KUALA LUMPUR (Nov 10): Billionaire Tan Sri Surin Upatkoon has emerged as the second largest shareholder in Transocean Holdings Bhd with an 18.43% stake, the logistics service provider said on Wednesday.

This came about after Surin acquired Microplus Elite Sdn Bhd, which owns the 18.43% stake, Transocean said in a stock exchange filing.

The group did not disclose the price at which Surin purchased the stake comprising 12 million Transocean shares.

It is not immediately clear what Surin plans to do with Transocean after emerging as a substantial shareholder.

The businessman has stakes in three other public-listed companies, namely insurer MPHB Capital Bhd (36.632%), number forecast operator Magnum Bhd (36.714%), and toll concession & construction company WCE Holdings Bhd (27.574%), according to Bloomberg data.

He also owns a 6.33% interest in telecommunications operator U Mobile Sdn Bhd.

In 2018, he had taken MWE Holdings Bhd private via a selective capital reduction scheme at RM1.75 per share, a premium of 34.6% over its market price then.

Transocean has diversified from purely a cross-border trucking, air and sea freight services provider since its establishment in 1977 to venturing into retread tyre manufacturing and authorised dealing of new tyres in 2008, and warehousing in 2011.

The group operates primarily in Malaysia and Singapore.

Transocean returned to the black with a net profit of  RM117,000 in the six months ended Jun 30, 2021, compared to a net loss of RM578,000 in the previous January-June period. Half-year revenue grew 20% to RM9.3 million from RM7.78 million.

The group was in the red over the last two financial years with net losses of RM5.58 million in FY19 and RM2.3 million in FY20, on revenue of RM19.99 million  and RM16.99 million respectively.

Transocean's share price surged to a record RM7.14 in April, compared with a 52-week low of 78 sen, but has since retraced by almost 40%. It closed 19 sen or 6.17% lower at RM2.89 on Wednesday, giving it a market capitalisation of RM188.13 million.