Foster Wheeler Ltd. has announced that at a special general meeting of common shareholders held recently, its common shareholders approved an increase in the company's authorised share capital, to double the number of its authorised common shares to approximately 296 million shares.
Foster Wheeler's board of directors had previously approved a 2-for-1 stock split of the company's common shares, subject to receipt of shareholder approval which has now been received. The stock split will be effective as a stock dividend, at a ratio of one additional Foster Wheeler common share in respect of each common share outstanding as of the close of business on 8th January 2008.
The anticipated effective date of the announced stock split is 22nd January 2008 and the company expects its common shares will begin trading on a split basis, at the start of trading the next day. Foster Wheeler, with its operational headquarters in Clinton, New Jersey in the US, will have approximately 144 million common shares outstanding after the stock split.
The company offers a broad range of services through its engineering, procurement, construction and plant operation portfolio, serving the upstream oil and gas, LNG and gas-to-liquids, and petrochemical industries among many others.