Pelikan makes offer for German subsidiary
Malaysia-based Pelikan International (PICB) has fixed a buyout offer for its German subsidiary, Pelikan AG.
PICB has set a price of €1.10 ($1.30) per share, or €3.72 million for the remaining 3% of the business. The group announced it was looking to purchase minority share back in March and had been investigating different options for some time.
Pelikan AG is expected to meet on 6 October to approve the transaction. The deal will result in its automatic delisting from the Frankfurt Stock Exchange.
In a separate filing, PICB revealed that Q2 sales had slipped 1% to RM358.42 million ($83.6 million), while profit fell 13% to RM16.85million. The group blamed foreign exchange losses incurred in the Americas, but the back-to-school season in Europe was encouraging.
10 March 2017