Oil and gas services and equipment (OGSE) firm Carimin Petroleum Bhd has acquired a 19.5% stake in Sealink International Bhd for RM39.98 million, making it the largest shareholder in the offshore marine services group.
In a filing with Bursa Malaysia on Wednesday, Carimin said it purchased the stake comprising 97.5 million shares from Sealink’s executive chairman Lo Ling via a direct business transaction at 41 sen per share. This represents a 15.5% premium to Sealink’s five-day average price of 35.5 sen.
The cash-rich company said the acquisition was funded entirely through internally generated funds and does not involve any liabilities or additional financial commitment.
Carimin said the transaction is purely investment-driven, with no immediate plans to participate in Sealink’s operations, although potential future collaboration in vessel operations and maintenance services may be explored.
“The acquisition provides Carimin with an opportunity to strengthen its financial position in anticipation that the prospects and growth of Sealink group will translate into positive trajectory of Sealink share prices,” it said.
Lo, 70, emerged as a substantial shareholder in Sealink after he acquired 68.08 million shares on Nov 14, 2025 in an off-market deal, raising his stake to 17.14%. He was subsequently appointed as executive chairman about a week later.
On the same day, major shareholder Sealink Holdings Sdn Bhd, which is the founder’s family investment vehicle, disposed of its entire 21.82% stake — amounting to 109.08 million shares — for about RM29.997 million, or 27.5 sen per share.
Prior to the share disposal to Carimin, Lo’s stake in Sealink stood at 20.06%. Following Carimin’s entry, Lo retains a direct 0.56% interest in the Miri-based shipbuilding and offshore marine player.
For the nine months ended Sept 30, 2025, Sealink posted a net loss of RM6.97 million on a revenue of RM134.7 million, versus a net profit of RM25.66 million on a revenue of RM104.42 million a year earlier.
Sealink shares fell six sen or 16.44% to close at 30.5 sen on Wednesday, valuing the group at RM152.5 million. Meanwhile, Carimin closed unchanged at 56.5 sen, with a market capitalisation of RM132.1 million.
Source: The Edge Malaysia