PELIKAN INTERNATIONAL CORPORATION BERHAD
PRESS RELEASE
FOR IMMEDIATE RELEASE
Go Ahead From Pelikan Shareholders For Its Assets Streamlining Proposal To Unlock Stationery
Assets Valued At EUR231.2 million (RM971 Million*)

Pelikan Group injecting stationery assets valued at EUR231.2 million (RM971 million*) into
German-listed subsidiary Herlitz in return for 231.2m new Herlitz shares of Euro1.00 each

Proposals also include the further issuance of 32.9 million new Herlitz shares and Offer for Sale
of 60 million Herlitz shares at EUR1.00 each

Pelikan Group set to realise an estimated gain of RM130 million and raise total cash proceeds of
RM390 million* on completion of Scheme

PICB’s net asset per share and cash per share will increase to RM1.31 (+23.6%) and RM1.00
(+354.5%) per share respectively

Clearly defined business and organisational structure under Herlitz coupled with additional funds
raised to drive growth of global stationery business
Shah Alam (17 December 2014) – Pelikan International Corporation Berhad (“PICB”) announced that it
has received approval from its shareholders for its proposed business re-organisation scheme
(“Scheme”) during its Extraordinary General Meeting held on 17 December 2014.
The Pelikan Group had, on 10 November 2014 signed a Heads of Agreement (“HoA”) with Herlitz to
inject its subsidiaries and assets into Herlitz for a consideration of EUR231.2 million (RM971 million*) in
exchange for the issuance of 231.2 million new shares with a nominal value of EUR1.00 per share in
Herlitz. This consideration value represents a discount of EUR18 million or 7.2% to the valuation of
EUR249.2 million (RM1,046.6 million*) by PricewaterhouseCoopers (“PwC”), Berlin.
PwC Berlin was appointed as an independent auditor by Germany’s court of register to audit the
valuation of the subsidiaries and assets of the Pelikan Group that are to be injected into Herlitz.
Assets involved in this proposed scheme comprises of the Group’s worldwide stationery businesses,
namely Pelikan Germany, Pelikan Belgium, Pelikan Schweiz, Pelikan Italy, Pelikan Japan, Pelikan Middle
East, Pelikan Mexico, Pelikan Colombia, Pelikan Argentina as well as its logistics property. In total, the
assets involved generated a turnover of approximately RM1,016.0 million, representing 70.5% of the
Pelikan Group’s turnover for the financial year ended 31 December 2013.
Pelikan International Corporation Berhad Press Release 11 November 2014
1|P a g e
The HoA also includes the proposed cash issuance of 32.9 million new Herlitz shares at cash offer price
of EUR1.00 per share; and proposed offer for sale by Pelikan Group of up to 60.0 million Herlitz shares
at a minimum of price of EUR1.00 per share.
Loo Hooi Keat, President and CEO of Pelikan said, “The passing of the resolutions today sets another
milestone for the Pelikan Group as we move closer to completing our exercise to unlock the value of our
core stationery assets via a listing in Germany. The Group is expected to raise RM390 million* and realise
an estimated gain of RM130 million* upon the completion of the proposed scheme”.
Loo added, “One of the key rationales of the exercise is to consolidate the Group’s stationery sales and
distribution business into Herlitz to create a clearly defined organisational structure of management and
business. With a strong heritage branding, ‘PELIKAN’ has high brand recognition in the German markets
as well as international markets such as the Americas and Asia. Together with the brands ‘HERLITZ’,
‘GEHA’ and ‘SUSYCARD’, the Group would be in a better position to compete and adopt a multi brand
strategy positioning for each brand to the right products and markets to maximise sales potential”.
The successful fund raising will also serve to strengthen PICB’s balance sheet, where gearing would be
substantially reduced to 0.38x and its cash per share raised to RM1.00 from RM0.22 as at the end of
2013, and overall net asset per share improve to RM1.31 from RM1.06.
*based on exchange rate of RM4.20 = EUR1
-Ends-
Contact :
NRA Access Sdn Bhd
Nicole Koh, Associate Director
Tel: +603 2163 3700
Email: [email protected]
Pelikan International Corporation Berhad
Ho Ming Hon, Senior VP, Head of Group Finance and Corporate Services
Tel: +603 5569 5511 ext. 205
Email: [email protected]
Pelikan International Corporation Berhad Press Release 11 November 2014
2|P a g e
About Pelikan International Corporation Berhad:
Established in 1838, PELIKAN is a 176 year old German stationery brand, globally renowned for the
diversity of its stationery supplies and offers high quality products from high-valued writing instruments,
hobby paints, office stationery, school supplies and printer consumables. PELIKAN is one of the market
leaders and pioneers in writing instruments and stationery industry worldwide.
In 2005, PELIKAN’s business was acquired by Pelikan International Corporation Berhad (‘PICB’), which
was subsequently listed on the Main Market of Bursa Malaysia Securities Berhad. Since its listing, PICB
has been consolidating the PELIKAN business by reunifying the brand and companies whilst at the same
time, expanding its business geographically and building brand awareness. Today, PICB owns the global
brand and distribution rights of PELIKAN, and has operations spanning across 5 continents supported by
manufacturing facilities in eight countries, and a worldwide distribution network in over 170 countries
across Germany and the rest of Europe, Latin America, Middle East and Asia.
In March 2010, PICB acquired the majority equity stake in Herlitz AG, a listed stationery company in
Germany, as part of its strategy to integrate another strong stationery brand into the Pelikan Group to
extract greater synergies. Based in Berlin and founded in 1904, HERLITZ is one of Europe's leading
manufacturers and distributors of quality products in paper, office and stationery, as well as papeterie
products, particularly in Germany and Eastern Europe. The company manages the brands "HERLITZ" and
"SUSY CARD".
With the acquisition of Herlitz AG, the PELIKAN group now encompasses three listed companies; namely
PICB and its two listed subsidiaries, 96.45%-owned Pelikan Holding AG, which is listed on the SIX Swiss
Exchange, Switzerland and 71.32%-owned Herlitz AG, which is listed on the Frankfurt Stock Exchange,
Germany.
For the first nine months of its financial year ending 31 December 2014, Pelikan reported revenue of
RM1,098.3 million compared to RM1,118.7 million in the same period last year. Profit before tax rose
jumped 68.6% to RM23.2 million, whilst net profit after tax and minority interest surged 145.4% to
RM9.5 million.
Pelikan International Corporation Berhad Press Release 11 November 2014
3|P a g e