NSE grants Transcorp Hotels free float compliance extension for 3 years

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By Kayode Tokede

The Nigerian Stock Exchange (NSE) has granted Transcorp Hotels Plc free float compliance extension till October 3, 2023.

The Group Company Secretary (Ag.), Transcorp Hotels Mr. Chike Anikwe in a statement said, “ The Board of Directors of Transcorp Hotels Plc wishes to notify all its esteemed shareholders that the National Council of The NSE approved the Company’s free float compliance extension request of three years (ending October 3, 2023).

“This is to enable the Company to comply with The Exchange’s free float requirements of 20per cent issued and fully paid share capital or N20billion free float market capitalization for companies listed on its Main Board.

“In line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, The Exchange may suspend trading rights in the Company’s securities if the Company does not achieve the required free float within the stipulated timeframe.

“The Board and Management of Transcorp Hotels Plc remains strong and is committed to good corporate governance and to delivering value to all its stakeholders.

“The Company is positioned to achieve and meet the free float requirements of The NSE within the three years’ timeframe, ending 3 October 2023.”