Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 8): Paul Poh Yang Hong, said to be a long-time associate of tycoon Tan Sri Quek Leng Chan, has emerged as a substantial shareholder of Pelikan International Corp Bhd, with a 5.18% stake.

A filing to Bursa Malaysia revealed that Poh had on Oct 3 (last Friday), bought 28.4 million Pelikan shares through his investment vehicle Caprice Capital International Ltd, which was incorporated in British Virgin Islands.

Poh, 41, was formerly a long-serving employee of the Hong Leong Group. He was once a managing director of Guocoland (M) Bhd, and his last position at Hong Leong was managing director of Hong Leong Management Co Sdn Bhd.

Poh left Hong Leong early this year, to be more active in his investment vehicle Caprice Capital, which had emerged as one of the cornerstone investors in UWM Oil and Gas Corp Bhd last year.

In June this year, he had also teamed up with Quek to buy some 13.57% stake in offshore supply vessels (OSV) player, Alam Maritim Resources Bhd, through a private placement exercise at RM1.35 apiece.

Meanwhile, Pelikan had in July announced a plan to inject its stationary business, worth RM1.19 billion, into its 70.9%-owned subsidiary Herlitz Aktiengesellschaft (Herlitz), which is listed in Frankfurt, Germany.

Pelikan is expected to raise RM491.3 million from the private placement and offer for sale of shares in Herlitz that it would receive, with part of the proceeds to be used to pare down the company’s debts.

The key stationary subsidiaries that will be injected are in Germany, Belgium, Switzerland, Mexico, Japan and the Middle East.

Shares of Pelikan fell 4 sen to settle at RM1.17 today, giving it a market capitalisation of RM641.6 million.

 

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