KUALA LUMPUR: Carimin Petroleum Bhd
has proposed to privatise Sealink International Bhd in a deal valued at about RM165mil cash.
In a filing with Bursa Malaysia, Carimin said it had submitted a formal proposal to Sealink’s board to acquire all Sealink shares that it does not already own at 41 sen apiece via a members’ scheme of arrangement under Section 366 of the Companies Act 2016.
Carimin currently owns 97.5 million Sealink shares, equivalent to a 19.5% stake in the marine services company.
Based on the 402.5 million shares not held by Carimin, the proposed privatisation would cost approximately RM165mil and will be satisfied in cash.
The offer price of 41 sen represents a premium of 26.15% over Sealink’s last traded price of 32.5 sen on May 11.
Carimin said the proposed privatisation is expected to strengthen its offshore services business by integrating its existing construction, hook-up and commissioning, topside maintenance, manpower and marine services operations with Sealink’s marine chartering, shipbuilding and vessel ownership businesses.
“The proposed privatisation is expected to strengthen the Group’s competitive positioning,” it said, adding that the enlarged group would benefit from operational and commercial synergies, including optimised fleet utilisation and procurement efficiencies.
The group also said Sealink’s Kuala Baram shipyard would complement Carimin’s existing offshore fabrication and maintenance capabilities, enabling the enlarged group to pursue a broader range of projects and improve yard productivity.
Carimin said that if the proposed privatisation does not materialise, it intends to increase its shareholding in Sealink to up to 32.5% from the current 19.5% stake at a maximum acquisition price of 41 sen per share.
It added that it currently does not have any arrangement with any party for the acquisition of Sealink shares, and any future purchases would be carried out in the open market and/or from existing shareholders.
Upon completion of the proposed privatisation, Sealink will become a wholly-owned subsidiary of Carimin and will be delisted from the Main Market of Bursa Malaysia, subject to approvals.
Carimin said the acquisition will be funded via internally generated funds and borrowings.
The proposed privatisation is expected to be completed in the fourth quarter of calendar year 2026, barring unforeseen circumstances.
