Amin buys additional 1.03 mil shares in Integrax, at prices higher than Tenaga's offer



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KUALA LUMPUR (Jan 22): Integrax Bhd’s co-founder and major shareholder Amin Halim Rasip acquired an additional 1.03 million shares or a 0.34% stake in the company, through open market transactions today.

He now holds a total of 69.65 million shares or 23.15% of Integrax (fundamental: 1.65; valuation: 0.6), the company’s filing today showed. The prices he paid for each share ranged between RM2.74 and RM2.80, which is marginally higher than the RM2.75 offer price from Tenaga National Bhd.

Integrax was traded between RM2.73 and RM2.84 today before closing at RM2.77, gaining three sen for the day. Some 1.68 million shares were traded, with Amin’s purchases accounting for some 61.2% of the stocks traded volume today.

Quoted by The Edge Financial Daily today, Amin said Integrax’s shares should be worth RM5 apiece and in three years’ time, RM10. He has openly rejected Tenaga’s RM2.75 offer price and has even urged minority shareholders to hold on to their shares, even though Tenaga’s offer was at a 22% premium to the stock’s traded price, before it made the offer a week ago.

“All I can say is, shareholders can expect, can expect higher returns in [the near] future,” he was quoted as saying to the daily.

While Amin could not disclose details of projects in the pipeline as of yet, Integrax is poised to handle slightly more than double its current capacity of coal through Lekir Bulk Terminal, to at least 15 million tonnes per year by 2018, said The Edge Financial Daily.

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