Pelikan International Corp Bhd has reported success for its rights issue aimed at financing the company’s international expansion.

Pelikan International is proposing a one-for-two rights of 169.6 million new shares, but received applications for 185.2 million shares, valued at RM203.7 million (44 million euros).

Pelikan president and chief executive officer Loo Hooi Keat said in a statement that the group was focused on growing its business, internationally. "This favourable subscription indicates investors confidence in our expansion plan and our global presence in the stationary market," he said.