Malaysia's Tenaga Raises Port Takeover Bid

Tenega Building

By MarEx 2015-02-25 10:41:56

Tenaga Nasional Bhd, Malaysia's largest power group, said on Wednesday it has raised the takeover price for Integrax Bhd by 18.2 percent after a leading shareholder of the port operator rejected its offer.

Tenaga, which counts Malaysia's state investor Khazanah as a major shareholder, upped the takeover price to 3.25 ringgit per share from 2.75 ringgit previously, bringing the total value of the deal to some 761 million ringgit ($211 million).

The revised offer was the price Perak Corporation Bhd, the second largest shareholder in Integrax with a 15.74 percent stake, suggested in a local stock exchange filing on Monday.

Tenaga is currently the largest Integrax shareholder, with a 22.12 percent stake.

($1 = 3.6030 ringgit)

Copyright Reuters 2015.

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