KUCHING: Carimin Petroleum Bhd’s RM165 million plan to take Sealink International Bhd private has fallen through after a major shareholder indicated he would vote against the proposal.
Sealink said it would not proceed with tabling the privatisation scheme to shareholders after receiving an undertaking letter from the shareholder.
The company said the shareholder’s stake exceeded the 10 per cent blocking threshold for disinterested shareholders under the Rules on Take-overs, Mergers and Compulsory Acquisitions, making the court-convened meeting futile.
The board also considered advice from its appointed adviser, including an indicative valuation of Sealink’s vessels and property assets, before deciding not to proceed.
Executive chairman Lo Ling and director Lim Yew Hoe abstained from deliberations.
The company did not identify the shareholder.
However, its second-largest shareholder as at March 31, 2026 was Yong Kiam Sam, with a 13.92 per cent stake, behind Carimin’s 19.5 per cent.
Carimin acquired its stake from Lo Ling in January for RM39.98 million, at the same offer price of 41 sen a share.
In a separate filing, Carimin confirmed its takeover offer had lapsed following the expiry of the acceptance period on June 30.
The company had sought to acquire the remaining 80.5 per cent stake in Sealink for about RM165 million to expand into marine chartering, shipbuilding and vessel ownership, complementing its existing offshore services business.
Following the announcement, Sealink shares fell 11 sen to 23 sen at the opening bell yesterday, while Carimin remained unchanged at 39 sen.
Separately, shareholders voted against the re-election of three directors at Sealink’s AGM on Tuesday, resulting in the retirement of Eric Khoo Chuan Syn @ Khoo Chuan Syn, Toh Kian Sing and Datuk Fabian Ng Eng Hieng. Lo Ling, Lim Yew Hoe and Lim Litt were reelected.
