Premier blue-chip John Keells Holdings PLC (JKH) yesterday said its director board had resolved to increase the number of shares in issue of the company, subject to shareholder approval.
Accordingly, the company plans a share subdivision, whereby seven existing ordinary shares will be subdivided to eight ordinary shares. On this basis, the number of shares of the company will increase to 1,139,984,561 from the existing 997,486,491. JKH said the subdivision would not increase its stated capital. The company also said the share split will result in an adjustment in the number of warrants accruing to the shareholder of 2015 warrants and 2016 warrants and their respective purchase prices. As a result, over 43.9 million 2015 warrants in issue as at June 26, 2015 will increase to over 50.2 million. The price will also change from Rs.185 to Rs.161.87. Likewise, the number of 2016 warrants in issue will go up to 50.2 million from 43.9 million. The price will adjust to Rs.170.62 from the existing purchase price of Rs.195. JKH is the fourth company which has announced a share split in the recent times. The other three companies were Sinhaputhra Finance PLC, Asian Alliance Insurance PLC and LB Finance PLC.