Carimin Petroleum Berhad (Carimin) has agreed to further extend its deadline for Sealink International Berhad (Sealink) to consider its multi-million ringgit privatization offer, pushing the acceptance window to June 30, 2026.
The announcement, released through principal adviser Malacca Securities on June 10, comes as a direct response to an official appeal sent by the Sealink board on June 9.
This marks the latest modification to a timeline that has required frequent updates as both energy-sector firms handle the intricate valuation and regulatory hurdles of the transaction:
The extension defuses immediate market friction. On June 8, Sealink formally guided shareholders that it could not possibly provide a definitive view on the Members’ Scheme of Arrangement by Carimin’s previous June 9 deadline.
The target company explained that its newly appointed Independent Adviser was still heavily deep in the evaluation process to determine if Carimin’s 41 sen per share cash offer is fair and reasonable.
With an additional three weeks secured, Sealink’s board and its corporate advisers now have the operational runway required to complete internal deliberations and structure a formal recommendation for minority shareholders.
Carimin’s management has indicated that the June 30 extension provides sufficient time for a conclusive response, while market analysts will watch closely to see if Sealink negotiates for a higher premium before the new month-end deadline.
