THE Nigerian Exchange Limited (NGX) has approved International Breweries’ free float compliance extension request of two years ending 30 July 2024.
This was contained in a disclosure on approval of the free float compliance extension signed by Muyiwa Ayojimi, the company secretary.
According to the company, the development will enable it to comply with NGX’s free float requirements.
“The Board of Directors of International Breweries Plc (“the Company”) hereby notify all its esteemed shareholders that the Executive Management of Nigeria Exchange Limited (NGX) approved the Company’s free float compliance extension request of two years ending July 30, 2024.
“This is to enable the Company to comply with NGX’s free float requirements of 20 per cent issued and fully paid share capital or N20 billion free-float market capitalisation for companies listed on its Main Board and to ensure that the company returns to its post-listing obligations.
“This is in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, which states that ‘The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated timeframe’.
It also noted that the Board and Management of the company remain committed to ensuring that the free float deficiency is cured within the stipulated timeline granted, and to maintaining good corporate governance, while also delivering value to all its stakeholders.
“The company is positioned to achieve and meet the free float requirements within the two years timeframe, ending July 30, 2024, given by NGX,” the document noted.
Free float is the percentage of a publicly quoted company’s shares which is not restricted from public trading and is made available on the stock exchange market.
According to listing rules, stocks quoted on the Nigerian Stock Exchange must have a free float requirement of about 20 per cent of their issued and fully paid-up shares. This provision is the same for companies listed on the Main and Premium Board.
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