Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation.
This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion.
Free float refers to the shares of a company that can be publicly traded and are not restricted. According to the NGX, companies listed on its Main Board, where its top stocks are listed, are required to have 20 per cent issued and fully paid share capital or have a N20 billion market capitalisation on its publicly traded shares.
“We further note that Transcorp’s free float currently stands at 12.78 per cent with a value (market capitalisation) of N58, 788,278,971.52 as at 21 September 2023,” a notice by the Exchange stated.
Chairman, Transcorp Hotels Plc, Emmanuel Nnorom expressed enthusiasm regarding the achievement, stating, “Maintaining compliance with NGX’s free float requirement is a testament to Transcorp Hotels Plc’s resilience and strategic positioning in the market. We are committed to upholding the highest standards of transparency and corporate governance, factors that underpin our success.”
He also added that the impressive performance of the company over the years has built market confidence, seeing the share price grow by more than 500 percent over the past year.
Transcorp Hotels Plc had in June achieved compliance with the NGX’s requirement as it experienced significant growth in its market capitalisation due to its excellent financial performance and operational efficiency. However, the Exchange monitored the Company’s free float compliance status for a period of three months.
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