Sealink International Berhad has clarified why it delayed announcing a crucial extension letter from its suitor, Carimin Petroleum Berhad (Carimin), stating it needed time to onboard professional advisers to evaluate the complex RM165 million privatisation bid.
The offshore support vessel builder and charterer also confirmed that it will not be ready to provide a definitive position or recommendation to its shareholders by the June 9, 2026 deadline granted by Carimin.
The clarifications follow minor market confusion regarding a timeline gap between Carimin’s correspondence and Sealink’s subsequent public announcements. Sealink laid out the exact sequence of events to ensure full market transparency.
Addressing why it did not disclose the 22 May letter immediately, Sealink’s board emphasised that a premature statement without the backing of legal and financial council could have misinformed the public.
“An immediate announcement at that juncture, without the benefit of advisers’ input and sufficient clarity on the relevant process and timing implications, may not have provided meaningful information to shareholders and the investing public,” the Board stated in its filing.
Sealink explicitly guided that investors should not expect a decision or recommendation on the Scheme of Arrangement by tomorrow’s (June 9) deadline.
The company stated that the scope of the transaction involves substantive financial and operational considerations that require exhaustive internal deliberation. Crucially, the Independent Adviser tasked with vetting the fairness and reasonableness of Carimin’s 41-sen-per-share offer is still compiling its evaluation.
