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China Sunsine's one-to-two stock split gets SGX nod

THE Singapore Exchange has given in-principle approval for China Sunsine Chemical Holdings' proposed stock split of one ordinary share into two shares, the company said on Wednesday.

China Sunsine has an issued and paid-up share capital of S$65.2 million, comprising 491.7 million shares, including 3.5 million treasury shares. With the split, an additional 491.7 million shares will be issued.

The stock split will improve the liquidity of the company's shares, given the lower share price, and also broaden its shareholder base, China Sunsine had said in a bourse filing on Sept 20.

A circular containing full details of the share split, together with a notice for an extraordinary general meeting to seek shareholders' approval for the share split will be sent to shareholders in due course, the firm said.

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It requested a trading halt during the midday break on Tuesday, before requesting to lift it on Wednesday morning.

Shares of the mainboard-listed speciality chemicals producer were up one Singapore cent or 0.9 per cent to S$1.09 before the trading halt.