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. It was listed on the Main Market of Bursa Malaysia 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.”
