company focus xx march 2006dbs group research equity malaysia pp 11272 7 2006 15 may refer to important disclosures at the end of this report pelikan international rebuilding its global empire re enacting golden era picb took control brandname via acquisition 87 6 switzerland listed holding ag in april 2005 is now working towards consolidating and territorial rights concessions some which had been sold 1995 by cash strapped most these have expired are being returned addition has bought back or raised stakes mexico expanding into uncovered countries like china vietnam indonesia extending geographical dominance germany accounts for bulk revenue but we foresee rising significance from latin america middle east asia hardcopy creates a new beachhead markets plant relocation consolidation overhead savings could give division big lift charging ahead strong flow should allow dividend payout exceed management s target 40 thus sustaining an attractive
