Seprod shareholders approve stock split, share issuance

Seprod Limited is set to split its shares in the coming weeks, preceding a potential new equity offer to raise fresh capital to reduce its debt balances.

All three resolutions at the company’s virtual extraordinary general meeting (EGM) were approved by shareholders on Monday. As a result, the company’s authorised share capital will be adjusted from one billion ordinary shares to 1.9 billion ordinary shares, effectively lifting the ceiling of how many shares can exist.

Subsequently, the company’s directors will set a date for its ordinary shares to be split five-to-one. This will result in the authorised share capital rising to 9.50 billion ordinary shares while the existing share count will move from 910,945,538 ordinary shares to 4,554,727,690 ordinary shares.