KUALA LUMPUR: In a last ditch attempt to deny Tenaga Nasional Bhd (TNB) control of Integrax Bhd, the port operator’s co-founder and second-largest shareholder Amin Halim Rasip is suggesting Integrax shareholders hold onto their shares until after tomorrow. Amin, who is also the deputy chairman of Integrax, owns a 24.61% stake in the port operator.

In a statement to Integrax minority shareholders on Saturday, Amin called on them to decide whether or not to accept TNB’s revised takeover offer only after the March 31, 2015 closing date.

“There is no risk to Integrax shareholders (to decide after March 31) because there is a subsequent two-week period until April 14 during which the TNB offer remains open for acceptances. (But that’s) if and only if, TNB succeeded in getting 50% plus one share acceptance by 5pm on March 31,” he said.

However, it is worth noting that if TNB fails to get the 50% plus one share acceptance in Integrax by the closing date of its offer, it would see the collapse of the utility giant’s takeover bid for the port operator. For now, the other alternative offer on the table is Amin’s offer for an additional 5% equity interest in Integrax, which had been deemed unattractive by Perak Corp Bhd — an Integrax shareholder — compared with TNB’s offer which would allow it to dispose of its entire 15.74% stake in the port operator.

To recap, on Jan 9 this year, TNB made a conditional takeover offer for the remaining stake it did not own in Integrax at RM2.75 a share. The offer price was raised to RM3.25 on Feb 27, after other major Integrax shareholders, including Amin, said the initial offer was not high enough.

The offer is conditional on TNB receiving more than 50% of the voting shares of Integrax. TNB plans to delist Integrax if it takes control. TNB now owns 28.32% of Integrax shares.

Last Friday, Perak Corp helped TNB get a foot in the door on the takeover offer after its shareholders approved the disposal of its 15.74% stake in Integrax at an extraordinary general meeting (EGM) in Ipoh. Perak Corp won the support of its shareholders  with a majority of 99% votes, Perak Corp chief executive officer Datuk Aminuddin Md Desa told reporters after the EGM.

Amin, who had expressed his disappointment over the outcome of Perak Corp’s EGM, said in the statement that he is aware that there are other parties looking at a possible voluntary general offer (VGO) for Integrax. 

On his part, Amin said he is planning a VGO for Integrax. Amin also disclosed in the statement that he knows a “very significant number” of long-term Integrax shareholders since the inception of the company, and has recommended that they hold their shares till after tomorrow, saying “there is little risk and it opens up the avenue for more significant value enhancement”.

Amin noted that shareholders who have already submitted TNB’s acceptance forms are able to “withdraw their acceptance at any time prior to TNB declaring it has achieved its 50% plus one share target”. Amin stressed his statement was made in his individual personal capacity as an Integrax shareholder.

This article first appeared in The Edge Financial Daily, on March 30, 2015.