KUALA LUMPUR: Shares of Transocean surged past the RM1 offer price for each share of the company ahead of a takeover by chairman and managing director Datuk Mohd Nadzmi Mohd Salleh.

At 9.50am, the share price was up 15.5 sen to RM1.02 with 1.7 million shares done.

The FBM KLCI rose 4.64 points to 1,265.4. Turnover was 177 million shares valued at RM133 million.

Last Friday, Nov 6, Nadzmi launched a takeover of the loss-making logistics company by offering RM1 per share. The takeover of Transocean will be undertaken by Kumulan Kenderaan Malaysia Bhd (KKMB), which is controlled by Nadzmi.

Transocean share price surged 21 sen to 86.5 sen on Friday, Nov 6 before it was suspended at 3.41pm.