CPL announces re-election of two directors

Business, Normal

The National, Monday, May 2, 2011

THE board of directors of the CPL Group last week announced the re-elections of two directors and the approved three-for-one share consolidation approval.
The directors were John Jeffrey and Sudhir Guru.
The three-for-one share consolidation will be implemented under the timetable previously approved by the board and the Port Moresby Stock Exchange.
A dividend of 11 toea per share was declared for the last year to be paid in two equal tranches of 5.5 toea per share on May 17 and Aug 17 this year.
The shareholders approved for the entry of chairman Mahesh Patel, into the employee share plan scheme, as proposed by the remuneration committee.
It was also revealed at the meeting that CPL Group’s profit after tax increased by 38% last year and was expected that the group would continue to grow.
The founding Jarvis Family shares were sold to Nambawan Super Ltd and others, making NSL a partner in the CPL Group by acquiring a substantial 19.18% shareholding of issued capital.