By Dickson Pat
International Breweries Plc has announced that NGX Regulation Limited ,NGX RegCo, has approved an extension of time for the company to comply with the free float requirements mandated for companies listed on the Main Board of Nigerian Exchange Limited ,NGX.
The company stated this in a notice to Nigerian Exchange Limited and the investing public.
The free float rule requires companies on the Main Board to maintain a minimum percentage of shares held by the public to ensure market liquidity and transparency.
International Breweries expressed gratitude to NGX RegCo for its continued support and flexibility in granting this extension, allowing the company additional time to align with regulatory expectations.
“We sincerely appreciate NGX RegCo for their understanding and consideration in granting this extension”, the company stated.
The extension underscores NGX RegCo’s commitment to fostering compliance while supporting listed companies in achieving their regulatory obligations.
This announcement aligns with Rule 3.1.4 of NGX’s Free Float Rules, which requires listed companies to disclose material information about their compliance status.
International Breweries assured stakeholders of its dedication to meeting the requirements within the stipulated timeframe and pledged to provide updates as necessary to keep shareholders informed.
The company reiterated its commitment to transparency and compliance, emphasising its goal of enhancing shareholder value and maintaining its position as a responsible corporate entity on the Nigerian Exchange.
