MON, AUGUST 14 2023-theGBJournal |Board of Directors of CWG Plc’s, a Pan-African technology company, announced today the approval of the Company’s free float compliance extension request by the Nigeria Exchange Limited (NGX) for three years (2023- 2026).
”This is to enable the Company to comply with NGX’s free float requirements of 20 per cent issued and fully paid share capital or N20 billion Naira free-float market capitalization for companies listed on its Main Board and to ensure that the Company returns to its post-listing obligations” the company said in a notification to its shareholders.
A free float is the number shares of the company that is available to the public for trading in the secondary market.
The company noted that the extension request is in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, which states that “The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated timeframe”.
The Company’s Board and Management said in the statement that they remain committed to good corporate governance practices, ensuring that the free float deficiency is cured within the stipulated timeline given by NGX Regulation Limited (NGX RegCo) failing which NGX RegCo may suspend trading in its securities.
CWG Plc, with presence in 26 countries in Africa specializes and operates out of 4 hubs, in a wide array of IT services including: communications, and integration services, infrastructure services, managed and support services, cloud services, and software.
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