UACN Property Development Company Plc (UPDC Plc), has received approval from NGX for a two-year extension (2026-2028) to meet the required free float threshold.
In a press release issued today by the company’s Board of Directors and signed by Company Secretary Folake Kalaro, UPDC notified shareholders that the extension allows the company to achieve compliance with NGX’s post-listing rules.
NGX Post-Listing Rules
These require a minimum free float of 20% of issued and fully paid-up share capital or a free-float market capitalization of at least N20 billion for Main Board-listed companies.
The Board emphasized its commitment to good corporate governance and assured shareholders that efforts are underway to cure the free float deficiency within the extended timeline. As of recent financial statements (e.g., year-end 2025 reports), UPDC’s free float stood at approximately 4.89%, well below the threshold, a persistent issue the company has faced in prior years.
This extension follows similar approvals granted to other listed entities in the past (e.g., in 2024 for periods ending 2026), reflecting NGX’s approach to providing grace periods for compliance amid challenges in increasing public shareholding.
This development aims to avoid potential trading suspension while giving UPDC time to implement measures such as share distribution, potential equity raises, or other strategies to boost public ownership.
