Colombo, 09 September 2026 – Dialog Axiata PLC (CSE: DIAL), Sri Lanka’s leading telecommunications provider, has announced an Extraordinary General Meeting (EGM) to be held virtually on Friday, 02 October 2026, at 12:00 PM (IST). The pivotal meeting seeks shareholder approval for the establishment of a new Long Term Incentive Plan (LTIP 2026) and a significant issuance of ordinary shares under this scheme.
Virtual EGM to Address Key Corporate Resolutions
In line with modern corporate practices and accessibility, the EGM will be conducted as a fully virtual meeting, enabling shareholders to participate remotely via a designated online platform. Only shareholders registered in the Company’s Share Register as of 31 August 2026, are eligible to attend and cast their votes.
Shareholders unable to attend virtually are entitled to appoint a proxy, who need not be a shareholder of the Company but must be over 18 years of age, to participate and vote on their behalf. The Form of Proxy has been made available to facilitate this process.
Proposed Resolutions: A Strategic Move for Employee Retention
The EGM agenda primarily features two special resolutions, both integral to Dialog Axiata’s strategic human capital development and talent retention initiatives:
Resolution No. 1: Establishment of Long Term Incentive Plan 2026
The first resolution proposes the establishment and implementation of the “Long Term Incentive Plan 2026” (LTIP 2026). This plan, detailed in a comprehensive “Circular to the shareholders – Long Term Incentive Plan for the Employees of Dialog Axiata PLC” dated 01 September 2026, is designed to align employee interests with the long-term success and growth objectives of the Company. Such plans are a common practice among leading corporations globally, aiming to motivate and retain key talent by offering them a direct stake in the company’s performance.
Resolution No. 2: Issuance of Shares Under LTIP 2026
The second, and perhaps most significant, resolution seeks approval for the issuance of up to a maximum of One Hundred and Eighty-Four Million Six Thousand Seven Hundred (184,006,700) ordinary shares to eligible employees under the LTIP 2026. This issuance will proceed notwithstanding Article 09 of the Company’s Articles of Association, which typically requires new shares to be first offered to existing shareholders. This provision allows the Company to directly allocate shares to employees without going through a rights issue or similar process, streamlining the incentive mechanism.
Upon allotment and issuance, these new ordinary shares will rank pari passu in all respects with the existing issued ordinary shares of Dialog Axiata PLC. This ensures that new shares issued under the LTIP will have equal rights and privileges as current shares, maintaining uniformity within the Company’s equity structure.
Implications for Dialog Axiata and its Shareholders
The approval of these resolutions would mark a strategic step for Dialog Axiata in reinforcing its commitment to its workforce. Long-term incentive plans are crucial tools for fostering a culture of ownership, driving performance, and securing the dedication of employees, especially in competitive sectors like telecommunications. While the issuance of new shares could lead to a minor dilution for existing shareholders, the long-term benefits of a highly motivated and invested employee base are generally considered a positive factor for sustainable corporate growth and shareholder value creation.
Shareholders are encouraged to review the Circular dated 01 September 2026, for a complete understanding of the LTIP 2026 and its implications, ahead of the virtual EGM on 02 October 2026.
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