Champion Breweries Plc has received a two-year extension from NGX Regulation Limited (NGX RegCo) to achieve the required free float threshold for companies listed on the Nigerian Exchange Limited’s (NGX) Main Board.
The extension, covering 2024 to 2026, grants Champion Breweries additional time to meet NGX’s requirements, which mandate either 20 per cent of issued and fully paid share capital or a free float market capitalization of N20bn for companies listed on the Main Board.
This move is part of Champion Breweries’ efforts to align with Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements. This rule emphasizes that any listed company failing to meet the required free float within the specified timeframe may face suspension of its securities from trading on the NGX. By securing the extension, Champion Breweries aims to fulfill this critical regulatory requirement and maintain its trading status on the Exchange.
The company’s Board and Management have reaffirmed their commitment to addressing the free float deficiency within the stipulated timeline, highlighting their dedication to upholding corporate governance standards and ensuring long-term compliance with NGX’s post-listing obligations.
“We remain focused on meeting the free float requirements within the allotted time to avoid any disruption in trading of Champion Breweries’ securities on NGX,” stated the company’s Board in a recent announcement to shareholders.
Champion Breweries Plc recently rolled out its strategic future growth plans aimed at ensuring consistent dividend payment to shareholders.
The company, at its “Facts Behind the Figures Presentation” at the Nigerian Exchange Ltd.,(NGX) in Lagos, assured shareholders and the entire capital market community of enhanced dividends in spite of tough operating environment.
The company’s Managing Director, Dr Inalegwu Adoga assured the stakeholders of its commitment to growth and development.
Adoga said that the company’s focus remained on returning value to shareholders.
He re-affirmed the company’s plans to address its NGX free-float deficiency by issuing new shares to the public.
According to him, the public offer will take place in the first quarter of 2025.
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