PELIKAN INT'L NEEDS TO BORROW $ 55,000,000.00

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PELIKAN INT'L NEEDS TO BORROW $ 55,000,000.00

 user 2009-10-27 at 10:43:11 am Views: 57
  • #22762
    http://www.bernama.com/bernama/v5/newsbusiness.php?id=448602
    PELIKAN INT’L NEEDS TO BORROW $ 55,000,000.00
    Pelikan International is eyeing a rights issue to raise RM188.7 million ($55.5 million) for working capital.
    KUALA
    LUMPUR, Oct 09 — Pelikan International Corp Bhd plans to undertake a
    renounceable 1-for-2 rights issue to raise up to RM188.7 million for
    working capital. It entails an issue of up to 171.584 million new shares at RM1.10 each.
    Pelikan
    president and chief executive officer, Loo Hooi Keat, said the group
    has embarked on an aggressive expansion path in Europe and Asia in the
    past years, which were funded mainly by internally funds and some
    borrowings.”In this, we have tasted much success as demonstrated in our
    revenue rising from around RM500 million in financial year 2005 to
    RM1.3 billion in financial year 2008,” he said in a statement.Loo said
    Pelikan would focus on growing the group’s business in the global
    market in future.”We hope the rights issue will increase our share
    capital base to commensurate with the increase in the volume of our
    business, and more significantly, enhance our balance sheet,” he said.

    If
    fully subscribed, the issue would result in the company’s share capital
    increasing from RM343 million to RM515 million.Loo said the group was
    optimistic the exercise would fuel the growth achieved so far, and at
    the same time prepare for future expansion.”Barring unforeseen
    circumstances, the proposed rights issue is expected to be completed by
    the first quarter of 2010,” he said.