Integrax at intraday high, surpasses Tenaga's RM2.75 offer

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KUALA LUMPUR (Jan 22): Port operator Integrax Bhd rose 2.2% to its intraday high after The Edge Financial Daily (Edge FD) reported today major shareholder Amin Halim Rasip would not give up his Integrax stake unless Tenaga Nasional Bhd revises its take-over offer price higher.

Integrax (fundamental: 1.65; valuation: 0.6) rose six sen to reach RM2.80 at 12:30pm, higher than the RM2.75 a share offer by state-controlled utility Tenaga (fundamental: 1.3; valuation: 1).

For comparison, the FBM KLCI rose 9.88 points or 0.6% to settle at 1,779.97.

Shares of Integrax, which has a market capitalisation of RM842.3 million, had gained 23% this year, outperforming the KLCI's 1% advance.

Tenaga owns 22.12% in Integrax while Amin's combined direct and indirect stake in Integrax comes to 22.81%.

Edge FD reported that Amin would consider Tenaga's offer for Integrax at a minimum of RM5 a share. He said Integrax's share price could reach as high as RM10 in five years.

Last Friday (Jan 16), Amin issued a statement declining Tenaga offer. He also announced to Bursa Malaysia on the same day his intention to deal in Integrax shares during the closed period.

Amin believes minority shareholders should not cash out their Integrax shares under pressure just for a quick buck, but should instead hold on for the long term for a much higher value.

(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.)