Business

DIMO announces capitalisation of reserves 

Diesel and Motor Engineering PLC (DIMO) informed the Colombo Stock Exchange (CSE) last Friday (7) that its Board of Directors has authorised a Capitalisation of Reserves, resulting in a distribution of shares credited as fully paid, according to Rule 5.3.c. of the CSE’s Listing Rules. 

Thus, 335,057 ordinary shares have been decided to be issued as one new ordinary share for every 25 ordinary shares held, on a consideration of Rs. 550 per share. 

The current stated capital of the company will remain as Rs. 425,296,960, at a compromise of 8,876,437 ordinary shares. Also, the reserves to be capitalised and the value thereof remains at Rs. 195,281,350, out of retained earnings.