Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 17): Pelikan International Corporation Bhd (PICB) has received approval from its shareholders for its proposed business re-organisation scheme during its extraordinary general meeting held today.
 
In a statement to Bursa Malaysia this afternoon, Pelikan said the group was set to realise an estimated gain of RM130 million and raise total cash proceeds of RM390 million on completion of the scheme. 
 
The successful fund raising will also serve to strengthen PICB’s balance sheet, where gearing would be substantially reduced to 0.38 times
 
Its cash per share will also be raised to RM1 from 22 sen as at the end of 2013, and overall net asset per share improve to RM1.31 from RM1.06. 
 
"One of the key rationales of the exercise is to consolidate the group’s stationery sales and distribution business into Herlitz to create a clearly defined organisational structure of management and business," said President and CEO of Pelikan Loo Hooi Keat. 
 
" Together with the brands ‘HERLITZ’, ‘GEHA’ and ‘SUSYCARD’, the group would be in a better position to compete and adopt a multi brand strategy positioning for each brand to the right products and markets to maximise sales potential," he added. 
 
To recap, on Nov 10, Pelikan had signed a heads of agreement with Herlitz to inject its subsidiaries and assets into Herlitz for a consideration of EUR231.2 million (RM971 million) in exchange for the issuance of 231.2 million new shares in Herlitz. 
 
This consideration value represents a discount of EUR18 million or 7.2% to the valuation of EUR249.2 million (RM1.05 billion) by PricewaterhouseCoopers, Berlin. 
 
The HoA also includeed the proposed cash issuance of 32.9 million new Herlitz shares at a cash offer price of EUR1 per share; and a proposed offer for sale by Pelikan Group of up to 60 million Herlitz shares at a minimum of price of EUR1 per share.
 
Assets involved in this proposed scheme comprises of the Group’s worldwide stationery businesses, namely Pelikan Germany, Pelikan Belgium, Pelikan Schweiz, Pelikan Italy, Pelikan Japan, Pelikan Middle
East, Pelikan Mexico, Pelikan Colombia, Pelikan Argentina as well as its logistics property
 
In total, the assets involved generated a turnover of approximately RM1.02 billion, representing 70.5% of the Pelikan Group’s turnover for the financial year ended Dec 31, 2013.
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