Quick take: Pelikan rises 4% on special dividend

KUALA LUMPUR: Shares in Pelikan International Corp Bhd were actively traded in early trade Wednesday with some 54 million shares done, making it one of the most actively traded counters.

At 9.08am, the stationery manufacturer rose 4.17%, or two sen to 50 sen. It has risen some 58.7% so far this year.

Pelikan, which earlier disposed of its logistics centre in Germany for a cash consideration of €81mil (RM399.33mil), has decided to distribute a special dividend of 20 sen per share to its shareholders.

Pelikan said it would allocate RM120.64mil for the special dividend, following the disposal of the logistics centre.

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.

Pelikan will also allocate RM200mil for the repayment of bank borrowings, RM41.29mil for working capital and RM24.6mil for internal reorganisation from the proceeds.

Last week, Pelikan announced that its subsidiary Pelikan Group GmbH had entered into a conditional sale and purchase agreement with HE4 Falkensee 1 S.à r.l. and HE4 Falkensee 2 S.à r.l. to dispose of its logistics centre located at Straße der Einheit, Falkensee, German.

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