UPDC Plc has announced that NGX Regulation Limited (NGX RegCo) has approved the company’s request for an extension of time to achieve the required free float threshold within two years (2026-2028).
According to a press release filed on NGX today, February 13, 2026, the extension gives UPDC more time to align with its post-listing obligations.
These include achieving a 20% free float of the company’s issued and fully paid share capital or a market capitalization of N20 billion.
What the release is saying
In the press release, UPDC Plc announced that NGX RegCo had approved its request for an extension to meet the free float requirement.
- The extension, which provides UPDC with additional time until 2028, will enable the company to comply with the Nigerian Exchange Limited’s regulations for companies listed on the Main Board.
- The company is committed to meeting these regulatory requirements, ensuring compliance with the Exchange’s post-listing obligations.
- Further, it stated that the board and majority shareholders are fully dedicated to resolving the free float deficiency within the timeline set by NGX RegCo, which spans from 2026 to 2028.
This move is aimed at avoiding the potential suspension of trading in the company’s securities, a situation that could arise if the free float requirement is not met within the stipulated timeframe.
Get up to speed
In line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, the Exchange may suspend trading in the company’s securities if it does not achieve the required free float within the stipulated timeframe.
- UPDC has indicated in its 2025 unaudited financial report that steps have already been taken to resolve this issue.
- The company further stated that its plans to address the deficiency will be communicated once fully executed.
- The unaudited 2025 FY financial statements, as of December 2025, show that UPDC has issued share capital of 18,559,969,936 shares.
However, the free float percentage stands at 4.89%, which does not meet the Nigerian Exchange Group’s free float requirements for companies listed on the Main Board.
What to know
UPDC Plc, a Nigerian real estate company, originally a division of UAC of Nigeria Plc, was incorporated as a public limited liability company and listed on the Nigerian Stock Exchange in 1997.
- The company is into property development, advisory services, facility management, hospitality, etc.
- Some of its property developments include Pinnock Beach Estate, Cameroon Green, Ikoyil Olive Court Estate, Ibadan, Vintage Garden, Port Harcourt, etc.
UPDC’s 2025 financial results show strong growth. Revenue increased by 8% year-on-year to N12.7 billion, primarily driven by over N11 billion from property development, sales, and management activities.
- Profit before tax surged by 137%, reaching N3.1 billion, highlighting a substantial improvement in the company’s profitability.
On market performance, the share price surged by 2028%, closing at N4.90 in 2025. The momentum has continued into 2026 with a YtD gain of 15.3% to close at N5.65 on Friday.
- The company is the 37th most traded stock on the Nigerian Stock Exchange (NGX) over the past three months, with a total trading volume of 309 million shares valued at N1.69 billion, indicating solid trading activity.
Although UPDC shows strong trading activity, its non-compliance with the free float requirement could be a limiting factor in sustaining performance in the long term.
But addressing the free float issue would likely improve liquidity and attract more investors, thereby positively impacting both stock performance and overall market perception.
