KUALA LUMPUR (Sept 22): Carimin Petroleum Bhd (KL:CARIMIN) has made Sealink International Bhd (KL:SEALINK) an associate company after increasing its Sealink stake to 25.3%.
This development comes about three months after Carimin's proposal to take Sealink private lapsed.
In a Bursa Malaysia filing on Tuesday, the oil and gas services provider said it acquired 29.09 million Sealink shares at 34 sen apiece via direct business transactions between Sept 18 and Sept 22 for RM9.89 million.
This increased Carimin’s shareholding in Sealink from 19.5% to 25.3%, maintaining its position as Sealink's largest shareholder.
The offer price of 34 sen is a 9.68% premium to Sealink’s last traded price of 31 sen on Sept 18. It is also a 10.1% premium over the one‑month volume‑weighted average price (VWAP) of 30.9 sen, and a 9.47% premium over the three‑month VWAP of 31.1 sen.
However, 34 sen is a 0.99% discount to the six‑month VWAP of 34.34 sen, according to Bloomberg data cited by Carimin.
“The acquisition is not a related party transaction,” the group noted.
To recap, Carimin first acquired a 19.5% stake in Sealink on Jan 21 for RM39.98 million.
Carimin’s earlier bid to privatise Sealink at 41 sen per share lapsed in June after Sealink’s major shareholder decided not to proceed.
With Sealink as an associate company, Carimin said it could participate in Sealink’s earnings through equity accounting while maintaining strategic exposure to its vessel chartering and shipbuilding operations.
Sealink is an integrated marine services provider based in Miri, Sarawak. It builds, owns, and operates a diverse fleet of offshore support vessels for the global oil and gas industry.
Sealink reported a profit after tax of RM10.02 million for the financial year ended June 30, 2026, reversing a net loss of RM7.3 million a year ago. Revenue also rose 8.1% to RM84.61 million, compared with RM78.25 million a year earlier.
As at market close on Tuesday, Carimin shares were unchanged at 39.5 sen, valuing the company at RM92.4 million.
Sealink shares closed half a sen, or 1.56%, higher at 32.5 sen, valuing the company at RM162.5 million.