KUCHING: Businessman Lo Ling has emerged as a substantial shareholder in Sealink International Bhd, following his acquisition of 68,080,800 shares in the Miri-based shipping & shipbuilding firm.
The purchase was made on November 14 via an off market deal and it was not stated how much he paid for the acquisition, according to Sealink’s filing with Bursa Malaysia.
On the day, Sealink closed at 23.5sen with a market capitalisation of RM117.5 million.
Lo has raised his stake in Sealink to 85,697,100 shares representing 17.139 per cent.
On Nov 14, Sealink’s largest shareholder, Sealink Holdings Sdn Bhd (SHSB), disposed of its entire stake in the company, with the sale of 109,080,800 shares, representing 21.816 per cent equity interest in Sealink in off market deal for about RM29.997 million.
This worked out to be 27.5sen per share. On a 52-week basis, the stock fell to its lowest level of 11.5sen in July after reaching its highest level of 34sen.
Sealink’s founder and former managing director Yong Foh Choi, and his son Yong Kiam Sam, current company’s CEO/managing director, had indirect interest in SHSB before the disposal.
With the disposal, Foh Choi, 86, is now left with a direct stake of about 45.7 million shares (9.143%) and Kiam Sam about 69.59 million shares (13.918%) in Sealink.
As at April 11, 2025, the next major shareholder, Universal Trustee (Malaysia) Bhd KAF Core Income Fund holds 21 million shares or 4.2 per cent.
Foh Choi retired in 2018 and handed over the company’s leader baton to Kiam Sam. In the first half of financial year ending December 31, 2025 (FY2025), Sealink incurred group net loss of about RM8.88 million on revenue of RM79.3 million, a reversal from profit of RM14.42 million on revenue of RM64.64 million in the same period in 2024.
In May this year, one of the group’s vessels, which was under a bareboat charter arrangement, was involved in a serious fire incident in Brazil.
According to Sealink, the company received a final claim settlement report, which was prepared by a company appointed by the vessel’s insurer, in September.
The vessel was a constructive total loss. Sealink said the vessel owner is working closely with the charterer, insurers, appointed surveyors, legal advisors and other relevant parties on the insurance claims process and next steps of action. Sealink said the fire was expected to have a material impact on the group’s financial performance.
As at December 31, 2024, Sealink, an integrated service provider, operated a fleet of 22 vessels mainly on charter across Malaysia and international markets.
The group owns a shipyard in Kuala Baram, Miri and has built nearly 70 vessels since 1999. The vessels it built include offshore supply vessels (OSVs), harbour tugs and other non-oil and gas ships. On prospects, Sealink said the group remains confident in its long-term prospects, supported by steady activity in Malaysia’s oil & gas sector as reflected in Petronas Activity Outlook 2025-2027.
“This outlook, however, is contingent on robust oil prices, and any significant or prolonged downturn in price or shifts in global energy transition policies could dampen activity and vessel utilisation rates.
“The group remains focused on its core operations, include ship chartering, ship repair and shipbuilding.
Our shipbuilding division will prioritise on constructing vessels for niche markets and upgrading docking facilities to enhance ship repair capabilities.
“We also aim to develop new vessels with improved energy efficiency and environmental performance, in alignment with increasing stringent industry regions,” added Sealink when releasing its 2Q2025 quarterly results.
