KUCHING: Sealink International Bhd is undergoing another leadership transition, with managing director Yong Kiam Sam resigning just two months after a major board reshuffle at the shipping firm.
Kiam Sam, 56, cited personal reason for his resignation, which takes effect on Jan 16, according to a filing with Bursa Malaysia.
He owns 69.59 million shares, or 13.92 per cent, making him the company’s second-largest shareholder.
Kiam Sam is the son of Sealink’s founder and major shareholder Yong Foh Choi, 86, who retired in 2018 after handing over leadership to his son.
On Nov 14, 2025, Foh Choi disposed of his entire indirect stake of 109 million shares, or 21.82 per cent, in Sealink Holdings Sdn Bhd via an off-market deal for RM29.99 million, or 27.5 sen per share. Following the sale, he retains a direct equity interest of about 45.7 million shares, or 9.14 per cent.
Together, Foh Choi and Kiam Sam now hold a combined 23.06 per cent stake in Sealink International Bhd, which is also a shipbuilder based in Miri.
The same day, Sealink saw the emergence of a new major shareholder when Lo Ling increased his equity interest to about 85.7 million shares, or 17.14 per cent, after acquiring 68 million shares via an off-market transaction.
Lo, 71, a former stockbroking dealer representative and currently an independent director of AIZO Group Bhd, was subsequently appointed executive chairman on Nov 26, 2025, following the retirement of non-executive chairman Wong Chie Bin.
Through a series of open-market acquisitions, Lo—who also serves as executive director—has since raised his shareholding to 101.46 million shares, or 20.292 per cent, after purchasing an additional 1.16 million shares at RM0.3662 per share on Jan 9. Sealink closed at 37 sen on Friday, with a trading volume of four million shares.
As part of the November board reshuffle, Datuk Fabian Ng Eng Hieng, 58, was appointed executive director. Ng, who owns 11 million Sealink shares, has investments spanning shipyard operations, ship repair and maintenance, as well as marine equipment and parts trading. On Jan 16, he was appointed chairman of the risk committee, taking over from Kiam Sam.
Meanwhile, Sealink appointed Ung Toh Kiew, 69, as chief operating officer, effective Jan 16.
A chartered accountant, Ung has over 30 years of experience in senior financial roles, including as chief financial officer at Trivillion Group, general manager at Lambang Sinar Mas Sdn Bhd (a member of the Hock Seng Lee group), general manager at PPES Works Sdn Bhd—a subsidiary of Cahya Mata Sarawak Bhd—as well as senior positions at Sarawak Securities, WTK Group, and Ernst & Young in Malaysia and Singapore, Sealink said.
Sealink builds, owns and operates a fleet of marine support vessels serving the global exploration and marine industry. As at Dec 31, 2025, the group operated 22 vessels, mainly on charter in Malaysia and overseas.
The group also owns a shipyard in Kuala Baram, Miri, and has built nearly 70 vessels—including offshore supply vessels, harbour tugs and non-oil and gas ships—since 1999.
For the first nine months of financial year 2025, Sealink posted a group net loss of RM6.97 million on revenue of RM134.7 million, compared with a net profit of RM25.7 million on revenue of RM104.4 million in the same period a year earlier.
