Quick take: Transocean continues to hit new highs

KUALA LUMPUR: Transocean Holdings Bhd’s share price continued to climb, attracting investors’ interest in early trade Wednesday.

The counter, the top gainer on Bursa Malaysia, jumped 21.66%, or 94 sen to RM5.28. It has appreciated 551% since April 1. Year-to-date, the counter has risen 568%.

Last week, Bursa Malaysia issued an unusual market activity (UMA) query to Transocean following the sharp rise in price and volume in its shares recently.

The logistics company in its reply said it was not aware of any corporate development relating to its business that has not been previously announced as well as any rumours, reports or possible explanation that may account for its unusual trading activity.

Transocean said it had made an offer to buy a 40% stake in loss-making Enfrasys Consulting Sdn Bhd (ECSB), 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 ECSB.

In conjunction with the proposed acquisition, the company also intends to undertake diversification of the business activities of Transocean to include the business of system integration and software engineering works.

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Transocean , Enfrasys , UMA


Next In Business News

As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe
Oil price climbs, notches fourth monthly gain on growing demand
Chevron tops profit estimates, joins share buyback stampede
Indian billionaire's new airline may give Boeing a chance to regain lost ground
Global Markets: US stocks slip, US# has worst week in almost two months
All hopes pinned on the National Recovery Plan
The changing world of work post-pandemic
Short Position - Self testing kits, believing the numbers
Axiata seeks 66% stake in Indonesia's Link Net
Pos Malaysia appoints Charles Brewer as new Group CEO�

Stories You'll Enjoy