Sri Lanka's Tokyo Cement recently announced that it would be proposing to its existing shareholders the option of tax-free capitalisation of its revenue reserves.
The company, which is publicly listed on the main board of the country's Colombo Stock Exchange (CSE), also suggested it was waiting on CSE approval to proceed with its offer.
According to the announcement, the company, whose net asset per share was Rs. 17 as at March 31 and whose voting shares and non voting shares were Rs. 32 and Rs. 20 respectively as at the week ending April 30, indicated that it would be asking Rs. 17 for each of its voting and non voting shares.
The company said it would be offerring one share for every eight shares held.