VFD Group Gets SEC Nigeria Nod For N12.5bn Rights Issue

Caption: From left, Jude Chiemeka, Executive Director, Capital Markets, Nigerian Exchange Limited; Abimbola Babalola, Head, Market Surveillance & Investigations NGX Regulation Company Limited; Ebunoluwa Akinyele, Technical Assistant to the Group Managing Director, VFD Group; Morenike Ominike, Chief of Staff to GMD, VFD Group; Muyiwa Olowoporoku, Head Marketing & Corporate Communications VFD Group; Irene Robinson-Ayanwale, Divisional Head, Business Support Services NGX; Temi Popoola, CEO of NGX, at the Made of Africa Awards in Lagos on December 20, 2o23.

The board of VFD Group, on Wednesday announced the receipt of an approval by the Securities & Exchange Commission (SEC Nigeria) to raise a total of N12.499bn by way of rights to existing shareholders.

VFD Group, a proprietary investment company with a diverse portfolio that includes banking, non-banking financial institutions, market infrastructure, technology, real estate, hospitality, media, entertainment, and energy.

The rights issue is coming three months after shares of the group was listed 190.027 units for trading on the Nigerian Exchange Limited at N244.88 per share on October 6, 2023, a month after it voluntarily delisted the shares from the NASD Securities Exchange.

The shareholders are being offered a total of 63,342,455 Ordinary Shares of 50 Kobo each at N197.33 Per Share, on the basis of one new ordinary share for every three existing ordinary shares held.

While Qualification Date for the Rights Issue is October 12, 2023, according to a notice by Gbeminiyi Shoda, Group Company Secretary, the application list opened on the December 20, 2023 as approved by the Commission and shall open for a maximum period of 31 days.

The notice on the Nigerian Exchange Limited added that the Rights circular will be distributed to shareholders while application forms will be available on the website of the company’s Registrars for ease of access.

 

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