Transocean enters agreement to acquire Swift Haulage for RM750m

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

KUALA LUMPUR: Transocean Holdings Bhd has signed a heads of agreement to acquire 77.2% equity interest in Swift Haulage Sdn Bhd from certain shareholders with a view to acquiring the entire equity interest in the company.

The vendors of the proposed transaction have agreed that the entire shareholding in Swift will be acquired by Transocean for a sum of not less than RM750mil.

The transaction will be satisfied via the issuance of new shares in Transocean at an issue price of RM1.50.

Under the terms of the agreement, the parties have a period of 60 days to enter into a definitive share sale agreement, failing which there will be an automatic extension of 30 days.   

According to a filing with the stock exchange, Swift's principal activities are provision of integrated logistics services, container haulage services and warehousing.