UPDC Obtains Approval to Cure Free Float Deficiency in 2-Year
Nigerian Exchange Regulator Limited has approved UPDC’s request for extension of time to achieve the required free float threshold within two years (2026-2028).
In an official statement, the company told shareholders that the extension is to enable the Company to comply with Nigerian Exchange Limited’s free float requirements of 20% issued and fully paid share capital.
The other option is for UPDC to meet N20 billion free-float market capitalization for companies listed on its Main Board and to ensure that the Company returns to compliance with its post-listing obligations.
It said 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”.
UPDC said its Board and majority shareholders of the Company remain committed to good corporate governance practices and will ensure that the free float deficiency of the Company is cured within the stipulated timeline given by NGX RegCo. CBN Approves $150k Weekly FX Sales to Licensed BDC
