Sealink to go public in Q3
By STEPHEN THEN


MIRI: Sealink International Bhd, an integrated service provider for the offshore oil and gas industry in Malaysia, will be floated on the main board of Bursa Malaysia Securities Bhd in the third quarter of this year, the company said on Wednesday after signing an underwriting agreement with AmInvestment Bank Bhd here.

Sealink chairman Datuk Michael Hardin and its managing director Yong Foh Choi signed on behalf of the company while AmBank Group managing director Cheah Tek Kuang and AmBank Investment Bank managing director Kok Tuck Cheong signed for the bank, witnessed by Sarawak Assistant Minister for Infrastructure Development and Communications Lee Kim Shin.

The agreement is for the initial public offering of 113.37 million new ordinary shares of 50 sen each and offer for sale of 15 million ordinary shares at 50 sen each.

Sealink, founded in 1974 by managing director Yong Foh Choi, has two shipyards in Miri. The company builds and operates a diverse fleet of offshore marine support vessels to serve the global oil and gas industry.

Sealink is an investment holding company with 16 wholly owned subsidiaries. It now has 29 vessels of all kinds.

The company recorded a gross profit of RM58.9mil last year on revenues of RM162.7mil, an increase of 50% and 68% respectively from the year before.

Yong said during the signing Wednesday that shipbuilding will continue to expand as the oil and gas industry worldwide surges forward.

"We intend to establish an office in Singapore soon and want to penetrate the global shipping market in Netherlands and Norway," he said.

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