Colombo, Sri Lanka – 15 September 2026 – Galle Face Capital Partners PLC (GFCP) has announced its One Hundred and Sixth (106th) Annual General Meeting (AGM), set to take place virtually on Wednesday, 23rd September 2026, at 3:00 PM. The notice, released today, outlines a comprehensive agenda for shareholders, with a key focus on the declaration of a first and final scrip dividend.
Virtual AGM to Address Company Performance and Future Strategy
Shareholders of Galle Face Capital Partners PLC are invited to participate in the virtual AGM to consider and approve several crucial resolutions. The meeting will commence with the presentation of the Annual Report of the Board of Directors, the Statement of Compliance, and the Financial Statements for the year ended 31st March 2026, along with the Auditors’ Report thereon.
Proposed Scrip Dividend Takes Centre Stage
A significant item on the agenda is the declaration of a dividend as recommended by the Board of Directors. GFCP proposes a first and final scrip dividend of Rs. 0.70 per share. This dividend is intended to be satisfied by the allotment and issue of new ordinary shares, rather than a cash payout, a strategic move that could benefit the company’s capital structure.
Key details of the proposed scrip dividend include:
- Dividend Amount: Rs. 0.70 per share.
- Method of Satisfaction: By the issue of 4,060,278 fully paid new ordinary shares, constituting a total sum of Rs. 82,829,681.20.
- Entitlement Date (Record Date): Shareholders whose names appear on the Central Depository Systems (Pvt) Ltd. (CDS) as at end of trading on 25th September 2026 will be entitled to the dividend.
- Issuance Ratio: 1 new fully paid ordinary share for every 29.14286066 existing issued and fully paid ordinary shares. This ratio is calculated based on the market value of the ordinary shares as at end of trading on 25th August 2026.
- Fractional Shares: Ordinary residual share fractions arising from the allotment will be assigned to trustees nominated by the Board. These shares will be sold, and the net proceeds distributed to a charity/charities approved by the Board of Directors.
- Ranking of New Shares: The new shares, once allotted, will rank equally and pari passu in all respects with the existing issued and fully paid ordinary shares, including the entitlement to participate in any dividends declared after their allotment, and will be listed on the Colombo Stock Exchange (CSE).
Shareholders will be required to pass specific ordinary resolutions to approve both the declaration of the scrip dividend and the subsequent allotment and issue of these new ordinary shares in accordance with the Company’s Articles of Association.
Other Important Resolutions
Beyond the dividend proposal, the AGM agenda includes standard but vital corporate governance matters:
- Re-election of Director: Mr. K. Liyanagamage, who retires by rotation in terms of Article 73 (1), will be proposed for re-election.
- Re-appointment of Auditors: Messrs Ernst and Young, Chartered Accountants, are recommended by the Board for re-appointment as the Company’s Auditors for the financial year ending March 31, 2026.
- Auditors’ Remuneration: Authorizing the Board of Directors to determine the remuneration of the Auditors for the financial year ending March 31, 2026.
- Board Authority for Donations: Authorizing the Board of Directors to determine donations for the year 2026.
Shareholder Participation and Proxy Information
Duly registered and entitled ordinary shareholders are eligible to participate, speak, and vote at the virtual AGM. Shareholders who cannot attend may appoint a proxy holder to participate, speak, and vote on their behalf. The Form of Proxy has been dispatched with the Annual Report and must be completed legibly and submitted to the Company Secretary by hand or post to Renuka House, No. 69, Sri Jinarathana Road, Colombo 02, not later than 3:00 PM on 21st September 2026 (forty-eight hours before the meeting).
This AGM is a crucial event for Galle Face Capital Partners PLC, outlining its financial performance for the past year and setting the course for shareholder returns through its proposed scrip dividend strategy. Investors on the Colombo Stock Exchange will be closely watching the outcome of these resolutions.
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