Yangon Stock Exchange-listed Myanmar Thilawa SEZ Holdings Public Limited (MTSH) has proposed to a share split in the ratio of 1:10 in a bid to increase the stock’s liquidity and affordability.
The company is yet to confirm the effective date of the stock split.
Upon the completion of the exercise, the number of issued and paid up shares will change from 3,892,915 to 38,929,150 and the value from K10,000 per share to K1000 per share.
Sales of the company shares started with K10,000 apiece and closed at K50,000 on the first day of listing on the Yangon Stock Exchange.
MTSH scrip hit its peak price of K70,000 in May but went flat around K41,000 in September. Share prices bounced back to K49,000 on October 3 while closing at K46,000 by October 5, the next working day after the announcement of the proposed share split.
In another announcement, the company has appointed a new chief financial officer Wui Hua Tan, who was earlier the CFO of UAE-based real estat and hospitality development player Al Maabar International Investments Company.
Wui Hua Tan, the new CFO, will take the position of Tun Tun, who also acts as the executive director and chief financial officer of First Myanmar Investment Co Ltd.
Wui Hua Tan holds over 20 years of accounting, finance and investment experience across Asia, the Middle East, North Africa and Europe, according to the announcement by the company.
His previous experience also includes working for Singapore-listed Lum Chang Holdings Limited and Land Lease and Real Estate Investments (Asia) for over 10 years.