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TRANSOCEAN HOLDINGS BHD ("TRANSOCEAN" OR "COMPANY") (I) PROPOSED SUBSCRIPTION OF 12,000,000 NEW ORDINARY SHARES OF RM1.00 EACH ("SHARES") IN TRANSOCEAN BY KUMPULAN KENDERAAN MALAYSIA BERHAD ("KKMB") AT AN ISSUE PRICE OF RM1.00 PER SHARE ("PROPOSED SUBSCRIPTION"); AND (II) PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST IN USMETA MANUFACTURING SDN BHD ("USMETA") COMPRISING 1,000,000 SHARES FOR A CASH CONSIDERATION OF RM8.0 MILLION (ITEMS (I) AND (II) TO BE COLLECTIVELY REFERRED TO AS "PROPOSALS")

TRANSOCEAN HOLDINGS BHD

Type

Announcement
SubjectTRANSOCEAN HOLDINGS BHD ("TRANSOCEAN" OR "COMPANY")

(I) PROPOSED SUBSCRIPTION OF 12,000,000 NEW ORDINARY SHARES OF RM1.00 EACH ("SHARES") IN TRANSOCEAN BY KUMPULAN KENDERAAN MALAYSIA BERHAD ("KKMB") AT AN ISSUE PRICE OF RM1.00 PER SHARE ("PROPOSED SUBSCRIPTION"); AND

(II) PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST IN USMETA MANUFACTURING SDN BHD ("USMETA") COMPRISING 1,000,000 SHARES FOR A CASH CONSIDERATION OF RM8.0 MILLION

(ITEMS (I) AND (II) TO BE COLLECTIVELY REFERRED TO AS "PROPOSALS")

Contents :

We refer to the Company’s announcement dated 19 July 2007 where it was announced that the Company had on even date entered into the following agreements for the purposes of the Proposals :-


(a) a conditional subscription agreement between Transocean and KKMB, a wholly-owned subsidiary of Nadicorp Holdings Sdn Bhd (“Nadicorp”) for the proposed subscription of 12,000,000 new Shares in Transocean by KKMB at an issue price of RM1.00 per Share (“Subscription Agreement”); and

(b) a conditional share purchase agreement between Transocean and Nadicorp for the proposed acquisition of 1,000,000 Shares in Usmeta by Transocean from Nadicorp for a cash consideration of RM8.0 million (“Share Purchase Agreement”).

(The Subscription Agreement and the Share Purchase Agreement to be collectively referred to as “Agreements”)

To this end, the conditions precedent of the Agreements (“CPs”) are to be satisfied on or before 30 November 2007 or such other date as the parties to the Agreements may mutually agree in writing.

On behalf of the Company, AmInvestment Bank Berhad (formerly known as AmMerchant Bank Berhad) (a member of AmInvestment Bank Group) wishes to announce that the parties to the Agreements have, by way of an exchange of letter (“Letters of Extension”), mutually agreed to extend the period to fulfill the CPs for a period of two (2) months from 30 November 2007 until 31 January 2008.

The Letters of Extension will be made available for inspection at the registered office of Transocean during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 30 November 2007.



Announcement Info

Company NameTRANSOCEAN HOLDINGS BHD  
Stock Name TOCEAN    
Date Announced30 Nov 2007  
CategoryGeneral Announcement
Reference NoMM-071130-52375





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