Tenaga buys 22.12pct of Integrax for RM106.4m or RM1.60 per share

KUALA LUMPUR: TENAGA NASIONAL BHD (TNB) has moved in to acquire a 22.12% stake of INTEGRAX BHD [] for RM106.4 million or RM1.60 per share.

TNB said on Wednesday, March 23 that it had signed a share sale agreement with Halim Rasip Holdings Sdn Bhd to acquire the 66.538 million shares.

The power company said it the purchase price represented a premium of 13.5% to the five-day weighted average market price of Integrax shares up to and including March 18, of RM1.41.

“TNB intends to fund the purchase consideration entirely through internally generated funds,” it said.

It said Integrax’s subsidiaries were involved in port operations, marine services, industrial property and mining.

Lekir Bulk Terminal Sdn. Bhd., one of the subsidiaries of Integrax and its associate, Lumut Maritime Terminal Sdn Bhd, were involved in the provision of coal handling services and port facilities for TNB’s power plants, Stesen Janakuasa Sultan Azlan Shah, Manjung.

“The strategic acquisition will enable TNB to secure the coal handling services for its said power plant and enhance the efficiency and operations of its power station,” it said.