US fund sells 6.45% stake of Pelikan

A New York-based fund H Partners Management LLC has ceased to be a substantial shareholder of Pelikan International Corporation Bhd after selling 32.74 million shares or 6.45% stake.

A filing with Bursa Malaysia showed that H Partners, an independent investment management firm, sold its entire stake on Aug 12 and is no longer a shareholder.

Another filing showed Persada Bina Sdn Bhd had emerged as a substantial shareholder in Pelikan, acquiring 20.01 million shares or 3.94% on that day.

The recent acquisition increased its stake to 6.7% or 33.99 million shares.

Persada Bina has its address at Jalan Pendidik U1/31, Hicom Glenmarie Industrial Park in Shah Alam.(theedgemalaysia.com)