Tenaga Nasional Bhd (TNB) (5347), the country's largest power utility company, has agreed to buy a 22-12 per cent stake in port operator Integrax Bhd for RM106-46 million cash to help improve operation efficiency-TNB bought the stake comprising 66-54 million shares from Halim Rasip Holdings Sdn Bhd- The acquisition will be funded entirely through internal funds, the group said in a filing to Bursa Malaysia yesterday- The purchase price of RM106-46 million, or RM1-60 per share, represents a slight premium of 1-2 per cent to Integrax's closing price yesterday- Integrax is mainly involved in port operations, marine services, industrial property and mining- The company, via its associates and subsidiaries, provides coal- handling services and port facilities for Stesen Janakuasa Sultan Azlan Shah in Manjung, Perak, one of TNB's largest power plants- "The strategic acquisition will enable TNB to secure the coal-handling services for its said power plant and enhance the efficiency and operations of its power station," TNB said- TNB's shares closed 5 sen lower (0-8 per cent) to RM6-18, while Integrax shares eased 4 sen (2-4 per cent) to RM1-58 yesterday- ...

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