Transocean buys logistics firm for at least RM750m

PETALING JAYA: Transocean Holdings Bhd proposes to acquire Swift Haulage Sdn Bhd for at least RM750 million.

The purchase sum is to be satisfied by the issuance of Transocean shares at RM1.50 per share.

Transocean told Bursa Malaysia that it had on December 18 entered into a heads of agreement (HOA) with certain shareholders of Swift namely Kenanga Nominees (Tempatan) Sdn Bhd, Persada Bina Sdn Bhd, Laserforms Sdn Bhd, Angka Dayamas Sdn Bhd, Bluefin Bidco Ltd, Glory Portfolio Sdn Bhd, and Ng Chee Kin holding 77.2% stake in Swift for the acquisition.

Swift’s principal activities are the provision of integrated logistics services, container haulage services and warehousing.

Transocean said the HOA allows the parties to negotiate the terms of the share sale agreement (SSA). Upon signing, it will enable the group to explore the acquisition of Swift’s logistics operations.

The parties shall within a period of 60 days from the date of the HOA enter into a definitive SSA.

At the noon break, Transocean’s share price was down 9.8% to 60 sen on 191,100 shares done.

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