C.W. Mackie to boost liquidity with five-for-one share split

C.W. Mackie PLC has set in motion a share sub-division aimed at widening investor participation, with its board recommending a five-for-one split of the company’s ordinary shares.

In a filing to the Colombo Stock Exchange (CSE) yesterday, the diversified group said the move will increase its issued shares from 35,988,556 to 179,942,780, with each existing share being converted into five. 

The board stressed that the sub-division will not trigger any change to the company’s stated capital, in line with provisions under Article 14(1)(b) of its Articles of Association.

The proposal is subject to shareholder approval at an Extraordinary General Meeting. 

If endorsed, the split is expected to improve market liquidity and make the counter more accessible to a wider pool of investors.