Chevron Lubricants Lanka PLC yesterday said its director board had decided to increase the number of shares by way of share sub-division, subject to shareholder approval. Accordingly, each existing share will be split to two ordinary shares, the company said in a stock exchange filing. At the conclusion of the proposed sub-division, the number of shares currently in issue will increase from 120 million shares to 240 million shares. However, there will be no change to the stated capital of the company. The Chevron Lubricants share yesterday closed at Rs.313.60.