KUALA LUMPUR (Aug 30): Stationery maker Pelikan International Corp Bhd plans to raise funds by selling a 10% stake in the company to Ikhlas Capital Singapore Pte Ltd, a private equity (PE) firm partly owned by former banker Datuk Seri Nazir Razak.

Pelikan, in a stock exchange filing yesterday, said it plans to undertake a private placement of 54.8 million new shares at 39 sen each to Merit Plus Ventures Ltd, a company ultimately owned by Ikhlas Capital.