KUALA LUMPUR: Integrax Bhd’s co-founder and deputy chairman Amin Halim Rasip has decided to part with his shares in the company, indicating he will be accepting Tenaga Nasional Bhd’s (TNB) offer for Integrax at RM3.25 per share.

Amin holds a 24.76% stake in the port operator. He has been calling on Integrax shareholders to reject TNB’s takeover bid for the company from the onset.

“Given the different directions pursued by TNB and PCB (Perak Corp Bhd) in respect the future of the LBT (Lekir Bulk Terminal) and LMT (Lumut Maritime Terminal) assets, I will be selling my Integrax shares, as it will be more beneficial and productive for me to pursue the business projects and opportunities I intended to develop in Lumut, in a number of other suitable locations in Malaysia and the region,” he said in a statement yesterday.

“I wish to thank all shareholders, the numerous individuals and staff since 1995 who were instrumental in the success of LBT and LMT, and [were] driven by the purpose and mission to build key catalyst infrastructure for Perak which has clearly achieved its mission,” he added.

TNB’s revised takeover offer of RM3.25 per share turned unconditional on Monday, after it received valid acceptances totalling 50.82% or 152.88 million Integrax shares as at 5pm. The utility giant had raised its offer from RM2.75 earlier, but had been unable to win the support of Amin until now. Amin believed Integrax is worth more.

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This article first appeared in The Edge Financial Daily, on April 1, 2015.