KUALA LUMPUR (May 29): Sealink International Bhd (KL:SEALINK) said it has appointed advisers to evaluate the proposed privatisation offer by Carimin Petroleum Bhd (KL:CARIMIN), while cautioning that it may not be able to provide a response within the extended period allowed by the suitor.

In a Bursa Malaysia filing on Friday, Sealink said it had appointed Affin Hwang Investment Bank Bhd as principal adviser and NewParadigm Securities Sdn Bhd as independent adviser in relation to the proposed scheme of arrangement.

The independent adviser will provide its comments, opinions and recommendations to Sealink's non-interested directors and shareholders in accordance with the Securities Commission Malaysia's takeover rules.

Sealink said its board, excluding executive director Lim Yew Hoe — who is a director of both Sealink and Carimin and is deemed interested in the proposal — had earlier requested a 60-day extension from May 26 to consider the offer.

However, Carimin only agreed to a 14-day extension with the deadline set for June 9.

"Taking into consideration the scope of work required, the board is currently unable to ascertain whether it will be in a position to revert to Carimin within the extended timeframe granted," Sealink said.

The group added that it will continue deliberating on all aspects of the proposed scheme, taking into account the advice and recommendations of its appointed advisers, including the independent adviser's assessment, to safeguard the interests of non-interested shareholders.

Carimin announced on May 12 that it planned to privatise Sealink through a scheme of arrangement in a cash deal valued at about RM165 million.

The offshore marine services provider, which already owns a 19.5% stake in Sealink, offered 41 sen per share for the remaining 80.5% stake, or 402.5 million shares, representing a premium of 20.6% over Sealink's last traded price of 34 sen before the announcement.

The offer values Sealink at about 0.95 times 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 cash holdings of RM41.07 million exceeding borrowings of RM22.94 million.

Shares of Sealink closed at 35.5 sen on Friday, valuing the group at RM177.5 million. Meanwhile, Carimin shares were last traded at 44.5 sen, giving it a market capitalisation of RM104.08 million.