Lucky Core Industries proposes 5-for-1 stock split to enhance investor accessibility
Lucky Core Industries (LCI) has informed the exchange that its Board of Directors (BoD) has proposed the sub-division of equity shares subject to shareholder approval.
'It is hereby informed that in order to improve investor accessibility and participation, the BoD of Lucky Core Industries Limited has approved a sub-division of the face value of the shares of the company, subject to the approval of the members,' read the notice on Tuesday.
As per the proposal, the face value of each ordinary share be reduced from Rs10 to Rs2 per share.
'As a result, the company's subscribed and paid-up capital, currently comprising 92,359,050 ordinary shares of Rs10 each, will be restructured into 461,795,250 ordinary shares of Rs2 each.'
Thatta Cement plans 5-for-1 stock split to broaden investor base
The company said that following the stock split, shareholders will be entitled to receive five shares of Rs2 each for every one share of Rs10 held.
'An Extraordinary General Meeting will be convened in due course to obtain members' approval for the above-mentioned matters,' it added.
Following the announcement, LCI's stock price surged by Rs69.98, or 4.79%, and at the time of filing was hovering at Rs1,530 per share.
LCI was incorporated in Pakistan as a public limited company as Khewra Soda Ash Company in 1953.
In 1966, after a year of acquiring Fuller Paints Limited, the company changed its name to ICI Pakistan Manufacturers Limited. Later, Imperial Chemicals (Private) Limited was also merged into the company.
In 2012, Lucky Holdings Limited acquired the majority shareholding of the company from AkzoNobel and became the holding company of LCI.
The company changed its name from ICI Pakistan Limited to Lucky Core Industries Limited in December 2022. The company undertook other major acquisitions of Cirin Pharmaceuticals Limited, Wyeth Pakistan Limited, and Pfizer Pakistan Limited in the subsequent years.
The company is engaged in five diverse businesses i.e. soda ash, polyester, chemicals & agri sciences, pharmaceuticals and animal health.
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