Infinity Mortgage Bank Secures Two-Year Extension To Meet Free Float Requirement
Infinity Trust Mortgage Bank (ITMB) Plc has received a two-year extension from NGX Regulation Limited (NGX RegCo) to meet the free float requirement stipulated for companies listed on the Main Board of the Nigerian Exchange Limited (NGX).
In a formal disclosure to the NGX and the investing public, the Board of Directors of the bank announced that it now has until April 10, 2027, to ensure that at least 20 per cent of its issued share capital is held by public investors — in compliance with Rule 3.1.4 of the NGX Free Float Rules.
The free float requirement is a key listing rule designed to promote liquidity and market accessibility by ensuring a sufficient volume of a company’s shares are available for public trading.
Companies that do not meet this threshold risk sanctions or delisting if corrective steps are not taken.
Infinity Trust Mortgage Bank stated that it has already developed a strategic roadmap to address the current deficiency and achieve full compliance within the newly approved timeline.
While specific details of the plan were not disclosed, the bank reaffirmed its commitment to regulatory adherence and corporate governance best practices.
The bank said it has demonstrated consistent financial performance and stakeholder value, adding that since commencing operations in 2003 with less than ₦50m in shareholders’ funds, it has grown its capital base to over ₦9.2bn.
According to the bank, it has also maintained a track record of consistent dividend payments to shareholders for fourteen consecutive years, underscoring its commitment to shareholder returns.
“In addition to its financial metrics, the bank has played a significant role in addressing Nigeria’s housing deficit.
“It has fully or partially financed the development of no fewer than 20 modern housing estates in Abuja, providing affordable housing solutions to over 10,000 Nigerian families,” the bank said.
Infinity Mortgage Bank Secures Two-Year Extension To Meet Free Float Requirement is first published on The Whistler Newspaper
