KUALA LUMPUR: Integrax Bhd’s second-largest shareholder Amin Halim Rasip, who has been calling on its shareholders to reject Tenaga Nasional Bhd’s (TNB) takeover bid for the port operator from the onset, seems to have lost control of the company after the utility giant received more than 50% of the voting shares in Integrax.

TNB’s revised takeover offer for the port operator at RM3.25 per share turned unconditional yesterday after it received valid acceptances totalling 50.82% or 152.88 million Integrax shares as at 5pm.

“The revised offer shall remain open for acceptances up to 5pm on Monday (April 13). No further extension of the closing date of the revised offer will be made,” TNB said in a filing with Bursa Malaysia yesterday.

To recap, on Jan 9 this year, TNB (fundamental: 1.3; valuation: 1.8) made a conditional takeover offer for the remaining stake it did not own in Integrax (fundamental: 1.65; valuation: 1.2) at RM2.75 a share. The offer price was raised to RM3.25 on Feb 27 after other major Integrax shareholders said the initial offer was not high enough.

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

As such, Amin, who is also the co-founder and deputy chairman of Integrax, stands to hold shares in an unlisted company if Integrax is delisted. As of yesterday, Amin held a 24.76% stake in Integrax.

Perak Corp shares rose 0.7% to close at RM2.88 yesterday with a market capitalisation of RM288 million, while Integrax’s counter closed up 1.26% at RM3.22, bringing it a market cap of RM968.6 million. TNB’s share price also rose 0.85% to settle at RM14.32 with a market cap of RM80.82 billion.

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. Go to theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in The Edge Financial Daily, on March 31, 2015.