Reference is made to the article appearing in The Edge Malaysia dated 16 May 2011 in respect of the following:-
"Sealink International Berhad is looking to raise at least RM30 million from a placement exercise as it plans to expand its chartering vessel fleet and increase shipbuilding activities.
According to a company official, Sealink is looking to place out about 10% of the Company’s existing paid-up capital as part of a move to raise up to US$100 million for its expansion.”
The Company wishes to clarify that the Company’s nature of business are chartering, shipbuilding and ship repair activities, it is the Company’s intention to explore business opportunities in chartering, shipbuilding and ship repair activities which are viable and meet its business criteria. Accordingly, should such business arises, the Company would consider growing such business if it meets the Company’s business criteria.
The Board of Directors wishes to add, that as a proactive business entity, the Company will continue to initiate and consider viable business opportunities and arrangements
which will benefit and add value to the Company's interest.
There are several options available to SEALINK to raise funds to achieve the above business growth, including a placement exercise and a combination of external/internal funding in the event such business opportunities arise.
At this point in time, the Board of Directors has not made any decisions to raise funds through placement of shares for the purpose of business expansion. Nonetheless, the shareholders of the Company had at its last Annual General Meeting held on 29 June 2010 granted the authority to the Board of Directors to allot and issue up to 10% of the existing paid-up share capital, pursuant to Section 132D of the Companies Act, 1965, this will enable the Board of Directors of the Company to issue and allot shares, including but not limited to further placing of shares, for purposes of funding investment(s), working capital and/or acquisition(s).
The Company will make all relevant and necessary announcements at the appropriate time in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
This announcement is dated 18 May 2011.