Tenaga Hits Opposition to Port Operator Move

Tenaga Nasional Bhd , Malaysia's largest power group, hit an obstacle in its attempt to take over Integrax Bhd after a leading shareholder of the port operator rejected its offer on Monday.

Perak Corporation Bhd, which holds 15.74 percent stake in Integrax, said in a local stock exchange filing that its board would only suggest its shareholders approve the deal if the offer was raised to 3.25 ringgit per share.

Tenaga, the largest Integrax shareholder with a 22.12 percent stake, on Jan. 9 offered 644.22 million ringgit ($176.88 million) or 2.75 ringgit per share to buy the remaining shares in Integrax it does not already own.

The 3.25 ringgit per share counter offer was the highest in the indicative equity valuation range by Affin Hwang Investment Bank Bhd, an adviser Perak Corporation hired to evaluate and provide a recommendation to the board.

Reporting By Yantoultra Ngui