Leadership changes for Sealink’s board

KUCHING: Sealink International Bhd has seen a major revamp to its board leadership following the emergence of a former stockbroking house dealer representative, Lo Ling, as it’s single largest shareholder.

Lo, 70, took over as executive chairman of the Sarawak-based shipbuilder and charterer last Thursday, following the retirement of non-executive chairman Wong Chie Bin, a senior partner of accounting firm Crowe Malaysia PLT.

Lo raised his equity interest in Sealink to about 85.7 million shares (17.14%) after acquiring 68 million shares via an off-market deal on Nov 14.

Subsequently, he snapped up more shares on the open market, increasing his shareholding to about 91.52 million shares (18.304%).

On Nov 14, Sealink’s largest shareholder, Sealink Holdings Sdn Bhd (SHSB) sold its entire 109 million shares (21.82%) in an off-market deal for RM29.99mil, which worked out to be 27.5 sen per share.

SHSB was linked to Sealink founder and former managing director Yong Foh Choi and his son, Yong Kiam Sam, the current company chief executive and managing director.

With the disposal of the indirect stake in SHSB, Foh Choi, 86, is left with direct equity interest of 45.7 million shares (9.14%) and Kiam Sam 69.59 million shares (13.92%) in Sealink.

Foh Choi retired in 2018 and handed over the company’s leadership to Kiam Sam.

Currently, Lo is also an independent director of Aizo Group Bhd. He sold his entire stake of some 20 million shares in Aizo on Oct 17.

Another former dealer representative with a investment broking house, Datuk Fabian Ng Eng Hieng, 57, has been appointed as Sealink’s executive director.

Ng has invested in various business ventures, including a shipyard operator, ship repair and maintenance, trading in marine equipment and parts, and trading in modern farming equipment in the past two decades. He owns 11 million shares in Sealink.

Miri-based Sealink is an integrated service provider, operating a fleet of 22 vessels mainly on charter across Malaysia and overseas as of the end of last year.

The group also owns a shipyard in Kuala Baram, Miri, and has built nearly 70 vessels, including offshore supply vessels, harbour tugs and other non-oil and gas ships, since 1999.

In the first nine months of this year (9M25), Sealink incurred a group net loss of RM6.97mil against profit of RM25.7mil in 9M24, despite recording higher revenue of RM134.7mil compared with RM104.4mil a year ago.

The ship charter segment generated RM129.3mil in revenue and the shipbuilding and ship repair segment contributed RM5.37mil in sales in 9M25.

In the third quarter of this year (3Q25), Sealink’s group net profit slipped to RM1.91mil compared with RM11.3mil in 3Q24, although revenue jumped to RM56.5mil compared with RM39.8mil in the previous corresponding period.