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Wednesday, August 18, 2010

Watawala Plantations PLC announces a subdivision of shares

The Board of Directors of Watawala Plantations PLC (WATA) proposed a share sub-division of one into ten of the issued shares, other than the golden share. The share sub-division would increase the number of shares ten-fold from 23,666,667 to 236,666,670 shares.

"The proposed sub-division is expected to facilitate greater liquidity of WATA shares in the market and broaden the shareholder base further by widening the potential pool of investors likely to trade in the share. The enhanced liquidity is expected to have a positive impact on the share’s valuations," the company said in a statement.

The company intends to hold an EGM shortly to ratify the sub-division, subject to obtaining approval from the CSE.

"The WATA share is currently trading at Rs.224/- up from Rs.176 as at 31 March 2010. The share is the highest priced share in absolute terms in the CSE’s plantation sector and the largest market capitalized plantation company on the CSE. However, due to WATA’s high share price, share transaction volumes are relatively low compared with other plantation stocks in the broader market," the company said.

source - www.island.lk