NGX approves CWG three-year free float extension request

Nigeria Exchange Limited (NGX) has approved CWG Plc’s free float compliance extension request for three years (2023- 2026).

According to a press release signed by Company’s Secretary DCSL Corporate Services Limited, the extension is to enable the Company to comply with NGX’s free float requirements.

“The Board of Directors of CWG Plc (‘the Company’) hereby notifies all its esteemed shareholders that Nigeria Exchange Limited (NGX) has approved the Company’s free float compliance extension request for three years (2023- 2026).

“This is to enable the Company to comply with NGX’s free float requirements of 20 percent issued and fully paid share capital or N20,000 000,000.00 (Twenty Billion Naira) free-float market capitalization for companies listed on its Main Board and to ensure that the Company returns to its post-listing obligations.”

NGX Free Float Requirement

The Exchange’s regulations regarding Free Float Requirements indicate that if a company fails to attain the necessary free float within the stipulated timeframe, trading in its securities on the exchange can be suspended.

CWG’s press release also noted that the Company’s Board and Management are committed to good corporate governance practices, ensuring that the free float deficiency is cured within the stipulated timeline given by NGX Regulation Limited (NGX RegCo) failing which NGX RegCo may suspend trading in its securities.

In its unaudited Q2 financial statement, CWG’s revenue increased by 50.27 per cent to N5.23 billion from N3.74 billion recorded in the corresponding period last year.

Pre-tax profits for the period increased by 10.53 per cent YoY to N246.28 million from N222.82 million recorded in the same period last year.