Transocean Holdings Berhad (KLSE:TOCEAN) made a letter of offer to acquire 40% stake in Enfrasys Solutions Sdn Bhd from Enfrasys Consulting Sdn Bhd for MYR 17.6 million on April 14, 2021. Transocean Holdings Berhad signed a conditional share sale agreement to acquire 40% stake in Enfrasys Solutions Sdn Bhd from Enfrasys Consulting Sdn Bhd on April 16, 2021. Under the terms of transaction, Transocean Holdings Berhad will acquire 0.4 million shares of Enfrasys Solutions Sdn Bhd and will issue 20 million shares of Transocean Holdings Berhad for issue price of MYR 1 per consideration share. Aas of December 31, 2020 Enfrasys Solutions Sdn Bhd reported revenue of MYR 32,916,193, loss after tax of 181,642 and net asset of 9,121,492. The transaction is subject to approval from the Board, approval from shareholders of Transocean Holdings Berhad at an EGM to be convened, signing of definitive agreement within 30 days from the date of the offer letter, full settlement of all amounts due from shareholders on completion of the share purchase, valuation report from an expert valuer, the board members shall be no more than 5 of which 2 members shall be nominated by Transocean Holdings Berhad and 3 members nominated by Enfrasys Consulting Sdn Bhd, Bursa Securities for the listing of and quotation for the consideration shares on the main market of Bursa Securities and any other approvals or consents, as may be required. As of June 29, 2021, Transocean Holdings Bhd., and Enfrasys Consulting Sdn. Bhd., have entered into a supplemental letter in relation to the variation of terms of the agreement; extension of the duration of the conditional period for a further period of one and a half month, to expire on August 31, 2021 (or such other longer period as we may mutually agree); to delete “The approval of the proposed diversification and completion and successful listing of the placement shares to be issued under the proposed placement of shares." under Schedule 1:conditions precedent of the agreement in totality, and replace with "The approval of the proposed diversification."; and extension of time for the execution of the shareholders' agreement to a date on or prior to the expiry of the conditional period. As of July 21, 2021, Bursa Securities had resolved to approve the listing and quotation of 20,000,000 consideration shares to be issued. M&A Securities Sdn Bhd acted as financial advisor for Transocean Holdings Berhad. As of July 7, 2021, Transocean Holdings Bhd. entered into the Shareholders’ agreement (SHA) with Enfrasys Consulting Sdn. Bhd.(ECSB ) and Enfrasys Solutions Sdn Bhd. As of July 21, 2021, Bursa Securities resolved to approve the listing of and quotation for the 20,000,000 Consideration Shares to be issued pursuant to the transaction on the Main Market of Bursa Securities, subject to the conditions as set out in Section 7 of this Circular. As of August 30, 2021, all conditions precedent have been fulfilled. The transaction is expected to be completed in the third quarter of 2021. The Board of Transocean Holdings Bhd. anticipates that the Proposed Acquisition may potentially contribute 25% or more of the net profits of the THB Group and/or result in a diversion of more than 25% of the NA of the THB Group.