Colombo, 02 October 2026 – Dialog Axiata PLC (CSE: DIAL), Sri Lanka’s leading telecommunications provider, today announced that its shareholders have overwhelmingly approved key proposals at an Extraordinary General Meeting (EGM) held on 02 October 2026. The EGM’s outcome confirms the establishment of a comprehensive Long Term Incentive Plan (LTIP 2026) for employees and the necessary issuance of new ordinary shares to implement the scheme.
Shareholders Back Employee Incentive Scheme
In a formal notification to the Colombo Stock Exchange (CSE) referencing CSE/24/2026, Dialog Axiata PLC confirmed that both Special Resolutions contained in the Notice of the EGM were duly passed. These resolutions are pivotal for strengthening the company’s employee retention and motivation strategies.
The first Special Resolution approved was:
- Resolution (i): “IT IS HEREBY RESOLVED THAT the establishment and implementation of a Long Term Incentive Plan 2026 by the Company (“LTIP 2026”) as detailed out in the “Circular to the shareholders – Long Term Incentive Plan for the Employees of Dialog Axiata PLC” dated 1 September 2026, be and is hereby approved”.
This approval paves the way for Dialog Axiata to introduce a structured incentive program designed to align employee performance and loyalty with the company’s long-term strategic goals and shareholder value creation. Such plans are globally recognized mechanisms for fostering commitment and driving sustainable growth within organizations.
Approval for Significant Share Issuance
The second crucial Special Resolution, also passed, addresses the equity component of the LTIP 2026:
- Resolution (ii): “IT IS HEREBY RESOLVED THAT the Company shall, notwithstanding the provisions of Article 09 of the Articles of Association of the Company, issue 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, in accordance with and subject to the terms and conditions set out in the aforesaid Circular to Shareholders dated 1 September 2026, without first offering the said shares to the existing shareholders of the Company at the time of such offer/issue and allotment and that these new shares shall, upon allotment and issuance, rank pari passu in all respects with the existing issued ordinary shares of the Company.”
This resolution authorizes the company to issue up to 184,006,700 new ordinary shares specifically for the LTIP 2026. Crucially, this issuance will proceed without requiring a pre-emptive offer to existing shareholders, a provision approved under a specific exception to Article 09 of Dialog Axiata’s Articles of Association. Furthermore, the newly issued shares will hold the same rights and privileges (pari passu) as all other existing ordinary shares, ensuring equitable treatment for all shareholders.
Strategic Implications
The successful passage of these resolutions underscores Dialog Axiata PLC’s strategic focus on human capital development and retention. By offering a long-term incentive plan tied to company performance, Dialog aims to attract, motivate, and retain top talent, which is vital for maintaining its competitive edge and driving innovation in Sri Lanka’s dynamic telecommunications sector. This move is expected to reinforce employee commitment and contribute to the company’s sustained growth trajectory.
The outcome of the EGM was formally communicated to the Colombo Stock Exchange by Ms. Viranthi Attygalle, Group Company Secretary of Dialog Axiata PLC.
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