Multi-Trex Integrated Foods Plc has received approval from the Nigerian Exchange Limited to implement measures aimed at increasing its public shareholding after a recapitalisation exercise reduced its free float below the Main Board requirement.
In a statement issued on Tuesday and signed by the Company Secretary, Sogunle Adekunle, the company disclosed that NGX Regulation Company granted it a 24-month extension, running until 14 January 2028, to restore its free float to a minimum of 20 per cent of its issued share capital or a market capitalisation of N20bn, whichever is lower.
The approval allows Multi-Trex additional time to comply with NGX listing rules while executing strategies designed to broaden shareholder participation and strengthen market compliance.
The company’s current shareholding structure follows a recapitalisation that came after a seven-year halt in operations. The exercise involved capital injection by Messrs N-Foods Universal Concept Limited to settle outstanding obligations owed to the Asset Management Corporation of Nigeria.
Following the recapitalisation, N-Foods Universal Concept Limited emerged as the dominant shareholder, holding 70 per cent of Multi-Trex’s issued share capital. This development reduced the company’s public free float to 7.23 per cent, valued at N117.46m, based on its 2024 audited financial statements.
Addressing shareholders, Multi-Trex reaffirmed its commitment to maintaining its listing on the Nigerian Exchange and stated that it is actively evaluating options to increase the proportion of shares held by the investing public. The company cautioned that failure to meet the free float requirement within the approved timeline could result in regulatory sanctions, including possible suspension of trading or delisting.
Management also expressed appreciation to shareholders for their patience and continued support throughout the company’s recovery period, noting that several strategic initiatives have been implemented to stabilise operations and align with regulatory expectations.
The NGX approval is seen as a significant step in Multi-Trex Integrated Foods’ turnaround efforts, providing a defined regulatory window for the company to enhance liquidity, improve public ownership, and reinforce investor confidence as it works towards full compliance with market standards.
