Malaysian oil and gas services firm Carimin Petroleum has bought a 19.5% stake in compatriot Sealink International, becoming the company’s largest shareholder.
Carimin said in a Bursa Malaysia filing that it bought 97.5m shares from Sealink’s executive chairman, Lo Ling, via a direct business transaction for RM39.98m ($9.88m).
The shares were bought at a 15.5% premium to Sealink’s five-day average price. Following the transaction, Lo retains a direct 0.56% stake.
The acquisition was funded through internally generated funds and does not involve any liabilities or additional financial commitments.
According to Carimin, the investment is purely financial in nature, with no immediate plans to be involved in Sealink’s operations. However, the company might explore potential collaborations in vessel operations and maintenance services.
“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 a positive trajectory of Sealink share prices,” Carmin explained.
