Quick take: Transocean hits limit-up in early trade

KUALA LUMPUR: Transocean Holdings Bhd, which has been on an uptrend, hit limit up in early trade Tuesday.

The logistics company surged 29.41%, or 45 sen to RM1.98, making it the top gainer on Bursa Malaysia. Year-to-date, the counter has risen over 150%.

Last week, Transocean proposed a second share placement one day after the first proposed share placement.

It said the second proposed share placement of up to 10% of the existing issued shares of the company. It entails the issuance of up to 4.509 million new shares after taking into account the first placement.

Transocean has made an offer to buy a 40% stake in loss-making Enfrasys Consulting Sdn Bhd (ESSB), which is involved in system integration and software engineering, for RM20mil.

It said it would issue 20 million shares at an issue price of RM1 per share to acquire the stake in ESSB.

For FY20, Transocean posted a loss of RM2.83mil, which is lower than the RM5.61mil loss a year earlier. Revenue for the period was lower at RM17mil compared with RM20mil previously.

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Transocean , share placement , limit-up , Enfrasys


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