Emmanuel OchayiVFD Group Plc has submitted an application to the Nigerian Exchange Limited (NGX) for the approval and listing of a rights issue. This step aims to raise N12.5 billion through the sale of 63.342 million ordinary shares, priced at N197.33 per share.
VFD’s rights issue is founded on a unique proposition – for every three existing ordinary shares held by shareholders as of the close of business on Thursday, October 12, 2023, they can acquire one more at this attractive price.
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In his statement, VFD Group’s Chairman, Olatunde Busari SAN, expressed their excitement, saying, “We are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better.”
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This bold move follows VFD Group’s recent listing on the Main Board of the Nigerian Exchange, which added N46.527 billion to NGX’s market capitalization, boosting liquidity and expanding opportunities for wealth creation in the Nigerian capital market. VFD Group, known for its focus on creating socially conscious ecosystems, is using the listing to enhance its visibility, access to capital, and liquidity.
Alhaji (Dr) Umaru Kwairanga, Chairman of Nigerian Exchange Group Plc, emphasized the role played by VFD Group’s Board and Management in making the listing a reality. “This significant listing heralds a fresh chapter for VFD Group plc to leverage NGX’s value-added services and capital market products to fulfill its strategic objectives,” he remarked.
Temi Popoola, CEO of NGX, extended a warm welcome to VFD Group, highlighting the potential to attract global investments. He noted that this move would enhance transparency and corporate accountability while fostering sustainable growth for national development.
VFD Group’s move to raise funds through a rights issue sets a new standard in the Nigerian financial landscape, demonstrating their commitment to growth, shareholder value, and market development
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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