(Updated)

Transocean hits limit up after billionaire Surin Upatkoon emerges as its major shareholder

Transocean hits limit up after billionaire Surin Upatkoon emerges as its major shareholder
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KUALA LUMPUR (Nov 11): Transocean Holdings Bhd hit limit up on Thursday after billionaire Tan Sri Surin Upatkoon emerged as the second largest shareholder of the company with an 18.43% stake.

The logistics service provider, which was the top gainer, surged 86 sen or 29.76% to RM3.75. The counter saw 559,300 shares traded.

At RM3.75, the company is valued at RM244.12 million.

Year to date, the stock has soared 380.77%.

Transocean said in a bourse filing on Tuesday that Surin had acquired 100% equity interest in Microplus Elite Sdn Bhd (ME). ME is currently a substantial shareholder of Transocean.

Surin is deemed to have indirect interest in shares of Transocean.

However, the group did not disclose the price at which Surin purchased the stake comprising 12 million Transocean shares.

Transocean, which was in the red over the last two financial years, returned to the black with a net profit of RM117,000 in the first half ended June 30, 2021.

The group posted a net loss of RM578,000 a year ago.

Meanwhile, the group's half-year revenue grew 20% to RM9.3 million from RM7.78 million.

On prospects, the group has said it will continue its focus on optimising capacity and asset utilisation, and improving cost efficiency.

It said the group had also renewed efforts in business development.

It has also said the group is currently looking at container depot business in Penang and Kuantan, and exploring new markets for its tyre business in Johor and Singapore, as well as warehousing business in the Klang Valley.

Surin Murugiah