Integrax and Perak Corp sign new shareholders’ pact

PETALING JAYA: Port operator Integrax Bhd and Perak Corp Bhd, a listed vehicle of the Perak government, have entered into a new shareholders’ agreement to govern the business and management of Lumut Maritime Terminal Sdn Bhd (LMT).

LMT is the joint venture that operates the Lumut Maritime Terminal and the Lekir Bulk Terminal. Integrax owns a 50% stake in LMT and 80% in Lekir Bulk Terminal while Perak Corp has a 50% plus one share stake in LMT.

The new agreement, which was announced separately to the stock exchange by Integrax and Perak Corp, will replace an agreement that was signed in September 2001.

LMT is at the centre of a tussle between brothers and major Integrax shareholders Harun and Amin Halim Rasip, who were co-chief executive officers and directors.

The tussle eventually involved other major shareholders of Integrax but culminated in Harun exiting Integrax by selling half of his 37.8% stake to Tenaga Nasional Bhd (TNB) earlier this year. TNB has since increased its stake to 22.12% and become the single largest shareholder.

Besides the agreement, Integrax also announced the withdrawal of two suits which had been initiated by the company’s previous board of directors against Perak Corp and Amin.

Datuk Seri Mohamad Tajol Rosli Mohd Ghazali, who was appointed chairman of the executive committee overseeing Integrax’s corporate affairs, said in a media release that the spate of positive new developments had been the culmination of the tireless efforts of the company’s board which was entirely re-constituted earlier in the year.

He said the first few months were spent on improving the corporate governance structure of the company with the determined efforts of all the new board members who put in place the policy framework and structure.

“The board then proceeded to tackle the legal and operational issues and having carefully deliberated the issues especially the pros and cons, we’ve come up with solutions and action plans which are in the best interest of the company and all of its stakeholders,” Tajol added.

He said the focus of the company was now to move forward “with confidence and vigour” and to execute growth plans, including the expansion of TNB’s Janamanjung power plant, and playing a key role in Lumut’s development as a hub for iron ore and coal made possible by rapid economic developments taking place within the Lumut-Manjung area.

Among the salient terms of the new agreement are LMT would only have two shareholders, Pelabuhan Lumut Sdn Bhd (a wholly-owned unit of Integrax) and Taipan Merit Sdn Bhd (a wholly-owned unit of Perak Corp), with Taipan Merit to hold two more ordinary shares and two more redeemable preference shares than Pelabuhan Lumut.