Thursday 28 Mar 2024
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KUALA LUMPUR (March 3): Tenaga Nasional Bhd (TNB), which recently revised upwards its takeover offer for Integrax Bhd by 50 sen to RM3.25 a share, has described the revised offer price as fair.

"We think that it's a fair offer. Of course when we make an offer it's based on what we think will be a fair assessment," its president and chief executive officer Datuk Seri Azman Mohd Azman told reporters at the group's Chinese New Year luncheon today.

He added that TNB (fundamental: 1.3; valuation: 1.8) is now awaiting Perak Corp Bhd's shareholders to accept the offer at its upcoming extraordinary general meeting on March 27. Perak Corp holds a 15.74% stake in Integrax via its wholly-owned unit Taipan Merit Sdn Bhd.

When asked on what will TNB do if it fails to raise its stake in Integrax to complete the takeover, Azman quipped, "We shall see". 

TNB had earlier announced that it does not intend to keep the listing status of the port operator on the Main Market of Bursa Malaysia after the takeover. 

(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.) 
 

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