Transcorp Hotels gets approval for free float compliance extension

The Nigerian Stock Exchange has approved Transcorp Hotels’ request for a three-year extension of its free float compliance.

The company announced this on Thursday in a statement signed by its acting Group Company Secretary, Mr. Chike Anikwe.

It said, “The Board of Directors of Transcorp Hotels Plc wishes to notify all its esteemed shareholders that the National Council of the Nigerian Stock Exchange 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 20 percent issued and fully paid share capital or N20bn free float market capitalisation for companies listed on its Main Board.”

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

The statement said, “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 Nigerian Stock Exchange within the three years’ timeframe, ending October 3, 2023.”