KUALA LUMPUR (Oct 10): Two Singaporean shareholders of Pelikan International Corp Bhd have been confirmed as the sellers of the substantial stakes that Paul Poh Yang Hong, a long-time associate of local banking tycoon Tan Sri Quek Leng Chan, acquired in the company last Friday.

A filing to Bursa Malaysia revealed this evening that Tony Phua had on last Thursday (Oct 2) sold 19.27 million shares or 3.51% stake in Pelikan.

On the same day, Chia Chor Meng also disposed 9.2 million shares or 1.68% stake in the stationery manufacturer.

Following the disposal, Phua is no longer a substantial shareholder of Pelikan, while Chia still owns some 40.3 million shares or 7.36% stake in the company.

The number of shares disposed in both transactions matches with the block of 28.4 million shares or 5.18% stake that was purchased by Poh when he emerged as a substantial shareholder of Pelikan last Friday.

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

Shares of Pelikan advanced 3 sen to settle at RM1.18 today, with more than 988,600 shares traded, giving it a market capitalisation of RM647.1 million.