KUALA LUMPUR (July 13): Pelikan International Corp Bhd, which earlier disposed of its logistics centre in Germany for a cash consideration of €81 million (equivalent to RM399.33 million), has decided to distribute a special dividend of 20 sen per share to its shareholders.

In a bourse filing, the stationery maker said it will allocate RM120.64 million for the special dividend following the disposal of its logistics centre in Germany.

The exercise is expected to take place within six months upon the completion of the proposed disposal.

Meanwhile, RM200 million of the proceeds will be used to repay bank borrowings; RM41.29 million will be used for working capital; RM24.6 million will be used for internal reorganisation.