Integrax founder Amin Halim Rasip declines Tenaga offer

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KUALA LUMPUR (Jan 16): Integrax Bhd founder and a major shareholder Amin Halim Rasip has declined the offer from Tenaga Nasional Bhd to acquire the remaining shares in Integrax at RM2.75 per share, saying the offer price was not fair and not reasonable.

In a statement today, Amin Halim who holds a 22.81 deemed interest in Intregrax said that he would not be selling his shares nor accept Tenaga’s offer of RM2,75 per share as the offer did not reflect the value of Integrax.

“My views are solely , separately and independently my own and shall not be construed in any way as representing the views and opinions of any others including the Board of Directors or management of Integrax Berhad or any other parties,” he said.

Amin Halim said shareholders must realise and recognise that they were part owners of a set of port assets (LBT: Lekir Bulk Terminal and LMT: Lumut Maritime Terminal) that had a very high enterprise and strategic value, arising from the fact that LBT was one of only a few ports worldwide, with deep water access and located on a trade artery of the world between China and the rest, and with a hinterland consisting of Perak, Kelantan and Terengganu and indeed all of Sumatra.  

He added that furthermore the assets had not been revalued since construction and commencement 15 years ago and the reality was that the replacement cost for such port assets with equivalent capability is huge in excess of RM1 billion, significantly higher than the original 2000 cost.

“There is more value to be gained and I recommend that shareholders reject the Tenaga offer of RM2.75 per share and depending on shareholder needs in near term hold out for much higher price and derive significant value and more shareholder benefits for the long term,” he said.