NGX Regulation Grants UPDC Free Float Extension

NGX Regulation Limited has approved UPDC Plc’s request for an extension to meet the free float requirements, giving the company until 2028 to comply.

The move is aimed at enabling UPDC to return to compliance with its post-listing obligations and avoid trading suspension.

The Nigerian Exchange Group (NGX) requires listed companies to maintain a minimum free float (shares available to the public) of 20 per cent for the Main Board and 20 per cent for the Premium Board. The ASeM and Growth Boards require 15 per cent or a lower value threshold.

The Company made this known in a statement signed by its secretary, Folake Kalaro. According to the statement, the board of directors of UPDC has notified its shareholders that NGX Regulation Limited has approved the Company’s request for extension of time to achieve the required free float threshold within two years (2026 to 2028).

“This is to enable the Company to comply with Nigerian Exchange Limited’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 compliance with its post-listing obligations.”

It added that “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 time frame.”

UPDC stated that it would remain committed to good corporate governance practices and ensure that the Company’s free float deficiency is cured within the stipulated timeline set by NGX RegCo.

UPDC, established in 1997 and listed on the Nigerian Exchange Group in 1998, is a premier Nigerian real estate development firm headquartered in Lagos. With over 25 years of experience, it specialises in the acquisition, development, management, and sale of high-quality residential, commercial, and hospitality properties, including landmark projects like Festival Hotel, Lagos.