NGX Clears Multi-Trex Strategy to Revive Public Shareholding

Multi-Trex Integrated Foods Plc has secured approval from the Nigerian Exchange to take steps aimed at increasing its public shareholding following a recapitalisation that reduced its free float below regulatory requirements.

The exchange granted the company a 24-month extension, running until January 2028, to restore its public float to the required minimum threshold. The approval provides additional time for the company to comply with listing rules while implementing measures to broaden investor participation.

The reduction in free float followed a recapitalisation exercise linked to the company’s business recovery after a prolonged period of inactivity. The process involved capital injection by N-Foods Universal Concept Limited to settle outstanding obligations, resulting in the investor holding a controlling stake of the company.

As a result, public shareholding fell to just over seven per cent, based on the company’s latest audited financial statements. Management has assured shareholders of its commitment to maintaining its listing status and warned that failure to meet the required threshold within the extension period could result in suspension or delisting.