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 Swift Haulage have agreed that the entire shareholding in Swift will be acquired by Transocean for a sum of not less than RM750mil.
Transocean provides trucking services and cross-border trucking services.
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 60 days to enter into a definitive share sale agreement, failing which there will be an automatic extension of 30 days.