Friday 29 Mar 2024
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KUALA LUMPUR (April 7): Transocean Holdings Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia on Wednesday (April 6), clarified that “a major shareholder” had explored “proposals” that could facilitate the drive of its business segments.

“However, discussions were still preliminary and the said major shareholder had decided not to proceed further with any of the proposals for the time being,” the group said in a filing on Thursday.

“Other than the above, the board is not aware of any rumours or reports concerning the business and affairs of Transocean that may account for the trading activity.

“The company is in compliance with the Bursa Securities Listing Requirements, in particular Rule 9.03 on immediate disclosure obligations,” it added.

Transocean received the UMA query as its shares rose from RM2.12 on April 4 to RM3.28 on April 6, representing a gain of RM1.12 or 54% in two trading days.

Trading volume surged to 1.39 million shares on April 6 or eight times its 200-day average volume of 159,641 shares.

Transocean is an integrated logistics services provider with operations in Malaysia and Singapore, and is also involved in the manufacturing of tyres.

Tan Sri Dr Mohd Nazmi Mohd Salleh is the largest shareholder of Transocean with 32.62% effective interest, partly through his shareholding in Nadicorp Holdings Sdn Bhd.

Last year, Datuk Syed Budriz Putra Jamalullail, a member of both the Selangor and Perlis royal households, emerged as a 30.72% shareholder of Transocean via Enfrasys Consulting Sdn Bhd.

This was after Enfrasys received new Transocean shares in exchange for the disposal of a 40% stake in a system integration subsidiary to Transocean with a RM20 million price tag.

Enfrasys is one of the companies selected to be a managed service provider for cloud in MyDIGITAL, according to reports.

Meanwhile, Thai billionaire Tan Sri Surin Upatkoon emerged as a new shareholder of the company six months ago in November 2021.

Surin acquired 100% of Microplus Elite Sdn Bhd, which bought 18.43% of Transocean in September 2021 from Nadicorp unit Kumpulan Kenderaan Malaysia Bhd.

For Transocean, its logistics operations constituted 80% of its revenue in the financial year ended Dec 31, 2021 (FY21), with the tyre business contributing the balance 20%.

In FY21, the company posted a net profit of RM1.42 million or 2.18 sen per share, versus a net loss of RM2.82 million or 6.89 sen per share for the year before. Full-year revenue grew 31.61% to RM22.36 million from RM16.99 million for FY20.

Shares in Transocean ended five sen or 1.52% lower at RM3.23 on Thursday, giving it a market capitalisation of RM210.27 million.

Edited ByAdam Aziz
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