Pelikan to raise RM188.74m from rights issue

Written by Joseph Chin

KUALA LUMPUR: Pelikan International Corporation Bhd plans to raise RM188.74 million from a proposed renounceable rights issue. This will be on the basis of one rights share for every two existing ordinary shares held.

The company said on Wednesday, Oct 21 said the rights issue involved up to 171.58 million new shares of RM1 each at an issue price of RM1.10 each.

If fully subscribed, the proposed rights issue would increase the company's share capital from RM343 million to RM515 million.

Pelikan president and chief executive officer Loo Hooi Keat, said the group had embarked on an aggressive expansion throughout Europe and Asia in the past years, which were funded mainly by internally-generated funds and some borrowings.

"In this, we have tasted much success, demonstrated in our revenue rising from around RM500 million in FY2005 to RM1.3 billion in FY2008," he said.

Loo said Pelikan's focus in the future was to grow the group's business in the global market.

"In view of this, we hope for the rights issue to increase our share capital base to be commensurate with our increased volume of business, and more significantly, enhance our balance sheet with greater financial flexibility in our continued business expansion," he said.

On the group's prospects, Loo said: "We're optimistic this exercise will fuel the growth developed so far, and at the same time prepare us for our expansion plans in the near future."

The proposed rights issue is expected to be completed by the first quarter of 2010. Maybank Investment Bank Bhd is the adviser to Pelikan's proposed rights issue.

Perkiness of the Strongest and the Confession of the Drop Out

I never expect myself to be caught in any new gadget launching midnight rush fiesta but hey everyone got their first time. It's all started with one of our colleagues yelling and shouting about the HTC Touch2 65 unit 65% discount launching event hosted at Sunway Pyramid, 9-October to 11-October-2009 on first come first serve basis. I thought it would be fun for most of our R&D personnels to hang out together late at night since he proposed that we go there around 2AM queuing up. 10-October 2AM, what the hell.. Could I end up being robbed by some hooligans? Well, I actually reached there around 2:20AM and spent like 15 mins to find the place to queue, and and I gotten myself a "virtual" number of 48, which I counted myself. Then after 30 mins, I count again and this time 53. Well well, looks like many of the queue cutters are on the move. Luckily I'm surrounded by smart fellas, literally. The guys in front of me were supplying the paper and pen and the fella right behind me was spending some efforts to make sure people who spends hours to queue got a queue number in the list. The physical number which had my name craved is #56. Wow, imagine what will be my number when it is 10am later. Anyway, I only to get my hand on the phone around 3:30PM in the afternoon, phew. that's a 13 hours effort for a RM560 Touch2 phone :D

Some hiccups during my queuing experience:

Around 5 or 6AM (Sorry, I really lost my sense of time), a family of 3, an uncle, auntie and their son I guessed making noises until almost 9AM. Wow, very persistent.
I don't really get what's the point they try to make, think it'something to do with why their name was not in the list blah blah... They retreated under the ambience of Booooo-ness of course.

Then around 10AM to 11AM, another family of auntie and her daugthers I think making some complaints like "In the flyer, it stated from 10AM, I don't care whether others queuing from what time, when I reached at 10AM I deserve one unit from the 65"... Bang Head... Joke of the Day.


My first time, turned out to be a very inspiring lesson to me.. When a person gets old and retired from work.. they really have time for non sense.

Phew!