BY NKECHI NAECHE-ESEZOBOR-The National Council of The Nigerian Stock Exchange (“The Exchange”) on Thursday approved Transcorp Hotels free float compliance extension request of three years ending October 3, 2023.
This is to enable the Company to comply with The Exchange’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free float market capitalization for companies listed on its Main Board.
According to statement released by the company to the exchange that in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, The Exchange may suspend trading rights in the Company’s securities if the Company does not achieve the required free float within the stipulated timeframe.
The Board and Management of Transcorp Hotels Plc remains strong and is committed to good corporate governance and to delivering value to all its stakeholders.
The Company is positioned to achieve and meet the free float requirements of The Nigerian Stock Exchange within the three (3) years’ timeframe, ending 3 October 2023.
