Two Perak state assemblymen support TNB’s takeover of Integrax
IPOH: Two Perak state assemblymen have declared their support for Tenaga Nasional Bhd’s (TNB) plan to take over Integrax Bhd which controls ports in the Lumut district in the interest of the state economy.
They are Sungai Manik assemblyman Datuk Zainol Fadzi Paharudin and his colleague Datuk Rashidi Ibrahim (Pasir Panjang).
Zainol Fadzi is also the Exco for Public Utilities, Infrastructure, Water and Electricity and he said the take over is not merely a form of investment for TNB but also to benefit the people.
“The issue of Perak selling state assets as alleged by some quarters does not arise.When TNB takes over, it will provide returns for the state government. I hope this matter will not be politicised,” he added.
TNB had on Jan 9 made the bid for Integrax and priced the deal at RM2.75 per share. This offer was raised to RM3.25 on Feb 25. Perak Corp Bhd, which has a 15.74 per cent stake in Integrax, will propose to its shareholders to accept TNB’s offer at its Extraordinary General Meeting on March 27.
Zainol Fadzi said TNB’s plan is to control ports or areas that had an interest in the national power generation process.
He added that critics of the TNB take over plan of Integrax should see things from the aspect of national and not just individual interest.
“When we say national, it is related to national interest, and that of the interest of the people. We must reject moves that are of self-interest without considering the overall needs,” he added.
Rashidi was of the view that should Perak Corp’s move to relinquish its stake in Integrax to TNB prove successful, it does not mean giving up its involvement in the operations of Lumut Port.
“We must understand that Perak Corp still has a stake in the port via its holding in the Lumut Maritime Terminal (LMT),” he added.
Perak Corp holds a 50 per cent plus one stake in LMT, and Integrax the rest. Lumut Port has two terminals. Other than the LMT, there is the Lekir Bulk Terminal (LBT), which handles coal shipments to the TNB Janamanjung Power Plant.
The plant is among the largest coalbased power stations in Malaysia with seven million tonnes being utilised annually. The coal usage is expected to double by 2018 with the completion of the Manjung 4 and Manjung 5 power plants.
“I really do not see any problem here and feel the state government through Perak Corp still has an interest in Lumut Port. At the same time, what is wrong with Perak Corp’s intention to sell the Integrax stake to TNB, to ensure the country’s energy security is protected,” Rashidi said.
He said TNB has had a footprint at the port for the past 12 years and is a main client of the LBT.
“The sale is not merely for profit but also takes into account, the wellbeing of the people. The people should realise that a large part of the facilities provided by the government depends on detailed planning over the long term,” he added.
Rashidi sees this latest development as TNB’s continued commitment to invest in economic initiatives over the long term and this is good news for development of Perak. He said since TNB began operations in Manjung, the company had transformed the area into housing, commercial and other segments. — Bernama