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Singapore O&G proposes splitting one existing share into two
SINGAPORE O&G is proposing a split of every one existing ordinary share in the capital of the company into two, it said in a Singapore Exchange (SGX) filing on Tuesday.
Upon completion of the proposed share split, the company shall have an issued and paid-up share capital of S$29.6 million, comprising an enlarged 476.8 million shares, it said. The additional shares, however, will not be entitled to any dividends, rights, allotments or other distributions.
Following the proposed share split, the price of each share will be reduced. This makes the shares more affordable, accessible and attractive, thus encouraging greater participation by investors and providing greater trading flexibility and liquidity, the group said.
The share split is subject to the receipt of a listing and quotation notice from SGX, as well as approval from shareholders by way of an ordinary resolution at a general meeting to be convened by the company.