INTEGRAX Bhd has made an offer to buy out Taipan Merit Sdn Bhd at 50 per cent plus one share in Lumut Maritime Terminal Sdn Bhd (LMT), along with notice to arbitrate the termination of shareholders agreement by Taipan Merit.

The offer to acquire Taipan Merit's shares sees Integrax exercising its option under a shareholders agreement between the two parties which allows for the transfer of the shares, Integrax said in a statement today.

'At the same time, Integrax does not recognise Taipan Merit's notice of termination of the agreement,' it said.

Taipan Merit, a wholly-owned unit of Perak Corp Bhd which in turn is 52.54 per cent controlled by Perbadanan Kemajuan Negeri Perak, been given 30 days to transfer all its shares in LMT to Integrax and to indicate a share sale price.

The submission of the notice to arbitrate cited three points, including notice of termination of shareholders agreement, the reappointment of Amin Halim Rasip as chief executive officer of LMT despite objections by Integrax and Taipan Merit's usurpation of the management of LMT.

Taipan Merit had terminated a shareholder's agreement with Integrax end-October which Integrax alleged was in breach.

-- BERNAMA