CIC to give 2% stake to employees

Chemical Industries (Colombo) Plc’s board has decided to implement an Employee Share Option Scheme (ESOS or ESOP) for the benefit of its staff.  Under the ESOS, the CIC will issue 1.8954 million ordinary shares consisting of 379,080 voting shares and 1.516320 non voting shares, collectively amounting for 2% of the issued capital of the company.

The consideration for which the shares are to be issued are as follows: share options will be issued to employees who are eligible for the award of the share options for consideration that is equivalent to the volume weighted average market price of the company’s shares for the 10 days immediately prior to the date of offer.

The current stated capital of CIC is Rs. 1.008 billion comprising of 72.9 million ordinary shares and 21.87 million non voting shares.

The ESOS is subject to regulatory and shareholder approval. The CIC voting share closed at Rs. 156.20, up by Rs. 1.20 and non voting ended at Rs. 133.80, up by 90 cents.