KUALA LUMPUR: Tenaga Nasional Bhd’s (TNB) shares on Bursa Malaysia declined in early trade today after the Integrax board recommended shareholders reject a revised offer of RM3.25 by the national utility company.
As at 11.14am, the blue chip counter was down 10 sen to RM14.62, with 2.19 million shares changing hands.
News reports on Wednesday quoted Integrax as saying that the company’s major shareholder, Amin Halim Rasip, had confirmed his rejection of the revised offer.
It said the updated underlying value per Integrax share of RM3.60 to RM3.66 per share remains at a material premium of 10.8 per cent to 12.6 per cent to the revised offer price.
Integrax had considered the details of the revised offer as well as the evaluation and recommendation by M&A Securities Sdn Bhd, the independent adviser hired by it.--BERNAMA