GTC approved a stock split of 1-10 at the EGM held on June 14 , increasing the share capital to 216,768,410 shares with nominal value of PLN0.1 per share. The share split should take place approx. 5 weeks from the date of the shareholders’ approval. While the stock-split does not change GTC’s fundamentals, it improves the liquidity and make the stock more attractive to retail investors. We reiterate our Buy recommendation.