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.