KUALA LUMPUR (May 12): Carimin Petroleum Bhd (KL:CARIMIN) has proposed to privatise Sealink International Bhd (KL:SEALINK) in a cash deal worth about RM165 million.

In a filing with Bursa Malaysia, Carimin, which already owns a 19.5% stake in Sealink or 97.5 million shares, plans to buy the remaining 80.5% stake, equivalent to 402.5 million shares, at 41 sen per share through a scheme of arrangement. The offer price represents a 20.6% premium over Sealink’s last traded price of 34 sen.

The board of Sealink has until May 26 to revert to Carimin with its decision on whether to put forward the proposed privatisation to shareholders.

The proposal values Sealink at about 0.95 times its price-to-book value, as the 41 sen offer is slightly below its audited net asset value of 43 sen per share as at Dec 31, 2025. Sealink was also in a net cash position of RM18.13 million, with RM41.07 million in cash exceeding its RM22.94 million borrowings.

Carimin said the privatisation is part of its strategy to strengthen and expand its offshore services business by combining both companies’ operations in marine services, vessel chartering, shipbuilding, maintenance, and offshore projects. The deal would also give Carimin ownership of Sealink’s shipyard, allowing it to expand into vessel repair, fabrication, and project execution work.

The proposal also gives Sealink shareholders an opportunity to exit at 41 sen per share.

The privatisation is subject to approvals from Carimin shareholders, Sealink minority shareholders, regulators, and the High Court. If completed, Sealink will become a wholly owned subsidiary of Carimin and be delisted from Bursa Malaysia.

Even if the privatisation does not proceed, Carimin said it intends to raise its Sealink stake to as much as 32.5% at a maximum price of 41 sen per share, subject to takeover rules. It said it has not made any agreement with other parties to buy Sealink shares. Carimin may instead buy Sealink shares from the open market or directly from shareholders.