Subdivision move boosts Serendib Eng. share price

Monday, 3 November 2014 00:17 - - {{hitsCtrl.values.hits}}

A move to subdivide shares on Friday boosted Serendib Engineering Group Plc’s stock price by Rs. 9.80 or 9.35% to Rs. 114.60. Serendib last week topped the list of gainers percentagewise up 35% or Rs. 29.60 to close at Rs. 114.60. It hit an intra-week high of Rs. 124. The company announced the board has proposed to increase the number of ordinary shares in issue by way of subdivision on the basis of subdivision of one existing share into five. Consequent to the proposed move subject to regulatory and shareholder approval, the company’s number of shares in issue will increase it to 32.38 million. Net asset per share is Rs. 31.78. Navara Capital holds 76% stake in Serendib Engineering whilst Lankem Group owns 12% stake.

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