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Wednesday, 26 May 2010

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Tokyo Cement rewards shareholders

The Board of Tokyo Cement Company (Lanka) PLC said shareholders will be encouraged to accept a proposal for the capitalization of the company's revenue reserves.

This offering comes in the wake of a successful financial year for the industry mogul. Tokyo Cement Company (Lanka) PLC Chairman, Edgar Gunatunga, said they are extremely pleased to be able to benefit shareholders with the accumulated profits of the company via an opportunity for investment within the company.

The company hopes to offer a capitalization proposal on - Capitalization of Reserves and Issue of One share for every Eight shares held (1:8) That sum of Rs 573,750,000/-, being a part of the amount standing to the credit of the Revenue Reserve in the company's Balance Sheet as at March 31, 2010 (unaudited), should be capitalized and applied in paying up in full and 22,500,000 (Twenty Two Million Five Hundred Thousand) new ordinary shares - voting its satisfaction thereof.

Also 11,250,000 (Eleven Million Two Hundred and Fifty Thousand) Non Voting Ordinary Shares in satisfaction thereof.

 

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