Durrant Pate/Contributor

The much anticipated 9:1 stock split for listed company Stationery and Office Supplies Limited (SOS), is one step closer to reality after shareholders unanimously approved the move.

The approval was given at SOS’ annual general meeting (AGM) on Tuesday (July 25), which will be implemented on August 2. The approval represents a significant milestone in the company’s growth journey, as it continues its soaring ascent in the furniture and office supplies industry.

At the virtual event shareholders voted to increase the maximum number of shares authorised to be issued from 500-million to 500-billion and to subdivide the existing ordinary shares into nine ordinary shares, resulting in an increase in total shares issued from 250.1 million to 2.25 billion.

Nine additional shares for each one held

The move will see shareholders receiving nine additional shares for each share they currently hold. These will fall within the range of J$2.50 – J$3.50 per share, compared to the previous J$27.41 as at the close of business day on July 24, 2023, or the company’s record high of J$34.98 in June 2023.

SOS managing director Allan McDaniel commented, “over the years, we have worked tirelessly to push the boundaries of innovation and deliver exceptional value to our customers. Our efforts have not gone unnoticed, as evidenced by the rapid growth of our stock price. With this stock split now approved, it will allow us to make our shares more accessible to a broader range of investors and strengthen our market presence.”

Following a record-breaking year in 2022, SOS is maintaining its positive financial trajectory, recording a 22 per cent increase in revenues in the first quarter of 2023 compared to the previous year. In Q1 2023, the company also achieved its highest-ever quarterly revenues amounting to J$519 million and highest-ever pre-tax profit totalling J$108 million.

SOS wins 3M International contract

Apart from its distribution partnerships with Trinidad’s Office Authority and the Cayman Islands’ Apex Group, SOS chairman, Stephen Todd, announced at the AGM that the company has been chosen as one of two distributors for 3M International, a project supplies company headquartered in Qatar.

Commencing in the fourth quarter of 2023, SOS will exclusively sell tape and other office products in the Jamaican market on behalf of the company.

“We are reaching out and partnering with other major players in the Caribbean to supply Stationery and office furniture to these regions. This in turn will require us to increase the size of our team and bring in new staff to help with the expansion,” Todd told shareholders, whilst highlighting the company’s aim to set a new all-time-high record for performance in 2023.