by ANIS HAZIM

PELIKAN International Corp Bhd’s application to extend its draft circular submission up to Oct 7, 2021, has been approved by Bursa Malaysia yesterday for proposed disposal of its logistic centre in Germany.

“Bursa Securities had via its letter dated Aug 9, 2021, approved Pelikan’s application for an extension of time of up to Oct 7, 2021, to submit the draft circular to Bursa Securities,” Pelikan said in a filing to Bursa Malaysia.

Last week, Pelikan submitted the application to its shareholders for the proposed disposal.

To recap, the stationary maker has proposed to dispose of its German Logistic Centre for cash of consideration of €81 million (equivalent to RM399.33 million) as at July 8, 2021.

The amount proposed to be utilised for repayment of bank borrowings, working capital requirements, special dividends, internal reorganisation related costs as well as estimated expenses.