HNB Assurance goes for subdivision of shares

HNB Assurance Plc has announced a move to subdivide its shares into three. 

The number of shares issued at present is 50 million and post subdivision it will increase to 150 million.  There will be no change to the stated capital of the company subsequent to the subdivision of shares. The shares resulting from subdivision of shares would carry same voting and distribution rights of the holders of such shares.

As per the Articles of Association of the company, subdivision of shares does not require approval of the shareholders.