Kenyan-based green leaf tea grower Limuru Tea Company is set to split its shares in move expected to make its stock cheaper and accessible to a large pool of investors.

The company whose stock is amongst the most expensive on the Nairobi Securities Exchange (NSE) has resolved to divide its shares in the ratio of one to two (1:2).

The shareholders unanimously approved the proposed share split which is scheduled to take effect from June 25, 2015 during an annual general meeting (AGM) held in  Nairobi on June 4.

In a circular to the Capital Markets Authority (CMA) the company said only shareholders whose names appear in the company’s records of depositors on the proposed date of the share split would be affected.

The move will see the company’s share price on the bourse currently trading at around Ksh 1,248 ($12.73) halved to Ksh624 ($6.36).

Limuru Tea, which owns 275 hectares of land in Limuru town, is an outgrower to Unilever Tea Kenya Ltd which acts as its managing agent in the growing, manufacturing, sales and marketing of  tea.

The green leaf tea is processed by Unilever Tea Kenya and sold mainly for the export market.