Malaysia's Pelikan to raise $155 mln from assets listing in Germany
KUALA LUMPUR, July 8
KUALA LUMPUR, July 8 (Reuters) - Malaysian stationary maker Pelikan International Corporation Bhd plans to list some of its units and assets in Germany in a move that will raise at least 491.3 million ringgit ($154.98 million), it said on Tuesday.
The proposed listing - to be done via private placements and offers for sale - will include an asset injection into the company and its 96.45 percent-owned Switzerland unit Pelikan Holding AG into Herlitz AG for 1.19 billion ringgit.
In return, Pelikan will receive 266 million new shares in Frankfurt listed Herlitz, of which Pelikan now holds a 70.92 percent stake, according to a stock exchange filing on Tuesday.
The deals will allow Pelikan to unlock the value of its various stationary businesses and provide funds for growth, the company said.
Pelikan also proposed a private placement of up to 50 million Herlitz shares, at a minimum offer price of one euro each, and the offer for sale of up to 30 million Herlitz shares, by Pelikan and its Switzerland unit Pelikan AG.
For a full statement of the stock exchange filing, please click: bit.ly/1oEgbiA ($1 = 3.1700 Malaysian Ringgit) (Reporting By Yantoultra Ngui, editing by Louise Heavens)