Quick take: Pelikan jumps 11.7% in active trade


KUALA LUMPUR: Shares in Pelikan International Corp Bhd jumped over 11% in early trade Friday on its plan to dispose of the German logistics centre in Falkensee for €81mil (RM399.33mil).

The stationery maker rose 11.69%, or 4.5 sen to 43 sen. It is currently the second most active counter on Bursa Malaysia with over 24 million shares traded.

Pelikan is selling its German logistics centre in Falkensee for 81mil euros which will see it realise a one-off gain of RM184.83mil.

Pelikan has entered into a conditional sale and purchase agreement to sell its warehouse in Germany, including an office to HWE Investor GP S.à r.l, which is part of the Hillwood Group headquartered in Dallas, Texas.

Pelikan acquired the logistics centre in 2010 together with a 66% stake in a Germany-based Herlitz for about €45mil (RM221.85mil). It is expected to realise an estimated one-off gain of RM184.83mil from the asset sale.

About RM200mil from the proceeds has been earmarked to pay part of this debt that would result in an annual gross interest savings of about RM8mil.

Another RM161.93mil of the proceeds will be used to fund the general working capital of Pelikan as well as a special cash dividend to the company’s shareholders.

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Pelikan , Herlitz , HWE Investor , Falkensee

   

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