MTSH share split given green light

The Myanmar Times - - Business - STEVE GIL­MORE s.gil­more@mm­

MYAN­MAR Thi­lawa SEZ Hold­ings share­hold­ers ap­proved a share split at the com­pany’s re­cent ex­tra­or­di­nary gen­eral meet­ing, MTSH said yes­ter­day.

The board of di­rec­tors pro­posed to split each of the firm’s 3.89 mil­lion shares into 10 on Septem­ber 28, in­creas­ing the num­ber of MTSH shares to 38.9 mil­lion.

The par value – the value at which the shares can be re­deemed – will drop from K10,000 to K1000. As a re­sult, the com­pany’s share­hold­ers will hold 10 times as many shares as they did be­fore, but the value of their shares will not change.

The di­rec­tors said the split was pro­posed in or­der to make the shares more af­ford­able and boost trad­ing.

The firm’s share­hold­ers ac­cepted the pro­posal, which was ap­proved at an EGM on Oc­to­ber 23, ac­cord­ing to an MTSH an­nounce­ment on the Yan­gon Stock Ex­change (YSX) yes­ter­day.

MTSH shares closed up K1000 on the day at K48,000.

Com­pa­nies of­ten use share splits when their share price is rel­a­tively high in or­der to make in­vest­ment more af­ford­able – par­tic­u­larly for or­di­nary re­tail in­vestors.

MTSH shares are more than twice the price of the other two stocks on the YSX. First Myan­mar In­vest­ment shares closed at K16,500 yes­ter­day, and Myan­mar Ci­ti­zens Bank fin­ished at K9400.

The reg­is­trar of MTSH share­hold­ers will be closed from Oc­to­ber 31 to Novem­ber 3 and trad­ing sus­pended while the share split takes place. Trad­ing will re­sume af­ter the split on Novem­ber 4, ac­cord­ing to the an­nounce­ment.

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.