hSenid Business Solutions announces 3.5% ESOP

Thursday, 20 October 2022 02:47 - - {{hitsCtrl.values.hits}}

The Board of Directors of hSenid Business Solutions PLC has decided to establish and implement an Employee Share Option Plan (ESOP) offering 3.49% stake in the company.

The ESOP is available to employees of the company and its subsidiaries (the hSenid Group) (including any person rendering services to the company and/or its subsidiaries on a fixed term contract) selected by the Board of Directors on the recommendation of a committee appointed by the Board of Directors. Share options will entitle the employees to subscribe to and purchase ordinary shares in the company.

As at 31 March 2022, hSenid had 317 employees.

The total number of shares to be issued by the company under the ESOP if all of the share options to be granted to the employees are exercised in full is 10 million shares, amounting to approximately 3.49% of the total issued shares of the company post issuance of such shares. The current stated capital of the company is Rs. 922.75 million and the total number of shares issued as at date, is 276.69 million shares.

The granting of share options under the proposed ESOP is subject to the Colombo Stock Exchange approving, in principle, the issue and listing of shares issued pursuant to the ESOP and obtaining shareholder approval, by way of a special resolution at a general meeting.

As at end June 2022 the public holding of hSenid Business Solutions is 34.6% held by 5,122 shareholders. Hsenid Ventures Ltd., owns 24.88% stake in the company. Other major shareholders include Rusi Captain (10.25%), K.P.R.B. De Silva (10.24%), Dinesh Saparamadu (10%), O.E.H. Kalvo (7%), and Ceylon Guardian Investment Trust (6.5%).