PETALING JAYA: Pelikan International Corp Bhd has decided to distribute a special dividend of 20 sen per share to its shareholders from the proceeds of the disposal of its logistics centre in Germany.
In a filing with Bursa Malaysia, the stationery manufacturer announced it would allocate RM120.64mil for the special dividend, following the disposal of the logistics centre for a cash consideration of €81mil (RM399.33mil).
Based on its issued share base of 608.13 million shares, this works out to 20 sen a share. The special dividend is expected to be completed within six months.
Besides the special dividend, Pelikan will also allocate RM200mil for the repayment of bank borrowings from the proceeds.
In addition, it will allocate RM41.29mil for working capital and RM24.6mil for internal reorganisation.
“The group’s internal reorganisation exercise may include mergers and the 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, ” it said.
Pelikan announced last Thursday its plan to dispose of the warehouse, including an office to HWE Investor GP Sàrl, which is part of the United States-headquartered Hillwood Group.
It said it expects to realise an estimated one-off gain of RM184.83mil from the asset sale.