KUCHING: Sealink International Bhd has asked Carimin Petroleum Bhd to revise its offer price of 41sen per share to privatise the company to more appropriately reflect the company’s intrinsic value.
Sealink’s board of directors (excluding executive chairman Lo Ling and Lim Yew Hoe, who is both executive director of Sealink and Carimin) wrote to Carimin on June 24 to consider a revision to the offer price which will be carried out by way of a members’ scheme of arrangement pursuant to Section 366 of the Companies Act, 2016 (proposed scheme).
Lo, who sold 97.5 million of Sealink shares to Carimin in January 2026, also at 41sen per share for RM39.98 million, had voluntarily abstained from the board’s deliberation on the matter for good corporate governance although he is not deemed to be interested in the proposed scheme, Sealink said in a filing with Bursa Malaysia.
Sealink said its board is continuing its evaluation of the proposed scheme, including the advice and recommendations of its appointed independent adviser, NewParadigm Securities Sdn Bhd.
“The board has not reached any final decision on the proposed scheme and will continue to evaluate the proposal, including any response received from Carimin in relation to the board’s request for a revision to the offer price and the opinion from the independent adviser,” added Sealink.
In the letter to Carimin, Sealink said it understands that NewParadigm will be deriving an equity valuation of scheme shares taking into account, among others, the earnings and the valuation of the assets of Sealink.
Upon Sealink’s request, Carmin has extended the deadline for Sealink to respond to its proposed privatisation offer until June 30, 2026.
Carimin needs to fork out RM165 million to acquire the remaining 402.5 million (80.5%) of Sealink shares it does not already own.
Pending the outcome of the privatisation proposal, Sealink has put on hold its proposed employees’ share option scheme (ESOS).
On Wednesday, Sealink share price opened unchanged at 34sen.
