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LETTER OF EXPLANATION ARTICLE ENTITLED: "Transocean overhauling ops to sharpen edge"

TRANSOCEAN HOLDINGS BHD

Type

Reply to query
Reply to Bursa Malaysia's Query Letter - Reference IDNM-050420-43323
SubjectLETTER OF EXPLANATION
ARTICLE ENTITLED: "Transocean overhauling ops to sharpen edge"

Contents :

In replying to the query raised by the Exchange vide its letter dated 20 April 2005 (Ref No. NM-050420-43323) pertaining to the above subject matter, Transocean Holdings Bhd ("the Company") wish to clarify on the following sentences in the news article appearing in The Star, Starbiz on Wednesday, 20 April 2005, which are reproduced as below:


"We are disposing of non-income generating properties. We are also exploring the possibility of injecting the group's RM18 million warehouse into a specialised warehousing real estate investment trust, which will enable the group to sell and lease back the warehouse ...."

1. "We are disposing of non-income generating properties."

      The above statement is consistent with the Note 15 entitled Prospects in the unaudited interim financial report of the Company for the third quarter ended 28 February 2005 ("the interim financial report"), which had been announced to the Exchange via Bursa Link on 19 April 2005.

      In line with the said disposal of non-income generating properties as part of de-gearing exercise of the Group, the Group had disposed of certain properties, such as the disposal of some properties by its subsidiary, Transocean Biotec (M) Sdn Bhd on 8 July 2004 and 14 April 2005 as disclosed in the Note 18 in the interim financial report and a general announcement (Reference No. CS-050414-49592) made on 14 April 2005 respectively.

2. "We are also exploring the possibility of injecting the group's RM18 million warehouse into a specialised warehousing real estate investment trust, which will enable the group to sell and lease back the warehouse ...."

      The Group has not finalized any arrangement with any party but just an expression of interest to explore the possibility of injecting the Company's warehouse into a specialized warehousing real estate investment trust.

This announcement is dated 20 April 2005.

Query Letter Contents :

We refer to the above news article appearing in The Star, Starbiz, page 5, on
Wednesday, 20 April 2005, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentence,
which is reproduced as follows:-
"We are disposing of non-income generating properties. We are also exploring
the possibility of injecting the group's RM18 million warehouse into a
specialised warehousing real estate investment trust, which will enable the
group to sell and lease back the warehouse..:"
In accordance with the Securities Exchange's Corporate Disclosure Policy, you
are requested to furnish the Securities Exchange with an announcement for
public release confirming or denying the above reported article and in
particular the underlined sentence after due and diligent enquiry with all the
directors, major shareholders and all such other persons reasonably familiar
with the matters about which the disclosure is to be made in this respect. In
the event you deny the above sentence or any other part of the above article,
you are required to set forth facts sufficient to clarify any misleading
aspects of the same. In the event you confirm the above sentence or any other
part of the above article, you are required to set forth facts sufficient to
support the same.
Please furnish the Securities Exchange with your reply within one (1) market
day from the date hereof.
Yours faithfully

TAN YEW ENG
Sector Head, Issues & Listing
Group Regulations
TYE/NMA copy to:- Securities Commission (via fax))



Announcement Info

Company NameTRANSOCEAN HOLDINGS BHD  
Stock Name TOCEAN    
Date Announced20 Apr 2005  
CategoryGeneral Announcement
Reference NoCS-050420-50063



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