The Board of Directors of CWG Plc says that Nigerian Exchange Limited (NGX) has approved the company’s free float compliance extension request for three years (2023- 2026).
The company disclosed this in corporate action notification published on the Nigerian Exchange on Monday.
The extension is to “enable the company to comply with NGX’s free float requirements of 20 per cent issued and fully paid share capital or N20,000 000,000.00 (Twenty 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 document read in part.
This 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”.
CWG said its board and management 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.
The equity price of CWG closed flat at N2.95 per share on Monday. The 52 week high and low prices are N3.00 and N0.73 per share respectively.
About CWG:
CWG Plc (formerly Computer Warehouse Group Plc) was incorporated in Nigeria as a private limited liability company on 1 February 2005 and became a public limited liability company on 15 November 2013. The certificate of incorporation number of the Company is RC 615619.
The Group and the Company are principally engaged in integrated information and communications technology services and solutions, IT consultancy, supply, installation, maintenance and support of hardware, software, and managed services.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
