NGX removes BLS compliance indicator placed on Transcorp Hotels
The Nigerian Exchange Limited (NGX) has removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) placed on Transcorp Hotels Plc.
This was contained in a compliance report issued by the company and obtained by Nigerian NewsDirect.
According to the statement signed by the Company Secretary, Stanley Chikwendu, Transcorp notified the investing public that further to the Company achieving compliance with Nigerian Exchange Limited’s (NGX) free float requirement for companies listed on its Main Board, the NGX has removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) placed beside the Company’s name across NGX’s platform.
The company noted that the removal was a sequel to the NGX RegCo’s monitoring of the Company’s free float compliance status for three (3) months.
“As of 21st September 2023, Transcorp Hotel’s free float stood at 12.78 per cent with a value (market capitalisation) of N58, 788,278,971.52. The Company is committed to remaining compliant with its post-listing obligations, while consistently delivering value to its investors and stakeholders,” the statement noted.
It should be noted that Companies listed on NGX are required to maintain a minimum free float for the set standards under which they are listed to ensure that there is an orderly and liquid market for their securities.
According to the NGX, the free float requirements for companies listed on the various Boards of NGX includes: For Growth Board, a minimum of 10 per cent of the issued and fully paid-up shares or the value of its free float is equal to or above N50 million, for the entry segment.
For the Growth Board, a minimum of 15 per cent of the issued and fully paid-up shares or the value of its free float is equal to or above N50 million, for the standard segment.
For ASeM5, a minimum of 15 per cent of issued and fully paid-up shares or the value of its free float is equal to or above N50 million.
For the Main Board, a minimum of 20 per cent of the issued and fully paid-up shares or the value of its free float is equal to or above N20 billion.
For Premium Board, a minimum of 20 per cent of issued and fully paid-up shares or the value of its free float is equal to or above N40 billion.
HY’2023 financials
Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group achieved a significant increase in revenue, soaring to N18.98 billion in Half-year 2023 from N14.99 billion recorded in the same period of the previous year, showcasing a remarkable growth of over 27 per cent.
The company’s profit before tax also witnessed an impressive upturn, reaching N3.53 billion compared to N2.37 billion in H1 2022, marking a substantial growth of 49 per cent.
