Malaysia's Tenaga offers to take over port operator for US$181m

[KUALA LUMPUR] Tenaga Nasional Bhd, Malaysia's biggest power group, said on Friday it was offering RM644.22 million (US$181 million) to buy the remaining shares in port operator Integrax Bhd that it does not already own.

The offer, at RM2.75 a share, represents a 19 per cent premium over Integrax's closing price of RM2.31 on Friday.

Tenaga - which counts Malaysia's state investor Khazanah as its biggest investor - is currently the largest Integrax shareholder, with a 22.12 per cent stake.

It plans to delist Integrax from the Kuala Lumpur stock exchange if it takes control, it said in a stock exchange filing.

Integrax owns the Lumut Port, on the west coast of Peninsular Malaysia in the state of Perak, according to its website.

Tenaga shares, which have risen about 20 per cent over the past year, closed down 0.28 per cent lower at RM14.16 on Friday.

REUTERS