KUALA LUMPUR (Jan 30): Tenaga Nasional Bhd has not revised its offer price of RM2.75 per share for the remaining 77.88% stake it does not own in Integrax Bhd, a filing to Bursa Malaysia revealed today.

In the offer letter, Tenaga (fundamental:1.3; valuation:1) said the offer to the shareholder of Integrax shall be conditional and it will be close at 5pm, Feb 27, 2015.

“The offer price was arrived at after taking into consideration the market prices of the [Integrax] share and the audited consolidated net asset per share attributed to equity holders of RM1.97 as at Dec 31, 2012 and RM2.06 as at Dec 31, 2013, which represents a price to book ratio(PBR) of 1.4 times and 1.33 times respectively,” it said.

Tenaga also said the rationale for the offer is to obtain control over Intergax, to ensure the security of coal supply to its Manjung Power Plant which currently comprises three units, generating almost 10% of the nation’s power supply.

In a separate announcement by Integrax (fundamental: 1.65; valuation: 0.6), its single largest shareholder Amin Halim Rasip had acquired an additional 352,900 shares on Jan 28, which raised his stake in the company to 23.46%.

Amin has expressed his stance that he would not part with his shares, unless Tenaga offers RM5 per share.      

Tenaga closed 0.41% lower at RM14.5, giving it a market capitalisation of RM82.17 billion; while Integrax also closed 2.07% lower at RM2.84, giving it a market capitalization of RM872.34 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.)