Malaysia's Sealink International to list

Malaysian shipbuilder and offshore vessel owner Sealink International is looking to raise as much as MYR 141.71m ($43.4m) from its listing on the main board in Kuala Lumpur.

The cash from the 128.37m shares will be used to expand its yards and fleet of support ships, anchor-handlers and barges. "We want to expand our fleet of 29 vessels to 40 vessels in the next three years. At least MYR 300m is needed over the next three years for this expansion. We need larger landing craft of up to 72 metres and anchor handling tugs and supply vessels of up to 12,000 brake horsepower," chief executive officer and deputy managing director Yong Kiam Sam said. Furthermore, between MYR 50m and MYR 100m will be spent over the next three years to upgrade its two shipyards in Miri.

Read More