Pelikan Holding AG (PHAG) has signed a heads of agreement with Columbia Products Pty Ltd to dispose of its associate company, Columbia Pelikan Pty Ltd (Pelikan Australia), for A$15 million (RM48.17 million) cash.
In a statement today, Pelikan International Corp Bhd (Pelikan) said the disposal was in line with the group's plan to divest non-core assets and the monetise such type of investments.
"Pelikan Australia is an associate of PHAG and the management does not participate in the day-to-day operations and strategic direction of the company," it said.
Pelikan president/chief executive officer, Loo Hooi Keat, said the focus of Pelikan was on capitalising on distribution, branding, research and development.
"In addition to this, it will pursue divestments strategies of non-core assets to unlock the cash values and keep the group asset light," he said.
Pelikan was suspended from trading for about an hour this morning. Trading was resumed at 10am.
As at 12.18pm, the shares slipped half sen to 75.5 sen with 70,400 units traded.
PHAG is 96.45 per cent-owned unit of Pelikan.
Pelikan Australia is principally engaged in the production and distribution of stationery and office products. -- BERNAMA
In a statement today, Pelikan International Corp Bhd (Pelikan) said the disposal was in line with the group's plan to divest non-core assets and the monetise such type of investments.
"Pelikan Australia is an associate of PHAG and the management does not participate in the day-to-day operations and strategic direction of the company," it said.
Pelikan president/chief executive officer, Loo Hooi Keat, said the focus of Pelikan was on capitalising on distribution, branding, research and development.
"In addition to this, it will pursue divestments strategies of non-core assets to unlock the cash values and keep the group asset light," he said.
Pelikan was suspended from trading for about an hour this morning. Trading was resumed at 10am.
As at 12.18pm, the shares slipped half sen to 75.5 sen with 70,400 units traded.
PHAG is 96.45 per cent-owned unit of Pelikan.
Pelikan Australia is principally engaged in the production and distribution of stationery and office products. -- BERNAMA
