Perak Corp...please support En Amin!!!! Don't sell !!! Abort !!! Integrax.....sentimental value for cofounder!!! He knows what is best for his company!!! Let's stay united with him!!!
Quek wanted to take Southern Steel private at rm2.10 but shareholders opposed it. And Southern Steel crashed to Rm1.00 today.
Then Perak Corp wanted to take it private at rm3.90 and shareholders opposed it and wanted more. In December 2014 Perak Corp fell 40% to near Rm2.00 before rebounding.
So don't be too greedy.
Calvin once bought INTEGRAX at 60 cents. Also bought Perak Corp for same price at 60 cents. Sold both long ago.
SHAREHOLDER BATTLE DAVID-AMIN V GOLIATH-TENAGA !!!
Integrax’s Amin offers to buy 5% of Perak Corp’s stake for RM3.50 per share
By Ahmad Naqib Idris / theedgemarkets.com | March 18, 2015 : 4:43 PM MYT
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KUALA LUMPUR (Mar 18): Integrax Bhd ( Financial Dashboard)’s co-founder, Amin Halim Rasip, has offered to acquire some 15.04 million shares, representing a 5% equity interest in the port operator for a total of RM52.64 million or RM3.50 per share, from Taipan Merit Sdn Bhd, a wholly-owned unit of Perak Corp Bhd (PCB) ( Financial Dashboard).
Amin had today issued a notice to the shareholders and directors of PCB (fundamental: 1.9; valuation: 1.2), recommending the company’s shareholders to reject Tenaga Nasional Bhd ( Financial Dashboard)’s (TNB) (fundamental: 1.3; valuation: 1.Cool offer of RM3.25 per share at the upcoming extraordinary general meeting to be convened.
“PCB shareholders must realize that the port assets Lumut Maritime Terminal Sdn Bhd (LMT) and Lekir Bulk Terminal Sdn Bhd (LBT) form a significant portion of PCB’s value and earnings,” said Amin.
He added that it is in PCB’s best interests to seek better offers, as opposed to TNB’s offer of RM3.25 per share.
To recap, PCB’s board had agreed to dispose its entire 15.74% stake in Integrax (fundamental: 1.65; valuation: 1.2) to TNB at RM3.25, following TNB’s revision of its initial offer of RM2.75.
Based on filings to the exchange, Amin holds a 24.61% stake in Integrax, while TNB has a 23.07% stake. Meanwhile, PCB owns a 15.74% stake in Integrax.
At 4.00pm, Integrax gained 1 sen or 0.32% to RM3.18, with a market capitalisation of RM953.55 million, while PCB fell 2 sen or 0.68% to RM2.94, bringing its market capitalisation to RM296 million.
TNB fell 2 sen or 0.14% to RM14.66, translating to a market capitalisation of RM82.85 billion
POTENTIAL RERATING FOR BOTH INTEGRAX AND PERAK CORP LOH....!!
On behalf of TNB, CIMB Investment Bank Berhad wishes to announce that, the Offeror has received valid acceptances in respect of the Revised Offer resulting in the Offeror holding in aggregate, together with such Integrax Shares that are already held or entitled to be acquired or held by the Offeror, more than 50% of the voting shares of the Offeree as at 5.00 p.m. (Malaysian time) on Monday, 30 March 2015, as set out below:
With Amin gave-up and TNB has ~ 70%. If the minority decided not to sell now or at Open market, what will happen to the minority stocks? Will Integrax still get delisted and the balance ~30% got force sell at 3.175?
wonder why this stock at the top 30 trending counters in i3 forum. there is no movement, there is no hype news, even the last person comment here was more than a year ago
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Posted by Duitlai > 2015-02-12 11:32 | Report Abuse
Tenaga have to revise the offer price to much much higher