Spence Hotel Holdings goes for 1 into 7 share subdivision

Aitken Spence Hotel Holdings Plc last week announced its own move of share sub division about a month after its parent made a similar gesture.

The Company said that the Board of Directors resolved to proceed with a Sub-Division of 7 shares for every share held in Aitken Spence Hotel Holdings Plc. Hence, the 48,041,430 ordinary shares of Aitken Spence Hotel Holdings Plc that have been issued will increase to 336,290,010 ordinary shares.

The sub division, which will not change the stated capital of Aitken Spence Hotel Holdings, is subject to shareholder approval.

The announcement saw the Company’s share price peak to an all time high of Rs. 900 whilst last week it closed at Rs. 784.40, down by Rs. 69.90 whilst intra-week highest was Rs. 870. The previous week the stock gained by Rs. 99.40.

Its parent announced a subdivision of one share into 15 propelling the stock price to record a high of Rs. 3,500 last month whilst last week it closed at Rs. 3,194.30, down by Rs. 105.40.