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Malaysia: Pelikan Needs Cash, To Sell Plant To Raise $90M
Pelikan International Corp Bhd is close to completing the sales of some of its assets, according to local press.The Malaysia Reserves reports that the stationery manufacturer plans to generate more cash to face uncertainties and support its business focus shift towards product development and brand-building.
CEO Looi Hooi Keat said that the company has to shift its focus from solely focusing on production towards product development and brand-building in order to remain relevant to its clientele.
"Stationery products normally last for many years but with the more aesthetic conscious younger clientele these days, product life cycles are becoming shorter. "We have to keep investing in changing demands," he told The Malaysian Reserve.
On the divestment, Looi said Pelikan would be able to raise €90 million (RM362.44 million) from the sales of the group’s plants and logistics assets that are not recording adequate yields. Under its rationalisation plan, Pelikan hopes to narrow down the number of plants from 13 to about four or five globally.
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