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Pelikan unaware of reasons for recent share price gain

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Pelikan unaware of reasons for recent share price gain Empty Pelikan unaware of reasons for recent share price gain

Post by Cals Wed 21 May 2014, 01:47

Pelikan unaware of reasons for recent share price gain
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com   
Tuesday, 20 May 2014 10:42

KUALA LUMPUR: Pelikan International Corp Bhd said it is unaware of any corporate development or any rumour that may have caused the stock’s recent price increase.

However, it pointed to the group’s turnaround in its results for financial year ended Dec 31, 2013 with a pre-tax profit of RM2.619 million from a pre-tax loss of RM48.743 million the previous year.

Pelikan told Bursa Malaysia in a filing yesterday that it is continuing to evaluate internal restructuring possibilities for its key subsidiaries within the group to better reflect its operations and intrinsic values and also corporate fund raising proposals.

The regulator had issued an unusual market activity query on the stationery manufacturer following the stock’s recent price increase. Since last Thursday, the stock had risen 30% from 99.5 sen to an intraday high of RM1.42 yesterday. 


This article first appeared in The Edge Financial Daily, on May 20, 2014.
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