#integrax

New Post has been published on http://www.therakyatpost.com/business/2015/04/09/integrax-share-trading-stops-on-april-21/

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.

New Post has been published on http://www.therakyatpost.com/business/2015/03/23/ex-transport-minister-supports-tnb-offer/

Ex-transport minister supports TNB offer

KUALA LUMPUR, March 23, 2015: 

The takeover bid by Tenaga Nasional Bhd (TNB) for port operator, Integrax Bhd, will create a win-win situation, with Perak to benefit immensely from the economic spillover, former Transport Minister Tan Sri Ong Tee Keat said today.

He said a successful takeover would lead to a seamless flow of TNB’s investments in the state and this should be seen as a massive vote of confidence as the power utility giant fortified its presence in Perak.

“Right from the start, this is not just a haphazard decision but rather it is a wise business move based on long-term interest consideration.”

Ong said with TNB increasing power generation capacity in the near future, certainly the capacity of handling coal by the terminal port operator would be greatly enhanced as well.

“And, this is the rationale for TNB to have set its sight for the businesses of this port operator.

“Even with coal handling, it could also be further developed into some other coal-related activities like coal blending and plus many more that we can think of,” said the ex-transport minister.

At the end of the day, Ong said he would love to see the people being wise enough to give TNB the opportunity to grow with Perak following the takeover of Integrax.

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.

This 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 has 15.74% of Integrax shares and its shareholders will decide at an extraordinary general meeting on March 27 on TNB’s offer.

However last Wednesday, Amin Halim Rasip, another of Integrax’s major shareholder with a 24%, offered to acquire 5% of PCB’s Integrax stake for RM3.50 per share.

Amin said he had made the offer as “a national service duty” to prevent an “abandonment” of the state’s strategic assets with proven track record.

Lumut Port consists of two terminals, namely Lumut Maritime Terminal (LMT) handles dry and liquid bulk and Lekir Bulk Terminal (LBT), a coal dry bulk terminal.

LBT is the sole provider of coal handling and delivery services for TNB’s Janamanjung power plants.

Should PCB accept TNB’s offer, PCB still holds 50% plus one in LMT and will continue to be involved in Lumut Port which serves as the state’s catalyst for economic growth.

TNB chief executive officer Datuk Seri Azman Mohd also assured that TNB was fully committed to helping the state grow through its long-term economic initiatives and investments.

Ong said:”Even if TNB were to acquire the main stake in Integrax, that is the port operator of Lumut Port, it doesn’t mean that TNB should hinder the growth of Integrax.

“TNB in this respect, would certainly love to see the growth of the port now, should not be just focusing on one aspect that is coal handling. No doubt coal handling is crucial to TNB.

“Knowing very well that TNB is now focusing on Lumut, its power generation plants in Lumut and it has several other forthcoming development plans of Manjung 4 and to Manjung 5, I could see that this is going to be a long-term plan rather than just a short-term expediency.”

He pointed out that the more than RM700 million investment for the purchase of the business was well justified for the sake of power supply security.

“Given the fact that TNB is the main client of Integrax via Lekir Bulk Terminal, and with the increased capacity of power supply via its additional installations, acquiring a controlling stake in the port operator company is certainly the feasible option to think about.

“Certainly coal security should be of utmost importance on its agenda, meaning it has to ensure that there is seamless supply of coal.

“The purchase of the port is a good testimony of TNB’s corporate confidence in the state economy. This is a very wise business decision and I see no reason why this business decision should ever be challenged,” Ong said.

New Post has been published on http://bm.therakyatpost.com/bisnes/2015/02/22/tnb-kekal-tawar-rm2-75-sesaham-integrax-perlu-hati-hati-putuskan-pelaburan/

TNB kekal tawar RM2.75 sesaham, Integrax perlu hati-hati putuskan pelaburan

KUALA LUMPUR, 22 Februari :

Dengan keputusan Tenaga Nasional Bhd (TNB) untuk mengekalkan tawaran harga saham bagi pengendali pelabuhan Integrax Bhd, pemegang saham Integrax perlu menilai dengan berhati-hati keputusan pelaburan yang akan membawa manfaat segera terbaik kepada mereka.

Sejajar dengan prospek pasaran sekarang, beberapa penganalisis memetik ‘jangkaan pendapatan masa depan Integrax yang kurang menarik’ sebagai satu peluang untuk meraih keuntungan dan melupakan pelaburan.

Pada 9 Januari lalu, TNB mengumumkan ia merancang membeli baki 78 peratus pegangan dalam Integrax yang masih belum lagi miliki pada RM2.75 sesaham, dan akan menghantarkan dokumen tawaran kepada pemegang saham Integrax pada 28 Januari.

Penswastaan itu tertakluk kepada TNB, yang ketika ini memegang 22.1 peratus daripada saham Intergrax, untuk mendapatkan sekurang-kurangnya 50 peratus daripada saham pengendali pelabuhan itu.

Integrax mengoperasikan dua terminal di Pelabuhan Lumut, iaitu, Terminal Pukal Lebir (LBT) yang kebanyakannya mengendalikan arang batu, dan Terminal Maritim Lumut (LMT) yang mengendalikan pukal kering dan cecair.

Satu laporan analisis daripada Maybank Kim Eng menunjukkan bahawa cadangan pengambilalihan oleh TNB itu adalah atas alasan strategik, memandangkan kepentingan LBT kepada stesen jana kuasa berkuasa arang batu Janamanjung TNB di Seri Manjung, Perak.

Meskipun TNB tidak berganjak daripada tawaran sahamnya pada RM2.75, laporan Penasihat Bebas Integrax menilai saham Integrax pada RM3.60.

Ini adalah berdasarkan kepada kaedah penilaian aset bersih dinilai semula (RNAV) yang memasukkan LBT dan LMT di Pelabuhan Lumut dan tanah bagi pengembangan pada masa depan.

Ia juga mencadangkan kepada pemegang saham Integrax supaya menolak tawaran TNB, dengan menyifatkan harga tawaran RM2.75 sebagai ‘tidak adil’ tetapi ‘berpatutan’.

Sementara itu, RHB Research menggesa pemegang saham Integrax menjual dan mengambil keuntungan kerana prospek pendapatan pengendali pelabuhan itu ‘tidak mewajarkan nilai aset bersih dinilai semula (RNAV) IAC pada RM3.60-RM3.62 sesaham.’

Meskipun menegaskan bahawa ia tidak mempertikaikan pandangan IAC bahawa kos penggantian Integrax bagi asetnya mencerminkan RNAV boleh berjumlah sehingga RM3.60 hingga RM3.62 sesaham, RHB Research berkata dalam laporan analisisnya prospek pendapatan pengendali pelabuhan itu tidak mewajarkan jajaran harga tersebut.

RHB Research, yang menyebut beberapa alasan bagi perkara ini berkata, pertamanya ia menjangka hasil dan pendapatan Integrax susut masing-masing sebanyak 11.9 dan 10.1 peratus tahun ini.

Selain itu ia turut mempertikaikan bahawa walaupun pendapatan sebanyak RM38 juta pada 2014 telah dijangkakan, ia juga mencerminkan penurunan 7.0 peratus berbanding 2013.

RHB Research bimbang terutamanya dengan pendapatan Integrax bagi tahun ini selepas berakhirnya tempoh pembayaran kemudahan atau hasil daripada Perjanjian Penggunaan Terminal Jeti 1 (JTUA1) tahun ini yang dianggarkan RM36.1 juta setiap tahun.

Bagaimanapun, ia berkata penurunan pendapatan boleh diimbangi sebahagiannya daripada JTUA2, yang dianggarkan RM27.2 juta setiap tahun.

Sekilas pandang pada anggaran arus pendapatan dua JTUA berbeza akan melihat ketidaksamaan hampir RM9 juta setiap tahun.

Oleh kerana pendapatan Integrax kelihatan tidak begitu menarik sehingga ia berjaya mendapatkan pelanggan yang besar, RHB Research menasihatkan pemegang saham minoriti mengambil keuntungan kerana harga saham ketika ini di atas harga tawaran RM2.75.

“Ini untuk mengelak risiko janji niaga tidak menjadi kerana TNB dijangka tidak akan menaikkan harga tawaran kepada satu yang menjamin kejayaan pengambilalihan,” kata firma penyelidikan itu.

Perak Corporation Bhd, yang memiliki 15.74 peratus pegangan dalam Integrax, akan memutuskan pada Isnin sama ada untuk menerima tawaran TNB itu. Sekiranya entiti milik kerajaan negeri Perak itu menerima tawaran TNB, ia akan meningkatkan pegangan ekuiti TNB dalam Intergrax kepada 38 peratus.

Pada 2011, ECM Libra menyifatkan pembelian pegangan Integrax oleh TNB sebagai strategi penyepaduan untuk memperoleh perkhidmatan pengendalian arang batu bagi jana kuasanya dan meningkatkan kecekapan serta operasi stesen jana kuasa Janamanjung.

Langkah terbaharu TNB itu juga dilihat oleh kebanyakan analisis sebagai satu kaedah untuk meningkatkan lagi kecekapan.

New Post has been published on http://www.therakyatpost.com/business/2015/02/13/tnb-not-raising-integrax-offer/

TNB not raising Integrax offer

KUALA LUMPUR, Feb 13: 

Integrax Bhd shareholders holding out for a higher offer price from Tenaga Nasional Bhd (TNB) are in for a disappointment as the energy company adopts a ‘take it or leave it’ stance on its original RM2.75 offer.

A source close to the deal said TNB would not revise upwards its offer to buy the Integrax shares it does not already own because RM2.75 was already a high figure, considering Integrax’s share price over the past 10 years prior to the offer had never breached RM2.50.

“The feeling is that TNB may have been overgenerous in offering RM2.75 in the first place,” said the source.

He said since TNB already owned 22.12% of Integrax, which it bought in 2007, “it makes no sense for it to overpay and shell out exorbitant amount  for a port in which it is the main client”.

“Yes, it is good to have control, but not at any price,” said the source, referring to the Integrax-owned Lekir Bulk Terminal at Lumut in Perak which feeds TNB’s Janamanjung power plant.

“Surely, if TNB wanted to revise its offer price, it would have done so when the offer document was sent to Integrax shareholders on Jan 30, but TNB simply chose to formalise the offer at this price.

“And if push comes to shove, they can easily walk away from the deal and it is none the worse for it, as TNB simply stays put in its current position as a major shareholder of Integrax, though admittedly without full control of the port. But inside TNB, the feeling is they can live with this.

“On the other hand, for shareholders of Integrax, things may not turn out to be so rosy.

“I tend to agree with what analysts have warned that if TNB walks away from this deal, it is likely the current high share price will retrace its level before the offer price of RM2.75 was made public, which suggests it would revert to the RM2.20-RM2.30 pre-offer level.”

TNB, which currently has a 22.12% stake in Integrax, had on Jan 9 submitted a notice to Bursa Malaysia for this proposed purchase.

The nation’s power supplier is eyeing the remaining 78% that it does not own at an offer price of RM2.75 a share.

With Integrax in play, its shares soared to a high of RM3.03 on Jan 29, a day before the offer document was released and closed at RM2.84 on Jan 30 when the offer documents were despatched to shareholders.

The share is now trading in the range of RM2.80.

The media had reported that analysts agreed TNB’s RM2.75 offer price was attractive and provided shareholders the opportunity to exit their investment with healthy returns.

Kenanga Research, in its Jan 12, 2015 report, highlighted that the offer price was favourable to Integrax’s shareholders as its peers had more diversified client portfolio and larger port-handling capacity.

With a premium to its intrinsic value, Kenanga had advised shareholders to accept the offer.

The source said, with two more power plants coming onstream whose coal supplies would pass through the Integrax-operated port, TNB would be contributing higher revenues.

“TNB has been the major contributor to Integrax’s revenue. Now with Manjung 4 becoming operational in March 2015 and Manjung 5 expected in October 2017, total annual coal consumption will increase, with TNB continuing to be the port operator’s major revenue contributor.”

RHB Research, via its Jan 12 report, said it would make perfect sense administratively to turn Integrax in its wholly-owned unit, describing the move by the port’s sole customer as tactical in nature.

“The takeover will provide TNB with full control over the port’s operations and future direction, particularly when it comes to negotiation of jetty usage rates which has in the past been a sticky point and a long-drawn process.”

TNB’s offer hit an obstacle when Integrax’s other major shareholder, Amin Halim Rasip, had on Jan 16 issued a statement declining TNB’s offer of RM2.75 as it was “not reflecting the value of Integrax”.

A business daily reported him as saying that Integrax’s “true value and the minimum price per share for Integrax should be at RM5 and could go up to as high as RM10 within the next five years”.

TNB believed that the offer was fair and reasonable after taking into consideration the current market conditions and Integrax’s earnings potential.

“There is already a hefty premium baked into this RM2.75 offer and all indications point to TNB sticking to its price. Simply put, it is a case of take it or leave it.”

TNB in its offer documents said it planned to delist Integrax from Bursa Malaysia if it received sufficient acceptance, aiming to gain full control of the operator of Lumut Port in Perak.

New Post has been published on http://www.therakyatpost.com/business/2015/01/09/tnb-taking-control-port-operator/

TNB taking control of port operator

KUALA LUMPUR, Jan 9: 

Tenaga Nasional Bhd (TNB) is proposing to acquire the remaining 77.88% in port services firm Integrax Bhd for about RM645 million.

TNB currently holds about 22.12% stake in Integrax, said CIMB Investment Bank Bhd which is acting on behalf of the utility as the advisor for the acquisition.

“TNB will pay RM2.75 for each of the remaining shares,” the company said, adding that it would not maintain the listing status of Integrax on the Main Market of Bursa Malaysia.

On financial resources, TNB said the offer would not fail due to insufficient financial capability and assured that every shareholder who wished to accept the offer would be paid in full.