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Carimin Petroleum Raises Stake in Sealink International to 25.3%

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Carimin Petroleum (KLSE:CARIMIN) acquired a 5.8% stake in Sealink International (KLSE:SEALINK) for 9.9 million ringgit in cash, according to a Tuesday filing with Bursa Malaysia.

The acquisition involved 29.1 million shares bought at 0.34 ringgit each, between Sept. 18 and Sept. 22.

Following the acquisition, Carimin's stake in Sealink rose to 25.3% from 19.5%, making Sealink an associate company.

Carimin Petroleum said the acquisition was part of its ongoing investment strategy.

The deal was funded through internally generated funds and does not require shareholder or regulatory approval, the filing said.

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