Haldane McCall joins list of NGX companies sanctioned for insider dealing

… to seek shareholders’ approval for additional N250bn capital

The NGX Regulation Limited has sanctioned Haldane McCall Plc for insider dealing in shares during closed period.

A “closed period” in the context of financial markets refers to a specific timeframe when trading of a company’s stock or other securities is restricted, particularly for insiders and their connected persons. This period is usually triggered before the release of any price-sensitive information, like financial results or major announcements.

The NGX Regulation in a letter to Haldane McCall Plc date April 16, 2025 said the company breached the provisions of Rule 17:18: Period of Closure.

This was noted in an enforcement report contained in the X-Compliance Report. The X-Compliance Report is a transparency initiative of NGX Regulation’ Limited (NGX RegCo) designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.

In February NGX Regulation Limited sanctioned Aradel Holding Plc, ABC Transport Plc, and Cutix Plc – for breaching certain provisions of the Listings Rules.

The NGX disclosed these sanctions in its enforcement report contained in the February 28 X-Compliance Report. Aradel Holding Plc was given a caution letter on February 17, 2025 for “Insider dealing in shares during Closed Period, a breach of the provisions of Rule 17:18: Period of Closure”.

Also, ABC Transport Plc was given caution letter on February 20, for “Insider dealing in shares during Closed Period a breach of the provisions of Rule 17:18: Period of Closure”.

Likewise, Cutix Plc was given caution letter February 28 for “Insider dealing in shares during Closed Period a breach of the provisions of Rule 17:18: Period of Closure”.

At the Nigerian Exchange Limited, Haldane McCall Plc has 3.122billion shares outstanding. The company is listed on the main board of NGX Construction/Real Estate sector (Real Estate Development subsector).

When its shareholders meet in Lagos on May 14, the board will among others see approval to increase share capital of the company by the creation of additional 2.627 billion ordinary shares.

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The Board of Directors will also seek shareholders approval for capital raising through rights issue. The company will also seek shareholders’ approval to raise additional N250billion in tranches via debt instruments for the funding of the group’s expansion programme.

The company had proposed a dividend of 7 kobo per share payable to shareholders whose names appear in the register of members as at close of business on March 31, 2025.

The principal activities of the company are in development, selling and managing real estate assets, with remarkable growth and development in the hospitality business across Nigeria.

Haldane McCall Plc with a free float percentage of 35.06 percent as at December 31, 2024, is compliant with The Exchange’s Free Float requirements for the companies listed on the Main Board.

In 2024, Haldane McCall Plc was listed on the Nigeria Exchange Group (NGX). Haldane McCall Plc is a seasoned development company in Nigeria with an established record in developing, selling and managing real estate assets, with remarkable growth and development in the hospitality business across Nigeria.

HMK Plc is one of the real estate companies recently listed on the Nigeria Stock Exchange that offers the most diversified portfolio in residential, commercial, retail and hospitality assets.

The financial year 2024 was a year of solid and significant performance for HMK Plc, underpinned by strong commercial momentum and strategic operational efficiencies.

“Our financial results reflect not only our resilience in the face of a challenging economic environment, but also our commitment to continuous growth and value creation.

“We experienced a remarkable growth in our financial metrics which is a good testament to our robust business model and effectiveness of our strategic initiatives.

“Our revenue saw a significant increase of 110 percent in 2024 above that of 2023, and the profit after tax witnessed a 164 percent increase, thus putting us at a total assets value of N21billion as at year end December 31, 2024 and represent an increase of about 23 percent growth over 2023 financial year.

“The board has recommended the sum of N220.587 million which is 32.5 percent of the profit after tax (PAT) as dividend to be paid to shareholders at 7kobo per shares for the year December 31, 2024”, the company said in its audited financial statement.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.