Feb 24, 2017 (LBO) – Singer Sri Lanka has decided to subdivide its ordinary shares in the proportion of three shares for every one existing share held as at the end of trading on 31st March 2017.
The company said in a stock exchange filing that the number of existing issued ordinary shares will then be increased from 125,209,610 to 375,628,830 without affecting an increase in the stated capital of 626 million rupees.
The increase of shares by way of a sub-division is however subject to the approval of controller of exchange and shareholder approval at a general meeting scheduled to be held on 31st March 2017.
On 7th March 2011, the company initially resolved to increase the number of ordinary shares amounting to 62,604,805 by subdividing them in the proportion of 2 for 1 without affecting an increase in the stated capital.
After the initial subdivision, the number of ordinary shares representing stated capital increased to 125,209,610.
In 2011, the company also amended its Articles of Association in order to permit the share split and increase of shares through an ordinary resolution.
“Sub-divide (split) all or any of its shares issued at the time with the objective of increasing the number of shares in issue leaving un-affected the relative voting and distribution rights of the holder of those shares.” new Articles of Association showed.