KUALA LUMPUR (Mar 18): Integrax Bhd’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).

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’s (TNB) (fundamental: 1.3; valuation: 1.8) 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.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)