KUALA LUMPUR (June 10): Carimin Petroleum Bhd (KL:CARIMIN) has granted Sealink International Bhd (KL:SEALINK) a further extension until end-June to decide on its proposal to take the company private at 41 sen per share in cash.

In a bourse filing on Wednesday, Sealink said it had received a letter from Carimin granting an additional 21 days for the company to come to a decision regarding the privatisation proposal.

This marks the second extension granted by Carimin. Sealink had earlier requested an additional 60 days from the original deadline of May 26 to consider the proposal, but was only granted a 14-day extension up to June 9.

Under the proposal, Carimin, which holds a 19.5% stake in Sealink, intends to acquire the remaining 80.5% stake, or 402.5 million shares, via a scheme of arrangement valued at about RM165 million.

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 has 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 entered into any agreement with other parties to acquire Sealink shares and may instead accumulate shares via the open market or direct purchases from shareholders.

Sealink shares closed unchanged at 34.5 sen on Wednesday, valuing the company at RM172.5 million, while Carimin rose half a sen or 1.2% to 42 sen, giving it a market capitalisation of RM98.2 million.