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Carimin Petroleum Seeks Privatization of Sealink International

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Carimin Petroleum (KLSE:CARIMIN) has proposed to fully privatize offshore marine support provider Sealink International (KLSE:SEALINK) in a cash deal valued at 165 million ringgit, according to a Tuesday filing with Bursa Malaysia.

Shares slid over 1% in Wednesday's midday trade.

Under the proposed members' scheme of arrangement, Carimin will acquire the remaining 80.5% stake it does not already own in the latter at 0.41 ringgit per share in cash.

Following the takeover, Sealink International is expected to be delisted from Bursa Malaysia and will become Carmin Petroleum's unit.

The deal is expected to close in the fourth quarter, subject to regulatory clearances, it added.

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