KUALA LUMPUR (May 20): Sealink International Bhd (KL:SEALINK) has requested an additional 60 days from May 26, 2026 to decide on Carimin Petroleum Bhd’s (KL:CARIMIN) proposal to take the company private at 41 sen per share in cash.

In a Bursa Malaysia filing, Sealink said its board had written to Carimin to seek the extension.

Carimin, which owns a 19.5% stake in Sealink, plans to acquire the remaining 80.5% stake, or 402.5 million shares, through a scheme of arrangement. The offer price represents a 20.6% premium to Sealink’s last traded price of 34 sen before the offer.

Under the original timeline, Sealink’s board has until May 26 to decide whether to present the privatisation proposal to shareholders.

Even if the privatisation bid 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. 

Sealink’s share price closed 1.37% or half a sen lower to 36.5 sen on Wednesday, valuing the company at RM180 million. Carimin’s shares slipped 4.35% to 44 sen, valuing the company at RM102.9 million.