Sealink International Berhad’s board of directors has requested Carimin Petroleum Berhad (Carimin) to consider revising its proposed offer price of RM0.41 per share under the planned acquisition of Sealink.
The request was submitted by Sealink’s board, excluding certain directors, through a letter to Carimin on 24 June 2026, according to an announcement by the company.
The proposed acquisition involves Carimin and/or its nominees acquiring all remaining shares in Sealink that are not already owned by Carimin through a members’ scheme of arrangement under Section 366 of the Companies Act 2016.
Sealink said the request for a higher offer price was made after taking into consideration, among others, a preliminary desktop valuation conducted by valuers on the company’s material assets.
The board is currently continuing its evaluation of the proposed scheme, including reviewing advice and recommendations from the independent adviser appointed for the transaction.
The company stressed that no final decision has been made on whether to proceed with the proposed scheme.
The board will also assess any response from Carimin regarding the request for a revised offer price, together with the independent adviser’s opinion before making a decision.
For governance purposes, Sealink Executive Chairman Lo Ling voluntarily abstained from the board’s deliberation on the matter, although he is not considered interested in the proposed scheme.
The abstention was due to Lo’s previous disposal of 97.5 million Sealink shares to Carimin in January 2026 at RM0.41 per share, which is the same as Carimin’s current offer price.
Meanwhile, Sealink Executive Director Lim Yew Hoe, who also serves as a director of Carimin, is deemed interested in the proposed scheme and did not participate in the deliberation.
Independent Non-Executive Director Lim Litt did not agree to the issuance of the letter to Carimin at this stage in the absence of the independent adviser’s opinion.
Sealink said further announcements will be made when there are material developments regarding the proposed scheme.
