PETALING JAYA: Carimin Petroleum Bhd
is acquiring 97.5 million shares or a 19.5% stake in Sealink International Bhd from its executive chairman, Lo Ling, for RM39.98mil.
In a filing with Bursa Malaysia, the oil and gas company said Sealink was primarily involved in the timber industry before expanding its operations to involve in the oil and gas industry in 1990.
By 1997, Sealink via its subsidiaries had expanded into shipbuilding. The company was subsequently listed on the Main Market of Bursa Malaysia Securities Bhd in 2008. In 2012, Sealink Group forayed into ship repairs and maintenance.
Carimin said the acquisition is undertaken as an investment.
“Carimin does not have any intention to be involved in the operations of the Sealink Group. The acquisition is in line with the company’s continuous objective to identify investment opportunities which may add value towards strengthening the operations, financial performance and / or financial position of the Carimin and its subsidiaries
“As such, the acquisition provides Carimin with an opportunity to strengthen its financial position in anticipation that the prospects and growth of Sealink Group will translate into a positive trajectory of Sealink share prices.
Carimin said this acquisition may provide future opportunities for collaboration between the two groups as their respective core competencies in maintenance services and vessel operations may unlock potential synergies.
