Stock Exchange blacklists 23 companies over free float of shares

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Stock Exchange blacklists 23 companies over free float of shares vanguardnews

The NSE has also flagged five other companies that are undergoing delisting process for failure to comply with the post-listing requirements of the Exchange.

Companies listed on the Exchange are required to maintain a minimum free float of their shares for the set standards under which they are quoted in the Exchange in order to ensure that there is an orderly and liquid market for their securities. Champion Breweries has 2.83 percent free float deficiency and blacklisted as BLS with expired compliance due date of March 31, 2017. Ekocorp Plc has 7.36 percent free float deficiency with expired compliance due date of October 31, 2017.

Austin Laz & Company has 0.64 percent deficiency and blacklisted as BLS; Notore Chemical has 9.08 percent free float deficiency and blacklisted as BLS; Medview Airline has 5.84 percent free float deficiency, Skyway Aviation has 1.61 percent free float deficiency and blacklisted as BLS; Omoluabi Mortgage has 18.04 percent free float deficiency; Ellah Lakes has 6.17 percent free float deficiency and blacklisted as BLS; Cement Company of Northern Nigeria has 17.

Managing Director/CEO, APT Securities & Funds Limited, Mallam Kasimu Kurfi said: “The situation depend on the market demand as long there is no demand it will take time to meet up the minimum flotation of 20 percent of the issued shares. You can see that despite effort of Dangote, still Dangote Cement Plc did not meet up with the minimum free float of shares over years after listing on the Exchange.

 

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