Colombo, Sri Lanka – 15 September 2026 – Ceylon Land & Equity PLC (CLE) has announced its 69th Annual General Meeting (AGM), set to take place virtually on Wednesday, 23rd September 2026, at 03:30 pm. The upcoming AGM will address key financial reports, board appointments, and a significant proposal for a first and final scrip dividend, offering shareholders an opportunity to increase their equity in the company.
Key Agendas for the 69th Annual General Meeting
Shareholders of Ceylon Land & Equity PLC are called upon to consider several crucial matters during the virtual gathering. The agenda highlights the company’s commitment to transparency and shareholder value.
The primary objectives of the 69th AGM include:
- Receiving and considering the Annual Report of the Board of Directors, the statement of compliance, and the Financial Statements for the financial year ended 31st March 2026, along with the Auditors’ Report thereon.
- Declaration of a first and final scrip dividend as recommended by the Board of Directors.
- Re-election and re-appointment of directors to the Board.
- Re-appointment of the company’s auditors and authorization for the Board to determine their remuneration.
- Authorization for the Board of Directors to determine donations for the ensuing year.
Scrip Dividend: A Closer Look
A significant highlight of the upcoming AGM is the proposed first and final scrip dividend. The Board of Directors has recommended a scrip dividend of Rs. 0.043 per share, which will be satisfied by the allotment and issue of new ordinary shares.
This distribution scheme involves:
- Issuing 1 new fully paid ordinary share for every 202.32562400 existing issued and fully paid ordinary shares. This ratio is calculated based on the market value of ordinary shares at the close of trading on 25th August 2026.
- A total sum of Rs. 39,613,109.34 will be distributed through the issue of 4,553,230 new ordinary shares.
- Shareholders whose names appear in the Shareholders’ Register or on the Central Depository Systems (Pvt) Ltd. (CDS) as at the end of trading on the Record Date of 25th September 2026 (the second market day from and excluding the date of the meeting) will be considered “Entitled Shareholders”.
- Notably, any residual share fractions arising from this allotment will be allotted to nominated trustees, sold, and the net proceeds distributed to a charity or charities approved by the Board.
- The new shares issued under this scheme will rank equally and pari passu with the existing issued and fully paid ordinary shares of the Company, including the right to participate in any dividends declared after their allotment, and will be listed on the Colombo Stock Exchange (CSE).
The AGM will seek shareholder approval for the allotment and issue of these 4,553,230 new ordinary shares, in line with Article 120 of the Company’s Articles of Association.
Board and Auditor Appointments
In addition to the financial resolutions, the AGM will address board composition and auditor appointments:
- Mr. T.A.P. Peiris, who retires by rotation, will be proposed for re-election as a Director.
- Mr. K. G. Vairavanathan, appointed with effect from 27th January 2026, will be proposed for re-appointment as a Director.
- Messrs Ernst & Young, Chartered Accountants, are recommended for re-appointment as the company’s Auditors for the Financial Year ending 31st March 2027, with the Board authorized to determine their remuneration.
Shareholder Participation and Proxy Information
As the meeting will be held virtually, duly registered and entitled shareholders of Ceylon Land & Equity PLC are encouraged to participate, speak, and vote. Shareholders also have the option to appoint a proxy holder to represent them. The Form of Proxy, sent with the Annual Report, must be completed legibly and forwarded to the Company Secretary not later than forty-eight (48) hours before the scheduled time of the AGM.
The 69th AGM marks a pivotal moment for Ceylon Land & Equity PLC, setting the course for its financial direction and governance in the upcoming year. Shareholders are advised to review the official notice and related documents to be fully informed ahead of the virtual meeting.
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