Golden Guinea Breweries Secures NGX Approval For Free Float Extension
2 years ago 2 min read
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Golden Guinea Breweries Plc has announced that NGX Regulation Limited has granted the company an extension for compliance with its free float requirements, now extended until August 19, 2025.
This update was communicated in a notice to shareholders, as reported by THE WHISTLER.
Listed companies on the Nigerian Exchange (NGX) are required to maintain a minimum free float to meet the regulatory standards, ensuring an orderly and liquid market for their securities.
In a statement, Golden Guinea Breweries informed its shareholders, stakeholders, and NGX Regulation Limited (NGX RegCo) that the company has been unable to rectify its free float deficiency, originally due on February 4, 2024.
The company attributed this delay primarily to disruptions in brewery operations, which were promptly communicated to the regulatory authorities.
“Upon application for extension of time by the Company, the NGX Regulation Limited (NGX RegCo) granted approval of a new date of 19th August, 2025 within which to achieve compliance with NGX’s Free Float requirement
“The Shareholders, stakeholders and the NGX Regulation are hereby assured that the Free Float Deficiency shall be remedied within the extended time frame, without failure,” the statement signed by the Company Secretary, Udo Ogaranya said.
Golden Guinea Breweries recently won an eight-year long N10bn suit against International Breweries Plc and Anheuser-Busch InBev (AB InBev).
The Umuahia Abia State-based brewer had approached the Federal High Court in 2016 demanding for general damages in the sum of N10bn from Pabod Breweries Limited, a company which AB InBev has a controlling equity stake. Golden Guinea had said that Pabod infringed on its trademark for the production of Eagle Stout.
Justice Stephen Dalyop Pam of the Federal High Court, Port Harcourt Division, ruled on March 6, 2024 after hearing Omolola Aderolu of Johnson Bryant’s submission on behalf of Golden Guinea Breweries Plc and S. Nmor for the defendants.
In a four-page court judgment, the Federal High Court granted, among others, ruled that Golden Guinea Breweries Plc as a registered proprietor of the ‘Eagle Stout’ trademark registered as No. 21153 in class 32 at the Nigerian Trade Marks Registry Abuja.
The court ruled that Golden Guinea is entitled to the exclusive use of the mark for the production, sale and distribution of the product in the Nigerian market.
Also, the Federal High Court judge ruled in the suit number PHC/PH/CS/647/2016 that Golden Guinea Breweries as registered proprietor of the Eagle Stout trademark is entitled to exclusive use of the mark for the production, sale, and distribution of the product in the Nigerian market.
