West Indian Tobacco shareholders approve a share split
WITCO Managing Director, Jean-Pierre du Coudray.
Shareholders of West Indian Tobacco (WITCO) have agreed to a subdivision of each ordinary share into three ordinary shares.
The decision was taken at Special Shareholders Meeting at the Hyatt Regency Trinidad on Tuesday.
WITCO Managing Director, Jean-Pierre du Coudray, confirmed that no payment would be required from shareholders for these additional shares and the split would not change a shareholder’s proportionate ownership in the Company.
He indicated that he expected an improvement in the liquidity of shares in the market and this should make shares more accessible to smaller investors.
The Managing Director also took the opportunity to discuss the performance of the Company for the first 9 months of the year and noted an increase in Profit Before Tax of 10.2 percent over last year.
He recognised that the local market had its challenges but was pleased with the results to date despite the increasingly more competitive environment.
He also reflected on the sound performance of the factory and its high levels of service deliveries of quality product to its CARICOM customers.
Further, du Coudray pointed out that there were no lost time injuries over the last 750 days and highlighted the importance of safety of employees, contractors and business partners on the compound.
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