KUALA LUMPUR (April 15): Transocean Holdings Bhd's share price hit limit up after rising as much as 30 sen or 34.09% to settle at RM1.18 during Bursa Malaysia's afternoon break today following the logistics firm's announcement yesterday that it offered to buy a 40% stake in software engineering company Enfrasys Solutions Sdn Bhd (ESSB) for RM20 million in an all-share deal.

At 12.30pm today, Transocean saw 2.7 million shares change hands.

The stock has been traded between RM1.01 and RM1.18 so far today.

At RM1.18, Transocean has a market value of about RM48.38 million.

Transocean has 41 million issued shares, according to the company’s latest quarterly financial results filing with Bursa.

Transocean’s share trade resumed today following a suspension yesterday pending the release of the proposed ESSB stake buy announcement.

Yesterday, Transocean said in a filing to Bursa Malaysia that Transocean had made the offer vide a letter dated April 14 to Enfrasys Consulting Sdn Bhd (ECSB) to acquire from ECSB 400,000 shares representing 40% equity interest in ESSB for RM20 million.

Transocean said the purchase consideration will be satisfied by the issuance of 20 million shares in Transocean at RM1 each.

"Transocean believes that the proposed acquisition will allow Transocean to venture into the business of providing system integration and software engineering works, tap into the expertise of ESSB to enhance the company’s (Transocean) information technology systems for its existing businesses of logistics and warehousing and create additional income stream to enhance Transocean’s profitability and shareholder value,” Transocean said.