Malwatte Valley Plantation PLC (MAL) yesterday decided to sub-divide both its voting and non-voting shares as per a director board resolution which is subject to shareholder approval at an Extra-ordinary General Meeting.
Both the share categories will be sub-divided in the proportion of ten shares per every existing share. The existing number of voting shares of the company is 22.5 million while the number of non-voting shares remains at 2.3 million.
The Golden Share and the stated capital of company will remain unchanged after the proposed split.
Malwatte releasing its year end results yesterday said that the company has recorded Rs.470 million net profit for the year Rs.101 million for the December quarter. The company's profitability was boosted by strong earnings from its rubber sector.
The Earnings per Share (EPS) for the year was Rs.19.0.
Price bands on MAL and CTEA
The recent buying of Ceylon Tea Services (CTEA) shares, the owners of Dilmah brand by high net worth investor Dr. Senthilverl and the share split by the Malwatte pushed both the stocks to the regulator's price band trap, as the interest on these shares grew.
The price bands will be effective from Monday and will expire on March 14. The price bands on three plantation stocks, C.W Mackie, Elpitiya and Horana Plantations will expire on Monday
source - www.dailymirror.lk
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