Battle for Integrax: Amin planning VGO?

PETALING JAYA: Integrax Bhd's major shareholder Amin Halim Rasip is said to be planning a voluntary general offer (VGO) for the shares he does not own in the port operator for at least RM3.66 apiece.
A source familiar with the Integrax saga told SunBiz that Amin, who holds a 24.61% stake, intends to rope in local parties to help trigger the VGO.
The source said Amin is likely to announce his plans at Perak Corporation Bhd's (PCB) EGM today.
On Wednesday, Amin, who is also a PCB shareholder, gave notice to add on a resolution at the EGM to seek alternative offers for the port operator at minimum of RM3.66 per share.
Amin is battling head on with Tenaga Nasional Bhd (TNB) which is trying to wrest control of Integrax, a company Amin co-founded.
Both Amin and TNB has steadily accumulating Integrax shares ever since the latter made an offer to take over the Lumut ports operator in January for RM2.75 and later revised at RM3.25 a share.
Amin, who is the company's largest shareholder, recently offered to acquire a 5% stake in Integrax for RM3.50 a share from PCB's unit, Taipan Merit Sdn Bhd.
Meanwhile, in a press statement yesterday, Amin claims that PCB's plans to divest its stake in Integrax is illegal since Perbadanan Kemajuan Negeri Perak (PKNP) does not have written consent of the Minister of Finance (MoF) to do so.
Amin said Section 13A of the Incorporation (State Legislatures Competency) Act 1962 requires PKNP, as the ultimate holding company of PCB and Taipan Merit, to obtain prior written consent from the MoF.
He said that the Act applies to PKNP on the basis that it is a corporation incorporated by the Perak State Assembly.
In a statement listing his question to be put forward at PCB's EGM today, Amin said since PKNP does not have written consent of the MoF, it would illegal to vote at the EGM.
"Clearly the PKNP representative cannot be allowed to vote on this resolution to dispose the Integrax shares," he said.