Taipanco Sdn. Bhd. entered into a conditional sale and purchase agreement to acquire Transocean Holdings Berhad (KLSE:TOCEAN) from Kumpulan Kenderaan Malaysia Berhad, Edisi Bimbingan Sdn Bhd, Lengkap Suci Sdn Bhd and others in a reverse merger transaction on March 14, 2017. Under the term of the agreement, the consideration of MYR 140 million will settled by issue of 102 million shares and 38 million redeemable convertible preference shares of Transocean Holdings Berhad. Pursuant to the transaction, Jee Chau Hau, Nazari bin Akhbar and Nor Rahah binti Ab Ghani will hold 49.93%, 7.13% and 14.27% stake respectively in Transocean Holdings and will be appointed to Board. Transocean Holdings Berhad will undertake private placement of 23 million shares. The transaction is subject to approval of Securities Commission Malaysia, Bursa Securities for the listing of and quotation for the consideration shares, shareholders of Transocean Holdings Berhad, any other relevant authorities, parties, the written approval of such banks and financial institutions, due diligence, change in the Directors of Transocean Holdings Berhad to cater for the appointment of the nominee of Taipanco Sdn. Bhd. on the Board of Directors of Transocean Holding, the written approval of the Jabatan Kastam DiRaja Malaysia for the change in the shareholders of Transocean Holdings Berhad, evidence of the net tangible assets of MYR 80 million. All the proposed transactions are inter-conditional upon each other. The transaction is expected to close by November 30, 2017. The acquisition is expected to contribute positively to the future earnings of Transocean. Mercury Securities acted as financial advisor for Transocean Holdings Berhad.