Reference is made to the article appearing in The Edge Malaysia’s weekly issue 10 April to 16 April 2023 titled “Pelikan said to be on the verge of major asset sale”.

The Company wishes to clarify that Pelikan constantly explores and evaluates opportunities to maximise shareholders’ value including evaluation of mergers and acquisitions, divestment of assets and businesses. During this, the Company has received several expressions of interest related to the acquisition of its assets and businesses. In these circumstances, the main objective of the Company is to realise transactions which are in the best interests of shareholders and achieve valuations above its net asset value.

For the time being, there are no definitive agreements finalised and presented to the Board of Directors for consideration.

Further thereto, the Company wishes to highlight that the overall Pelikan Group’s performance and profitability have improved over the years since its asset streamlining exercise in 2014 and thereafter disposals of loss-making businesses and non-core assets, with the last one being the disposal of a logistics property asset raising EUR81 million at the end of 2021. These has led to the improvement in the Group’s balance sheet with lower borrowings and also enhancement of shareholders value via a distribution of 20 sen special dividend in January 2022.

The Company will make the appropriate announcement to Bursa Malaysia Securities Berhad in accordance with the Main Market Listing Requirements should there be any definitive agreement or developments.

This announcement is dated 11 April 2023.