KUALA LUMPUR (April 10): Integrax Bhd shares fell one sen or 0.3% to settle at RM3.18 at afternoon market break after the port operator announced its share trade would be suspended beginning this April 21.
At 12:30pm, Integrax saw 219,400 shares traded.
Integrax's (fundamental: 1.65; valuation: 1.4) share trade will be suspended following news that state-controlled utility Tenaga Nasional Bhd has secured 90.21% of Integrax's issued share capital.
Tenaga's (fundamental: 1.3; valuation: 1.8) stake in Integrax had risen to above 90% after Tenaga made a takeover offer for Integrax.
On January 9 this year, Tenaga made the takeover offer for the remaining stake it did not own in Integrax at RM2.75 a share. The offer price was subsequently raised to RM3.25 after other major Integrax shareholders argued that the initial offer was not high enough.
It was reported that Tenaga could be eyeing the 40ha land that Integrax owns at Pulau Lekir Satu in Perak. The 291ha man-made island houses Tenaga's Janamanjung power plant.
It was reported the extra land could be useful for Tenaga's future expansion.
(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.)