IntBrew to Meet Nigerian Exchange Free Float Requirement in 2024
International Breweries Plc (Ticker: IntBrew) has obtained regulatory approval for its free float compliance approval, according to its latest filing. The company trading activities in the Nigerian bourse have been in breach of 20% of issued and fully paid shares or at least N20 billion free float level for tickers on the main board.
In a statement, the brewer’s board of directors notifies all its esteemed shareholders that the Executive Management of Nigeria Exchange Limited approved the Company’s free float compliance extension request of two years ending 30 July 2024.
The board told the stock market regulator and investing public that the decision is to enable the Company to comply with NGX’s free float requirements of 20% issued and fully paid share capital.
This is equal to N20 billion free float market capitalization for companies listed on the Nigerian Exchange main board and to ensure that the Company returns to its post-listing obligations. READ: T-Bill Sheds 32 Basis Points as CBN Fails to Float Auction
“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”.
International Breweries said the board and management of the breweries 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.
International Breweries Plc is positioned to achieve and meet the free float requirements within the two years timeframe, ending 30 July 2024 given by NGX, Brewer said. #IntBrew to Meet Nigerian Exchange Free Float Requirement in 2024
