Carimin Petroleum Berhad has proposed to privatise Sealink International Berhad in a cash deal valued at approximately RM165 million, as the offshore services provider seeks to strengthen its integrated marine and energy services capabilities.
In a proposal letter submitted to Sealink’s board on 11 May, Carimin offered RM0.41 in cash for every Sealink share it does not already own, through a members’ scheme of arrangement under Section 366 of the Companies Act 2016.
Carimin currently holds 97.5 million Sealink shares, representing a 19.5% stake in the company. The proposed acquisition covers the remaining 402.5 million shares, equivalent to about 80.5% of Sealink’s issued share capital.
The proposed offer price values Sealink at around RM205 million in total and represents a price-to-book ratio of approximately 0.95 times based on Sealink’s audited net assets of RM214.71 million, or RM0.43 per share, as at 31 December 2025.
Carimin said the proposed privatisation would be funded through a combination of internally generated funds and bank borrowings, adding that the exercise would not fail due to insufficient financial capability.
Upon completion of the transaction, Sealink would become a wholly owned subsidiary of Carimin, with the company intending to seek the delisting of Sealink from the Main Market of Bursa Malaysia.
According to Carimin, the enlarged group would benefit from operational and commercial synergies through a more integrated offshore services platform.
The deal would also bring Sealink’s shipyard operations under Carimin’s direct ownership, allowing the facilities to be deployed for a broader range of third-party fabrication, vessel repair and offshore project execution works.
Carimin said the integration is expected to improve yard productivity, strengthen in-house mobilisation capabilities and enhance the group’s competitiveness in future tender exercises.
The company noted that the privatisation proposal also provides Sealink shareholders with an opportunity to exit their investment at the offer price.
The proposal remains subject to acceptance by Sealink’s board. Carimin has given Sealink until 26 May 2026 to respond to the proposal letter.
