Integrax’ public shareholding spread falls below 25%

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KUALA LUMPUR (March 31): Pursuant to its conditional takeover offer by Tenaga Nasional Bhd (TNB), Integrax Bhd said it is not in compliance with the public shareholding spread requirement of Bursa Malaysia of a minimum of 25%.

In a filing with Bursa Malaysia today, Integrax announced the percentage of public shareholding of the company as at March 30, 2015, stood at 24.42%.

“The board will deliberate on this matter and further announcement on the public shareholding spread will be made, after the offer period has expired,” said Integrax.

The company added as stated in Section 4 of the takeover offer document, TNB (fundamental: 1.3; valuation: 1.8) does not intend to maintain the listing status of Integrax.

As such, TNB does not intend to address any shortfall to meet the public shareholding spread requirement, in the event Integrax does not comply with the public spread requirement as a result of acceptances received under the offer.

Yesterday, TNB’s revised takeover offer for Integrax at RM3.25 per share turned unconditional after receiving valid acceptances totalling 50.82% of 152.88 million shares as at 5pm.

Integrax (fundamental:1.65; valuation:1.2) shares closed down 4 sen or 1.24% to RM3.18 today, with a market capitalisation of RM968.6 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.)