a co-founder of the Lumut-based port, had initially given TNB a good fight, only to finally bow out following Perak Corp Bhd shareholders’ approval to sell its entire 15.74% stake in Integrax.
The nominee director of TNB in Integrax, Fazlur Rahman Zainuddin, is confident that TNB would be able to successfully privatise Integrax.
“On our plan, it remains as per the offer documents, where Integrax operations remain as usual to support our Janamanjung power plant.
“Any changes are expected to be minor and will be duly announced after April 13, being the final cut-off deadline, after extension, for the remaining Integrax shareholders to accept TNB’s offer,” he told the press after an EGM yesterday, which saw shareholders’ approval on related-party transactions on the new jetty terminal usage (proposed JTUA 3) between subsidiaries of Integrax and TNB.
Integrax has entered into its third Jetty Terminal Usage Agreement (JTUA 3) for the import handling of coal for TNB’s 1,000MW power plant that is due to commence on Oct 1, 2017. The agreement terms are similar to JTUA 2 and in line with earnings projections.
TNB had initially announced the takeover offer on Jan 9 for the remaining stake it did not own in Integrax at RM2.75 a share.
The offer price was subsequently revised to RM3.25 after other major Integrax shareholders argued that the initial offer was too low.