Royal Ceramics shareholders approve share split

Royal Ceramics (RCL) share will be suspended for trading over three day to allow the company to push through a share capital restructuring proposal. Royal Ceramics (RCL) share will be suspended for trading over three day to allow the company to push through a share capital restructuring proposal. Shareholders on Tuesday approved the proposal to subdivide its Rs. 10.00 ordinary share into one rupee shares, increasing its total issued share capital to 554 million shares.

Chief Executive J K Menon called on the Colombo Stock Exchange to suspend trading from Wednesday to Friday to coordinate with the Central Depository System.

RCL posted a first quarter profit of Rs. 32 million up form Rs. 4.2 million the year before.

Meanwhile the company is also investing Rs. 150 million in a new tile manufacturing facility in Horana, to be operational before mid next year.

RCL shares closed 75 cents up at Rs. 38.75 on trades of 1.6 million shares. Tuesday’s share price is 176.78 percent up from a year ago, when the stock traded at Rs. 14.00.

-LBO Newsdesk: lboemail@vanguardlanka.com