Sealink International Bhd has requested additional time from Carimin Petroleum Bhd to evaluate a proposed privatisation exercise that would see Carimin acquire all remaining shares in Sealink that it does not already own.
The group said its board, excluding Executive Director Lim Yew Hoe who is deemed interested in the transaction due to his directorships in both companies, has formally sought an extension of the acceptance deadline for the proposed scheme of arrangement.
The board has requested that the final date for responding to the offer be extended to June 30, 2026, from the current deadline, to allow the independent adviser sufficient time to complete its assessment and discharge its obligations appropriately.
The proposal involves Carimin and/or its nominees acquiring the entire equity interest in Sealink not already held by the oil and gas services provider through a members’ scheme of arrangement under Section 366 of the Companies Act 2016.
Sealink said the extension request was made on June 9 after taking into consideration the independent adviser’s need for additional time to thoroughly evaluate the offer and prepare its recommendation to shareholders.
