KUCHING: Carimin Petroleum Bhd has given the second extension time of up to June 30, 2026 to Sealink International Bhd to revert its decision on the former’s proposed privatisation of the Miribased ship builder and ship charter firm.
On May 12, Carimin submitted the privatisation proposal to Sealink which will be undertaken by way of members’ scheme of arrangement under Section 366 of the Companies Act, 2016 for all remaining Sealink shares not already owned by Carmin at 41sen per share.
Carimin will have to fork out about RM165 million in cash to acquire the remaining 402.5 million Sealink shares (80.5%). Prior to the offer, Carimin owns 97.5 million (19.5%) Sealink shares which it acquired, also at 41sen per share, for RM39.98 million from executive chairnan Lo Ling in January 2026.
The extension time was given on request of Sealink’s board of director as Sealink said its appointed independent adviser NewParadigm Securities Sdn Bhd, would require more time to come up with its recommendations.
NewParadigm was appointed on May 29 to provide its comments, opinions, information and recommendations to non-interested directors and shareholders of Sealink.
The independent adviser is currently evaluating the terms of the proposed scheme. Initially, Sealink had asked for an extension of 60 days from May 26 to allow the board sufficient time to deliberate on the proposed scheme of arrangement and to reach an informed decision.
“The board will continue to deliberate on all aspects of the proposed scheme, taking into account the advice and recommendations of its appointed advisers, including the independent adviser’s assessments well as other relevant considerations to ensure that the interests of the noninterested shareholders are duly safeguarded,” said Sealink.
According to Carimin, the proposed privatisation of Sealink is carried out as part of the company’s ongoing investment strategy to identify opportunities that enhance the operational capabilities, financial performance and overall financial position of the company and group.
It expects the proposed corporate exercise to strengthen the group’s competitive positioning by integrating Carmin’s established construction, hook-up and commissioning, topside major maintenance, manpower and marine services businesses with complementary marine chartering, shipbuilding and vessel ownership operations, allowing the enlarged group to operate as a more integrated offshore service provider and capture operational and commercial synergies.
In addition, Carimin said the consolidation of a larger and more diverse fleet will broaden the group’s marine infrastructure capabilities and meaningfully expand its vessel chartering business.
Carimin said if it successfully privatised Sealink, the latter’s shipyard in Miri, which has historically been deployed primarily in support of Sealink’s internal fleet requirements reflecting its core focus on marine chartering and vessel ownership, will also come under the group’s direct ownership, where its capacity can be combined with Carimin’s existing licensing, operating credentials and track record in offshore fabrication, hook-up and commissioning, and topside major maintenance.
Together, these capabilities position the yard to be deployed across a broader range of thirdparty fabrication, vessel repair and project execution work, raising yard productivity, supporting inhouse mobilisation requirements, strengthening the group’s competitiveness in future tender exercises and transforming it into a meaningful standalone revenue contributor to the group.
Sealink’s share price closed at 34.5sen on Monday, 6.5sen below the offer price from Carimin.
