KUALA LUMPUR (March 3): Tenaga Nasional Bhd had yesterday (Monday, March 2) acquired an additional 2.3 million shares or 0.8% in Integrax Bhd for RM7.5 million.

In a filing to the bourse today, port operator Integrax (fundamental:1.65; valuation:0.6) said state-controlled utility Tenaga (fundamental: 1.3; valuation: 1) had acquired three blocks of Integrax shares at between RM3.23 and RM3.25 a share.
 
One block of 333,900 shares changed hands at RM3.23, while another block of 1.75 million shares was traded at RM3.24.

Tenaga also also bought a block of 224,300 shares at RM3.25.

Today, Integrax shares rose three sen or 1% at 3:03pm to RM3.19, for a market capitalisation of RM959.55 million.

Some 1.1 million shares changed hands.

To recap, on Jan 9 this year, Tenaga made a take-over offer for the remaining stake it did not own in Integrax at RM2.75 a share.

The offer price was subsequently raised to RM3.25, after other major Integrax shareholders argued the initial offer was not high enough.

As at last Wednesday (Feb 25), Tenaga owned 24.08% in Integrax, according to the take-over circular to Integrax shareholders.

The closing date for the revised offer falls on upcoming March 31.

(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.)