Amin plans RM1.2b offer for Integrax

PETALING JAYA: Major shareholder Amin Halim Rasip is enticing Integrax Bhd shareholders to hold off making a decision on accepting Tenaga Nasional Bhd's RM3.25 offer, with a promised RM1.2 billion voluntary general offer to be launched by himself and "other business entrepreneurs".
He told SunBiz this yesterday, after Perak Corp Bhd (PCB) shareholders voted to dispose its entire stake in the port operator to Tenaga Nasional Bhd (TNB) at an EGM last Friday.PCB owns a key 15.74% stake in Integrax.
"I make it known that I am planning a VGO myself in conjunction with other business entrepreneurs who are not current shareholders, who collectively have the experience and financial muscle for a RM1.2 billion offer and will follow submission in accordance with Code requirements," Amin told SunBiz.
This confirms a SunBiz report last Friday that Amin, who holds a 24.61% stake, intends to rope in local parties to help launch a VGO on the company.
Amin also revealed that there are other parties apart from him that are vying to takeover Integrax.
"I am aware that there are other parties looking at a possible VGO on Integrax , which is due to it being a juicy fruit pick, given that if one gets control of Integrax, you will have control of RM100 million free cash and approximately RM1 billion worth of solid assets, which are debt free and hence available as collateral," he said.
Amin has always believed that Integrax's strategic assets of Lekir Bulk Terminal and Lumut Maritime Terminal are worth much more.
Last Friday, PCB received approval from its shareholders to sell the entire 15.74% stake in Integrax to TNB for RM3.25 a share putting Amin in difficult after having had his offer to buy a 5% stake in Perak Corp turned down. Amin currently owns 24.61% of Integrax.
TNB's takeover offer, which would see PCB receive cash of about RM153 million, for the port operator is open until March 31.
In the statement, Amin asked Integrax shareholders to wait until after March 31, before making any decisions to sell their Integrax shares "as there is no risk to shareholders."
This he said is "because there is a subsequent two week period until April 14, 2015 during which the TNB offer remains open for acceptances, if and only if, TNB succeed in getting 50% plus one share acceptances by 5pm on March 31, 2015."
Amin has doggedly campaigned for a better offer for Integrax despite TNB revising its initial offer of RM2.75 to RM3.25.
He values Integrax at RM3.66 per share based on a valuation done by M&A Securities Sdn Bhd, an independent advisors appointed by Integrax which determined a value of RM3.66 per Integrax share.
Amin had initially believed that Integrax is worth RM5 a share.
Perak Corp's independent adviser Affin Hwang Investment Bank had earlier estimated the Integrax shares to be worth between RM2.98 and RM3.25 each, which led Perak Corp to reject Tenaga's original RM2.75 offer.
Amin has since initiated legal action against PCB and its directors after rejecting his offer to purchase the company's Integrax shares.
PCB is currently seeking legal advice on the letter of demand (LOD) sent by Amin who wants the former to seek a minimum price offer of RM3.66 per Integrax share.