Haycarb Ltd., Sri Lanka's pioneer manufacturer of activated carbon from coconut shell charcoal, has summoned an extraordinary general meeting on October 12 to consider a resolution increasing its authorised capital from Rs. 200 million to Rs. 500 million.

Shareholders have been told that this increase will help accommodate a the issue of 3.2 million bonus shares to shareholders in the proportion of one new share for every six held by capitalising Rs. 32.3 million from the company's revenue reserve of Rs. 494.8 million. A resolution authorising the bonus issue will also be taken up at the same EGM.

Stock analysts noted that Haycarb, like many other quoted companies of the Hayleys group, has an excellent track record of making scrip issues to ensure that shareholders benefit from the growth of the company and that its issued capital is Monroe in line with the capital employed in the business.