TransOcean Holdings Bhd (-ve)
TRADING of shares in TransOcean Holdings Bhd (fundamental: 0.75/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this year.
The stock closed up 13.5 sen or 13.99% at RM1.10, after 1.45 million shares were traded, versus the counter’s 200-day average volume of 8,023 shares.
On Tuesday, the group’s shares hit limit-up after jumping 30 sen or 45.11% to settle at 96.5 sen following news that it had inked a preliminary agreement that would pave the way for a reverse takeover of the company by logistics player Swift Haulage Sdn Bhd in a deal worth no less than RM750 million.
It said it had signed a heads of agreement with certain Swift shareholders to acquire the entire equity interest in Swift, and that consideration would be satisfied via the issuance of new shares in Trans-
Ocean at an issue price of RM1.50 per share.
As of yesterday, the group’s shares were trading at 1.09 times its net book value.