Multi-Trex Integrated Foods Plc has secured regulatory approval to fix its low Multi-Trex public shareholding. A recent recapitalisation left the company below the Nigerian Exchange (NGX) Main Board threshold. On Tuesday, NGX Regulation granted a 24-month moratorium—ending January 14, 2028. The company must raise its free float to at least 20% of issued shares or reach a ₦20 billion market cap, whichever is lower.
This extension gives Multi-Trex time to act without losing its listing. Currently, its public free float stands at just 7.23%. That equals ₦117.46 million, based on 2024 audited results. The shortfall followed a major recapitalisation after a seven-year shutdown.
N-Foods Universal Concept Limited led the rescue effort. It injected capital to settle debts owed to the Asset Management Corporation of Nigeria. As a result, N-Foods now owns 70% of Multi-Trex. Public ownership dropped sharply—well below NGX rules.
In a statement, Company Secretary Sogunle Adekunle confirmed the company’s commitment to staying listed. The board is actively exploring ways to boost public participation. Options may include new share offers or incentives for retail and institutional investors.
Still, the company issued a clear warning. If it misses the 2028 deadline, trading could be suspended. Delisting remains a real risk. That would hurt liquidity and investor confidence.
Management thanked shareholders for their patience during recovery. It highlighted steps to strengthen operations and meet market standards. The NGX approval marks a key milestone in Multi-Trex’s comeback.
In short, the Multi-Trex public shareholding issue reflects challenges many revived firms face in Nigeria. With more time and a clear plan, the company now has a realistic path to full compliance—and renewed trust from investors.
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