ACL Cables PLC Board of Directors yesterday resolved to recommend to shareholders that the number of Ordinary Shares issued as at date be increased by way of a subdivision of shares whereby One Ordinary Share be sub-divided into Two Ordinary Shares. The move is to increase the liquidity of ACL Cables shares. Yesterday ACL Cables share price gained by Rs. 3.70 or 4.4% to close at Rs. 87.80.
Number of Ordinary Shares prior to the subdivision is 119,787,360 and post subdivision it will be 239,574,720. The move is subject to shareholder approval.
There will be no change to the Stated Capital of the Company subsequent to the subdivision.
The shares resulting from the subdivision of shares would rank equally and pari-passu with the existing Ordinary Shares and carry the same voting and distribution rights of the holders of such shares.