Pelikan Substantial Shareholder Sells 5m Shares

Pelikan International Corporation Bhd substantial shareholder Chia Chor Meng disposed of five million shares or 0.91% stake on Jan 14.

A filing with Bursa Malaysia on Tuesday showed Chia, who is a Singaporean, had reduced his shareholding to 35.309 million shares or 6.44% after the recent disposal.

The share price closed at RM1.10 on that day.

Pelikan is undertaking a corporate exercise to streamline its assets and unlock the value.
Last year, the company received shareholders’ approval for the exercise which involved transferring RM1.05bil worth of global assets, as appraised by independent auditor PricewaterhouseCoopers Berlin, to its 71.32%-owned Germany-listed subsidiary Herlitz AG at a 7.2% discount.

Herlitz will issue 231.2 million new shares in the company to Pelikan for one euro each for the said assets. That included the issuance of 32.9 million new Herlitz shares at one euro and an offer for sale of up to 60 million Herlitz shares at a minimum price of one euro each, that will result in RM390mil raised for the group.

(Source: The Star)