KUALA LUMPUR (Apr 13): Tenaga Nasional Bhd (TNB) has received valid acceptances amounting to 292.74 million shares, representing a 97.32% stake in Integrax Bhd at the closing date of its revised and final offer for the port operator today.

Accordingly, TNB (fundamental: 1.3; valuation: 1.8) will proceed to exercise its rights to compulsorily acquire the remaining shares in Integrax (fundamental: 1.65, valuation: 1.4) within two months.

On Jan 9 this year, TNB launched a takeover offer for the remaining shares 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.

TNB does not plan to keep Integrax listed and the shares will be suspended from April 21. 

Shares of Integrax closed flat at RM3.18 today, with a market capitalisation of RM956.56 million, while TNB's counter ended the day 6 sen lower at RM14.44, with a market cap of RM81.83 billion.

(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.)