On July 17, 2022, GIRAFE's management made the decision to sell Pelican Ltd., one of its key subsidiaries, as a result of the detrimental effects that Covid19 lockdowns had on its operations during the year. Since Pelican's operations and brands are well-known throughout South-East Asia and its management team, long-term employees, and know-how are highly regarded by competitors, the company estimated that Pelican has a fair value of around $50 million overall, which includes the market value of all its assets, liabilities, and potential goodwill