Transocean unaware of any reasons for spike in share price

Transocean unaware of any reasons for spike in share price
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KUALA LUMPUR (April 20): Transocean Holdings Bhd has said it is unaware of any reasons that could account for the spikes in its share price and trading volume in recent days.

In response to an unusual market activity (UMA) query from Bursa Malaysia, the company said it is not aware of any corporate developments that have not been previously announced that could account for the higher trading activity.

Transocean noted that it had made disclosures regarding the purchase of a 40% stake in Enfrasys Solutions Sdn Bhd for RM20 million in an all-share deal.

The group had also proposed a private placement to fund the capital expenditure of the group's logistics service segment, as well as another private placement to raise funds to upgrade the logistics segment's information technology infrastructure and system.

Transocean said it is also not aware of any rumours about its affairs or any other possible explanations that could account for the higher trading activity.

On April 16, Bursa Malaysia imposed a freeze on the upper limit price of Transocean's share price at RM1.53, after the stock hit limit up for two consecutive trading days.

The shares hit limit up again today, rising 45 sen or 29.41% to RM1.98, with a market capitalisation of RM81.18 million. The counter saw 878,700 shares traded.

S Kanagaraju