Sealink International Berhad Launches Prospectus In Conjunction With Its Main Board Listing

Sealink International Berhad ("Sealink" or the "Company"),one of the few intergrated services providers in the Malaysian offshore oil and gas industry,has celebrated the launch of its Company's prospectus by YB Datuk Peter Chin,Minister of Plantations Industries and Commodiities on the 30 June 2008,held en route to listing on the Main Board of Bursa Malaysia Securuties Berhad.Under the IPO,Sealink will be offering 128.37 million ordinary shares ("Sealink Shares") comprising a public issue of 113.37 million new Sealink Shares and an offer for sale of 15 million Sealink Shares at an Issue/Offer Price of RM1.25 per Sealink Shares.The public issue comprises 28.37 million Sealink Shares to be made available to the Malaysia public,44.5 million for private placement,approximately 20.5 million for bumiputera investors approved by the Ministry of International Trade and Industry and 20 million for eligible directors,employees and business associates.The public issue will raise gross proceeds of approximately RM141.71 million which will be utilized,amongst others for the expansion of shipyards and fleets.According to Mr Sam Yong,Chief Executive Officer and Deputy Managing Director of Sealink,They have set their plans on expanding their current fleet of 29 vessels to 40 vessels in the next three years.An amount of RM300 million will be invested over the next three for this expansion.Furthermore to meet the increasing demand from upstream oil and gas industry players,they will be also be diversifying their fleets to include larger landing crafts measuring up to 72 metres and anchor handling tugs and supply vessels of up to 12,000BHP.Mr Yong added, They will be expanding their shipyards located in Miri,Sarawak to cater to its shipbuilding activities.For the financial year ended 31st December 2007 ,the company recorded revenue of RM162.7 million and RM58.9 million of gross profit.Shipbuilding contributed approximately 73% of revenue or RM118 million and 57% of gross profit or RM34 million.The Company's chartering of vessels continues to be its focus in drawing long term income stream and currently contributes about 27% or RM44 million to Group revenue.To-date Sealink's customers include both local and international companies where Sealink's export market contributed 80% or RM131 million to last year's revenue.Dato Azlan Hashim,Deputy Chairman AMMB Holdings Berhad who witnessed the prospectus launching said "Sealink's debut on Main Board will add AmInvestmentt Bank Berhad's growing stable of companies.To-date AmInvestment Bank has listed a total of 226 IPOs across three Boards)