The Nigerian Exchange Group’s regulatory body, NGX RegCo, has granted Neimeth International Pharmaceuticals Plc’s request for an extension of time to meet the free float criterion.
According to The Punch, the company stated in a corporate statement it filed on Thursday with the Nigerian Exchange Limited that “the extension would allow it to meet the standards for free float set forth by the NGX between 2024 and 2026.”
The nuumber of outstanding shares that a listed firm has available for trading on The Exchange is known as its free float.
All shares held by the investing public are included; shares held directly or indirectly by directors, promoters, and their immediate family members are not.
In accordance with the NGX rule book, a company that wants to list on the Main Board must have 20 percent of its issued share capital in free float, held by at least 300 shareholders, or be valued at N20 billion or more, or any other amount that the exchange may from time to time specify.
Neimeth stated in the statement that the extension is “to ensure that the company returns to its post-listing obligations and to enable the company to comply with Nigeria Exchange Limited’s free float requirements of 20 per cent issued and fully paid share capital or N20bn free-float market capitalization for companies listed on its Main Board.”
“Remaining committed to good corporate governance practices, the company will make sure that the free float deficiency of the Company is cured within the stipulated timeline given by NGX RegCo, failing which NGX RegCo , failing which NGX RegCo may suspend trading in its securities”, stated Neimeth.
According to the NGX RegCo’s most recent X-Compliance report, 17 of the exchange’s listed companies did not meet their free float requirements.
Neimeth had a 17.22% compliance rate, valued at N1.397 billion, according to the report.
The revised deadline for compliance is February 6, 2026.
