Transocean Holdings Bhd (TOCEAN) ...Nov09

Its chairman and managing director Datuk Mohd Nadzmi Mohd Salleh has launched a takeover of the loss-making logistics company by offering RM1 per share.

The takeover of Transocean will be undertaken by Kumulan Kenderaan Malaysia Bhd (KKMB), which is controlled by Nadzmi.

It had proposed to acquire 100% stake in Lengkap Suci Sdn Bhd, which owns 11.6 million shares of Transocean or 28.29%, for a cash consideration of RM2. The shares in Lengkap Suci are to be acquired from Zaharah Ibrahim and Reena Nizma Zuhdi.

Upon completion of the proposed sales and purchase agreement (SPA), KKMB and parties acting in concert would see their collective shareholding increase to more than 33%.

Accordingly, upon the SPA becoming unconditional and in compliance with the Malaysian Code on Take-overs and Mergers, 1998, KKMB has further informed the company that KKMB intends to make a take-over offer to acquire all the remaining Transocean shares not already held by KKMB and the parties acting in concert at a cash consideration of RM1 per share.

Mohd Nadzmi indirectly controls 100% or 45 million shares of KKMB while the direct stake in KMMB is held by Nadicorp Holdings Sdn Bhd.

Transocean posted net loss of RM1.19 million on the back of RM10.43 million in revenue in 4Q ended May 31.

For the financial year ended May 31, its net loss was RM2.53 million on the turnover of RM45.18 million. Its net asset per share was 64 sen. It had borrowings of RM18.16 million.