iTANZ Technologies approves 10-for-1 stock split

iTANZ Technologies Limited, formerly known as Zahur Cotton Mills Limited, board has approved a proposal to split the company’s ordinary shares by 10-for-1, reducing the face value from Rs10 to Re1.

The split is subject to shareholders’ approval and completion of regulatory requirements, the company said in a notice to the Pakistan Stock Exchange (PSX) on Monday.

Under the proposal, each existing share of Rs10 face value will be divided into 10 shares of Re1 each. The company’s paid-up capital will remain unchanged at Rs1.186 billion, while the number of issued shares will increase from approximately 118.6 million to 1.186 billion.

The company said that the proposal will be placed before shareholders as a special resolution at the company’s Annual General Meeting, tentatively scheduled for September 30, 2026, and will require at least 75% of votes cast for approval.

Pakistan’s iTANZ eyes $45mn tech opportunities through China partnerships

“A stock split does not, of itself, alter the company’s paid-up capital, net assets, earnings, or any member’s proportionate shareholding; it re-denominates the same paid-up capital into a larger number of shares of lower face value. Accordingly, the proposal does not involve any cash outlay by the company or dilution of existing shareholders,” said iTANZ.

The company said the move is aimed primarily at improving trading liquidity and making its shares more accessible to retail and first-time investors.

“A lower per-share price and a larger number of shares outstanding typically lead to higher trading volumes and narrower bid-ask spreads, making it easier for shareholders to buy or sell shares. This has been the most consistently observed benefit among PSX companies that have split their shares to date,” said the company.

iTANZ shares closed at Rs45.41 on August 21, implying an illustrative post-split price of about Rs4.54 per share. The company’s market capitalisation was approximately Rs5.39 billion and would remain unchanged immediately following the split, barring market movements.

iTANZ Technologies Limited was incorporated in Pakistan as a public limited company in 1990. It was formerly known as Zahur Cotton Mills Limited.

In March 2025, the Lahore High Court approved the merger of Zahur Cotton Mills Limited and ITANZ Technology Private Limited (ITPL), with the merger effective from October 1, 2023. Zahur Cotton Mills Limited completed its transition to Itanz Technologies Limited.

Following the merger, the company’s principal business activities include software development, installation and implementation, and other IT-related supplies and services. It also provides consultancy services in the field of IT. The company has expanded its operations internationally, securing contracts with an Australian utility company and establishing a wholly-owned entity in Saudi Arabia