Oiltek International Responds to Online Allegations Regarding BioSeaga SAF Project and Details Due Diligence Process

Oiltek International Responds to Online Report on BioSeaga SAF Project: Key Details for Investors

Summary of Key Developments

Project Background: Oiltek International Limited’s subsidiary, Oiltek Sdn. Bhd., entered into a Heads of Agreement (HOA) with BioSeaga Industries Sdn Bhd to construct a Sustainable Aviation Fuel (SAF) facility in Sabah, Malaysia, with a planned capacity of approximately 300 metric tonnes per day.
Correction of Key Dates: The HOA was signed on 2 April 2026, not 6 April 2026, as previously announced. The earlier date was misstated due to an inadvertent error.
Anonymous Online Report: An anonymous report published online on or about 19 May 2026 raised concerns about the legitimacy of the project and the reputation of BioSeaga. The company has responded with clarifications and background information.

Detailed Project and Counterparty Background

The project was initially considered for Indonesia, involving PT Farmfresh Industries Indonesia, but was later deemed more commercially viable in Sabah, Malaysia. Key figures include Mr. Henry Yong (CEO, Oiltek) and Dr. Nasir (principal stakeholder of Seaga group and BioSeaga).
BioSeaga was established as a Special Purpose Vehicle (SPV) specifically for this project. It is 99% owned by Seaga Holding Sdn. Bhd., with Dr. Nasir as the largest single shareholder (40%). Dr. Nasir is also associated with multiple businesses in Brunei under the “Seaga group.”
The company highlights that BioSeaga has already engaged one of the “Big Four” accounting/consulting firms as a project advisor, suggesting the seriousness and scale of the initiative.

Due Diligence and Transactional Safeguards

Prior to signing the HOA, Oiltek’s board conducted preliminary due diligence, including anti-money laundering (AML) and counter-terrorism financing (CFT) screening, corporate profile searches, and sanction and insolvency checks in Malaysia. All results were negative.
Given the relatively larger scale of the project, the company performed enhanced and iterative due diligence, exceeding its usual process for prospective customers. The company’s approach was risk-based and adjusted as new information came to light.
The HOA is largely non-binding, except for clauses on confidentiality, exclusivity, force majeure, governing law, and certain others. The execution of definitive agreements depends on conditions such as project financing, regulatory approvals, land rights, technical specifications, pricing, and work scope.
Further and more detailed due diligence will take place as the project progresses and before any binding agreement is signed.

Potential Price-Sensitive Issues and Shareholder Guidance

Uncertainty Remains: There is currently no certainty or assurance that definitive agreements will be signed or that the SAF project will be completed. This uncertainty is material and could significantly influence investor sentiment and share price.
Ongoing Disclosure: The company has committed to making further announcements in line with SGX Mainboard Rules if and when definitive agreements are executed or if there are material developments.
Advisory to Shareholders: Shareholders are urged to exercise caution in trading Oiltek securities, as the project remains at a preliminary stage, and the ultimate outcome is not assured.

Conclusion

The proposed SAF project with BioSeaga Industries Sdn Bhd represents a potentially significant expansion for Oiltek International, but it remains in a non-binding and conditional phase. While the company has taken proactive steps in due diligence and corporate governance, the outcome of the project and its impact on Oiltek’s future revenues and valuation are not guaranteed. Any confirmed progress toward definitive agreements, secured financing, or regulatory approvals could be share price catalysts, but at present, investors should remain cautious given the project’s preliminary status and the issues raised in the recent online report.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisers before making investment decisions. The company’s share price may be impacted by further developments in this matter.

奥尔泰克国际回应BioSeaga SAF项目网络报道：投资者需知的重要信息

主要进展摘要

项目背景：奥尔泰克国际有限公司子公司Oiltek Sdn. Bhd.与BioSeaga Industries Sdn Bhd签署意向书（HOA），将在马来西亚沙巴建设年产约300公吨的可持续航空燃料（SAF）工厂。
关键日期更正：HOA于2026年4月2日签署，而非之前公告的4月6日，先前日期为无意中的错误。
匿名网络报道：2026年5月19日左右，一篇匿名网络报告质疑项目的合法性及BioSeaga声誉。公司现已做出澄清并提供背景信息。

项目及对方背景细节

项目最初考虑在印尼，由PT Farmfresh Industries Indonesia参与，但后因商业可行性转移至沙巴。主要人物包括奥尔泰克CEO Henry Yong和BioSeaga/Seaga集团主要股东Dr. Nasir。
BioSeaga为本项目特别设立的SPV，99%由Seaga Holding Sdn. Bhd.持有，Dr. Nasir为最大单一股东（40%），亦为文莱Seaga集团多家企业的负责人。
BioSeaga已聘请“四大”会计/咨询公司之一作为项目顾问，显示项目的严肃性和规模。

尽职调查与交易保障措施

签署HOA前，董事会已对BioSeaga及其利益相关方进行了初步尽职调查，包括反洗钱和反恐筛查、公司资料、制裁及破产查询，均无不良记录。
鉴于项目规模较大，奥尔泰克进行了超出常规的增强型、分阶段尽调。过程基于风险，并随新信息调整。
HOA主要为非约束性，仅保密、排他性、不可抗力、管辖法律等条款具约束力。正式协议签署取决于项目融资、监管批准、土地权属、技术、定价及工作范围等条件。
如项目推进，签署正式协议前将进行更详尽的尽职调查。

可能影响股价的事项及股东须知

不确定性：目前无法保证最终会签订正式协议，或项目最终完成。此类不确定性属重大事项，可能影响投资者情绪及股价波动。
持续披露：公司承诺如有签署正式协议或其他重大进展，将依新交所主板规则及时公告。
股东提示：鉴于项目仍处初步阶段且结果不确定，建议股东审慎买卖公司证券。

结论

与BioSeaga合作的SAF项目对奥尔泰克国际而言是重要扩展机会，但当前仍为非约束性、附条件阶段。公司已采取积极尽调与公司治理措施，但项目结果及其对公司未来收益和估值的影响尚未确定。若未来有融资、监管批准等实质进展，有望成为股价催化剂，但目前阶段投资者应保持谨慎。

免责声明

本报道仅供信息参考，不构成投资建议。投资者应自行研究并咨询专业顾问再做决策。项目后续发展可能对公司股价产生影响。