CIC Holdings proposes 5:1 share split across both share classes

CIC Holdings board has approved a proposal to sub-divide its ordinary and non-voting (Class X) shares on a five-for-one basis.

The decision, taken at a board meeting this week, will see every existing ordinary and non-voting share split into five shares each, subject to regulatory and shareholder approval.

Following the sub-division, the number of ordinary shares will rise to 1.458 billion from 291.6 million, and non-voting (Class X) shares to 437.4 million from 87.48 million.

The company confirmed that the stated capital will remain unchanged at Rs.1.008 billion.

The proposed share split is conditional upon Colombo Stock Exchange’s concurrence and the approval of shareholders through special resolutions at separate general meetings for each share class.