The Nigerian Stock Exchange Wednesday said it has received the approval of the Securities and Exchange Commission to some rules and amendments of existing ones aimed at making trading on the stock exchange more efficient.
According to rule, free float means the number of shares that an issuer has outstanding and available to be traded on the exchange. The rule states that for any issuer seeking to list on the Premium Board, its free float shall be: 20 of the Issuer’s issued share capital made available to the public and held by not less than three hundred shareholders; or valued at N40 billion or more, or any value prescribed by the exchange from time to time, on the date The exchange receives the issuer’s application to list.
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