SG-based PE firm Ikhlas Capital to acquire 10% stake in Malaysia's Pelikan

Nazir Razak. Photographer: Charles Pertwee/Bloomberg

Malaysian stationery maker Pelikan International Corp Bhd is close to raising 21.39 million ringgit ($5 million) from Singapore-based private equity firm Ikhlas Capital in lieu of 10 per cent stake.

In a stock filing on Thursday, Pelikan said it plans to undertake a private placement of 54.8 million new shares at 39 sen each to Merit Plus Ventures Ltd, a company ultimately owned by Ikhlas Capital.

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