KUALA LUMPUR (June 24): Sealink International Bhd (KL:SEALINK) has asked Carimin Petroleum Bhd (KL:CARIMIN) to raise its 41 sen per share takeover offer.
The board, excluding three directors, said it sought a higher offer price after considering several factors, including a preliminary valuation of Sealink’s material assets, according to a Bursa Malaysia filing.
Executive chairman Lo Ling and executive director Lim Yew Hoe did not take part in the deliberations while independent director Lim Litt objected to seeking a higher offer price without the independent adviser’s opinion.
Lo Ling voluntarily abstained from the board’s deliberations for corporate governance reasons, as he had disposed of 97.5 million shares to Carimin in January 2026 at 41 sen apiece, matching the current offer price.
Meanwhile, executive director Lim Yew Hoe, who also sits on Carimin’s board, is deemed interested in the proposed scheme.
Sealink’s board explained that it has yet to reach a final decision and will continue to evaluate the offer, including any response from Carimin as well as the recommendation of the independent adviser.
As at end-March, Sealink’s net asset value stood at 45.44 sen per share. The group was also in a net cash position of RM11.36 million, with RM42.57 million in cash against total borrowings of RM31.21 million.
Carimin, in a separate filing to Bursa, said it has received the letter requesting a revision of the offer price. Further announcements will be made in due course, it added.
NewParadigm Securities Sdn Bhd is the independent adviser in relation to the proposed scheme of arrangement while Affin Hwang Investment Bank Bhd is the principal adviser.
The privatisation proposal was announced on May 12, when Carimin proposed to privatise Sealink in a cash deal worth about RM165 million. Carimin, which already owns a 19.5% stake in Sealink, or 97.5 million shares, plans to acquire the remaining 80.5% stake, equivalent to 402.5 million shares, at 41 sen per share via a scheme of arrangement.
Sealink’s board, however, had earlier requested a 60-day extension from May 26 to consider the offer.
At Wednesday’s close, Sealink shares were unchanged at 34 sen, valuing the group at RM170 million, while Carimin’s shares were also unchanged at 42 sen, giving it a market capitalisation of RM98.23 million.