Friday 29 Mar 2024
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KUALA LUMPUR (Mar 25): Integrax Bhd saw a block of 8.05 million of its shares, representing a 2.68% stake in the company, traded off market today.

According to Bloomberg data, the shares were moved in the morning at a price of RM3.175 per share or RM25.56 million in total.

Tenaga Nasional Bhd (TNB) has a 24.98% stake in the company while Integrax co-founder Amin Halim Rasip owns 24.6% of its shares.

Integrax has been making headlines recently as Amin has been trying to persuade Perak Corp Bhd, which has a 15.74% stake in Integrax, to reconsider TNB’s offer of RM3.25 per share for its stake.

Amin, who offered buy about a third (5%) of Perak Corp’s stake in Integrax for RM3.50, is of the view that Perak Corp’s board had arbitrarily concluded that TNB’s offer was “superior” without asking for alternative offers from the open market.

Integrax (fundamental: 1.65; valuation: 1.2) owns port assets Lumut Maritime Sdn Bhd and Lekir Bulk Terminal Sdn Bhd, which, among others, handle the coal supply for TNB’s power hub at Janamanjung in Perak.

Its shares closed unchanged at RM3.17 today with a market capitalisation of RM953.55 million.

(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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