Transocean Holdings Berhad (KLSE:TOCEAN) signed a heads of agreement to acquire Swift Haulage Sdn Bhd from a group of sellers for MYR 750 million on December 18, 2018. Consideration will be paid through issue of shares. In the event Transocean Holdings carries out any corporate exercise, which results in adjustment to the share price of Transocean Holdings' shares and/or number of Transocean Holdings' shares in issue, the issue price per consideration share shall be adjusted accordingly. The transaction is subject to due diligence. Parties shall within a period of sixty days from the date of heads of agreement enter into a definitive share sale agreement and finalization of share sale agreement, failing which an automatic extension of thirty days shall be allowed. In the event the parties are still unable to finalize the share sale agreement by the end of the extended term, the parties shall discuss in good faith to mutually agree on such further extensions. If no mutually agreeable agreement is entered into in spite of extensions then the deal will be terminated. The heads of agreement is not expected to have any effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of Transocean Holdings Berhad. As of February 15, 2019, the heads of agreement is automatically extended for 30 days starting from February 16, 2019. As of March 15, 2019, the expected closing was extended from March 17, 2019 to April 16, 2019. Transocean Holdings Berhad (KLSE:TOCEAN) cancelled the acquisition of Swift Haulage Sdn Bhd from a group of sellers on April 16, 2019. The parties have concluded that it would be in their mutual interest to not extend the term of the agreement as both parties were unable to come to an agreement on the terms and conditions for the acquisition.