Stock split to lift Fosrich to 3rd largest

Fosrich proposed 10 to 1 stock split will lift the issued shares to the third highest in Jamaica with 5 billion shares and make by far the company with the largest number of issued shares on Junior Market if shareholders approve the split as proposed.
Only Wigton Windfarm with 11 billion issued shares and Transjamaican Highway with 12.5 billion will be ahead of Fosrich. The next closes will be Sagicor Group with 3.9 billion issued shares.
Shareholders of Fosrich at the Annual General Meeting scheduled to be held on June 21 will consider increasing the authorised share capital of the company from 512,821,000 to 15 billion by the creation of an additional 14,487,179,000 ordinary shares.
The shareholders are asked to approve the splitting of issued shares into 10 units with effect from the close of business on July 6. If approved will result in the total issued shares being increased to 5,022,755,550 ordinary shares of no par value.”
The Company is requesting authorisation to issue up to 126 million shares by way of a Rights Issue to existing stockholders and or the public, on terms to be decided by the directors.
The company expanded into the manufacturing of PVC pipes and the repairs of transformers, resulting in a big surge in revenues and profits that helped in fueling the stock price to a high of $38 this year from just $7.20 a year ago.
Or the quarter to March this year revenues jumped a solid 64 percent to $900 million and profit surged 314 percent to $159 million, with earnings per share of 32 cents.