VFD Group Plc has received approval from the Securities & Exchange Commission (SEC) for its proposed rights issue of 63.342 million ordinary shares valued at N197.33 per share. The rights issue, totaling N12.499 billion, follows the basis of one new ordinary share for every three existing ordinary shares held as of October 12, 2023.
In a notice signed by the group company secretary, Gbeminiyi Shoda, VFD Group Plc expressed its satisfaction in notifying shareholders, stakeholders, and the general public about SEC’s approval.
The qualification date for the rights issue is October 12, 2023, and the application list opened on December 20, 2023, as approved by the Commission, with a maximum period of 31 days.
VFD Group had previously raised N4.1 billion in 2021 through a rights issue to support its expansion plans. The company received the “Equity Listing of the Year” award at the NGX Made of Africa Awards for its listing on October 6, 2023, which added N46.5 billion to the market capitalization, enhancing liquidity in the Nigerian capital market.
Group Managing Director of VFD Group, Mr. Nonso Okpala, commended the Exchange for its initiatives, including the creation of the investment company category. He expressed optimism about the future, outlining the group’s strategic growth plan and commitment to consolidating existing businesses while exploring cross-border opportunities.
