KUALA LUMPUR (Apr 8): Tenaga Nasional Bhd is confident of securing the 90% acceptance threshold under its takeover offer for Integrax Bhd, according to Tenaga chief financial officer Fazlur Rahman.

Securing the 90% acceptance threshold will enable state-controlled Tenaga (fundamental: 1.3; valuation: 1.8) to compulsorily acquire the remaining shares in port operator Integrax (fundamental: 1.65; valuation: 1.4) and delist the company from Bursa Malaysia.

Speaking to reporters on the sidelines of Integrax's extraordinary general meeting here today, Fazlur said Tenaga would futher update investors on its plans for Integrax when the offer closes next Monday (April 13).

He said Integrax's current operations would be maintained for now.

"We will wait until the closing date of April 13 to make the appropriate announcements.

"However, for now, Tenaga plans to continue with the operations of Integrax. The business will stay largely unchanged as operations are required to support the Manjung power plants. If there are any changes it will be very minor," Fazlur said.

As at last Monday (April 6), Tenaga had raised its Integrax stake to 71.07% following the acquisition of shares under the takeover offer.

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.

At 12.30pm, Integrax shares settled flat at RM3.18 for a market capitalisation of RM956.6 million. A total of 40,500 shares changed hands.

Tenaga fell two sen or 0.1% to RM14.54 for a market value of RM82.01 billion. Some five million shares were traded.

(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.)