KUALA LUMPUR: Pelikan international Corporation Bhd (PICB) plans to use RM120.64mil from the sale of its logistics centre in Germany to reward shareholders with a special dividend.
In a statement to Bursa Malaysia, it said based on the issued share of 608.13 million shares, this would work out to 20 sen a share. This special dividend is expected to be completed within six months.
The stationery manufacturer said RM200mil would be used to repay bank borrowings; RM41.29mil as working capital, RM24mil for internal reorganisation related costs and RM12.80mil as estimated expenses.
“The group’s internal reorganisation exercise may include merger and relocation of its existing plant/manufacturing facilities which are located in several countries around the world to improve its overall operational efficiency and productivity as well as its long term profitability as part of the group’s measures taken to counter the adverse impact caused by the coronavirus pandemic.
“The detail of such exercise and the cost breakdown has yet to be finalised at this juncture but is expected to include restructuring of the group’s internal resources and assets at various levels, ” it said.
Last Thursday, PICB said it was selling the warehouse including an office to HWE Investor GP S.à r.l. which is part of the Hillwood Group headquartered in Dallas, Texas for 81mil euros or RM399.33mil.
The Hillwood Group is a developer of industrial, commercial and residential real estate and has its primary operations in the United States and international operations in the United Kingdom, Germany and Poland.
For the sale, it had appointed a sales agent to market the property via a bidding process. Including the purchasers, a total of 13 formal offers were received ranging between 60mil euros and 86.10mil euros (between RM295.80mil and RM424.47mil).
“The board had decided to accept the purchasers’ offer after considering, amongst others, the proposed terms and conditions put forward by the purchasers in relation to the proposed disposal as well as the proposed lease and the committed process/timeline to complete the transaction.
“The disposal consideration also took into consideration the audited net book value of the property of approximately RM181.0 million based on the audited consolidated financial statements of PICB for FYE 2020, representing a premium of approximately RM218.33mil or 120.63% thereof, ” it said.