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Integrax share trading stops on April 21
KUALA LUMPUR, April 9, 2015:
Bursa Malaysia Securities will suspend the trading of Integrax Bhd shares from April 21 at 9 am.
Tenaga Nasional Bhd (TNB) shares was traded two sen easier at RM14.54, despite it accepting the general offer for Integrax shares. A total of 205,200 shares transacted.
TNB is now in control of more than 90% of Integrax, according to a statement by the latter to Bursa Malaysia yesterday.
TNB stated that it did not intend to maintain the listing status of Integrax after it takes control.
Chief financial officer Fazlur Rahman Zainuddin said Integrax’s business operations would stay largely unchanged.
“As per offer document the business operations will stay largely unchanged and as required to support the power plant. Even if there are changes, it would be very minor,” he said at the sidelines of Integrax’s extraordinary general meeting yesterday.
To recap, TNB started making the bid in January by pricing the deal at RM2.75 per share. Integrax shares had never hit RM2.75 per share in the 10 years preceding the offer.
The offer was increased to RM3.25 per share on Feb 26 to match the highest valuation of Perak Corporation Bhd (PCB)’s Independent Advisor of RM3.25 per share. PCB holds 15.74% equity in Integrax.