• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities Company Results

UPDC Plc risks suspension over default on NGX’s free float requirements

Chidi Emenike by Chidi Emenike
August 20, 2021
in Company Results, Markets
Share on FacebookShare on TwitterShare on Linkedin

Trading in the securities of UACN Property Development Company (UPDC) risks been suspended on the platform of the Nigerian Exchange Limited (NGX) due to the inability of the company to comply with the Free Float Rules of The Exchange.

According to a notice sent to the NGX today, the company fell below the free float requirements of 20% of issued share capital or N20 billion free float for companies listed on the Exchange’s Main Board, due to its recent Mandatory Take Over (MTO) by Custodian Investment Plc.

Recall that Custodian Investment Plc had obtained regulatory clearance to take over UPDC Plc, following the acquisition of a 51% majority stake in the latter, translating to about 34,415,332 units of ordinary shares, purchased at 90 kobo each.

RelatedStories

UACN Property Development Company Plc

UPDC reports N1.309 billion pre-tax profit in 2024, up 244.51% as property sales drive profit 

April 19, 2025
Wole Oshin purchases additional N101 million worth of shares in Custodian Investment Plc 

Wole Oshin Custodian Investment Plc, MD/CEO acquires 19.5 million more shares to maintain control 

June 14, 2024

Sequel to the acquisition, UPDC fell below the free float requirements for listed stocks at the NGX. This prompted a series of consultations between the firm and the NGX Regulation Limited (NGX RegCo).

Consequently, a unanimous decision to grant the company a two (2) year grace period till 10th of August, 2023, in order to comply with NGX’s free float requirements was reached. However, the Exchange warned that it might suspend further trading in the company’s securities if compliance with the free float rules is not achieved within the two (2) years grace period.

In addition, the company in conjunction with the majority shareholder reiterated its commitment to achieving the free float requirement within the grace period.

UPDC Plc closed trading today 20th of August, 2021 with a share price of N1.32.

 

 

 

Tags: UPDC Plc
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

Related Posts

UACN Property Development Company Plc
Company Results

UPDC reports N1.309 billion pre-tax profit in 2024, up 244.51% as property sales drive profit 

April 19, 2025
Wole Oshin purchases additional N101 million worth of shares in Custodian Investment Plc 
Equities

Wole Oshin Custodian Investment Plc, MD/CEO acquires 19.5 million more shares to maintain control 

June 14, 2024
Folakemi Fadahunsi announced as UACN's new Director
Company News

Chief Financial Officer of UPDC Plc, Mrs. Folakemi Fadahunsi resigns

March 10, 2022
UPDC’s Acting Managing Director/CEO, Deborah Nicol-Omeruah resigns
Business

UPDC’s Acting Managing Director/CEO, Deborah Nicol-Omeruah resigns

November 16, 2021
Company Results

UPDC Plc reports a loss of N1.18 billion in 9M 2021.

October 20, 2021
Company Results

UPDC reports loss of N603.3 million in HY 2021.

July 27, 2021
Next Post
Crude Oil

The future of oil: IPCC, OPEC and other four-letter words

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • NDLEA seizes over 1 million opioid pills in Bauchi, intercepts cannabis, meth in Kaduna, Abuja 
  • Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 
  • JAMB to hold 2025 UTME mop-up exam on June 28 for absentees, biometric failures, others across Nigeria 

Follow us on social media:

Recent News

NDLEA seizes over 1 million opioid pills in Bauchi, intercepts cannabis, meth in Kaduna, Abuja 

NDLEA seizes over 1 million opioid pills in Bauchi, intercepts cannabis, meth in Kaduna, Abuja 

June 22, 2025
Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 

Governor Otu seeks PPP Investment for Bakassi $3.5 Billion Seaport Development 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics