KUALA LUMPUR: Sealink International Bhd's board has requested Carimin Petroleum Bhd to consider revising its offer price of 41 sen per share under the proposed acquisition of all Sealink shares not already owned by Carimin.
In a filing with Bursa Malaysia, the integrated service provider specialising in the offshore marine industry said its board, excluding executive chairman Lo Ling, executive director Lim Yew Hoe and independent non-executive director Lim Litt, submitted a letter to Carimin seeking a review of the proposed offer price.
“In arriving at its decision to seek a revision to the offer price, the board had taken into consideration, amongst others, the preliminary desktop valuation conducted by the valuers on the material assets of Sealink,” it said.
Sealink said the board has yet to reach a final decision on the proposed scheme and will continue evaluating the offer, including any response from Carimin and the advice and recommendation of the independent adviser appointed for the exercise.
Lo voluntarily abstained from the board's deliberations for corporate governance reasons, although he is not deemed interested in the proposed scheme.
This follows his disposal of 97.5 million Sealink shares to Carimin in January 2026 at 41 sen per share, the same price as the current offer.
Meanwhile, Yew Hoe abstained as he is an executive director of both Sealink and Carimin and is deemed interested in the transaction.
Lim Litt did not agree with the issuance of the letter to Carimin at this stage, citing the absence of an opinion from the independent adviser.
Sealink closed unchanged at 34 sen with 316,000 shares traded.