Business
VFD Group Rights Issue Achieves Full Subscription
VFD Group Rights Issue of N50 billion fully subscribed, backed mainly by existing shareholders, following SEC approval for trading on NGX
The Securities and Exchange Commission (SEC) has approved the Rights Issue of 5,067,396,400 ordinary shares of VFD Group Plc, valued at N50.07 billion, at N10.00 per share.
Also read: VFD Group Acquires Majority Stake In Nigerian Exchange Group
The Rights Issue, which attracted subscriptions from both existing and new investors, achieved 100 per cent subscription, with existing shareholders accounting for 88 per cent of total investors.
Following regulatory approval, the allotted shares will be credited to shareholders’ depository accounts with the Central Securities Clearing System Plc (CSCS) and subsequently made available for trading on the main board of the Nigerian Exchange (NGX).
Commenting on the milestone, Group Chief Executive Officer, Mr. Nonso Okpala, expressed delight at the outcome and reaffirmed the company’s growth ambitions.
“We are thrilled by the success of our Rights Issue, and we appreciate the confidence of our esteemed shareholders in our ability to execute on our next growth strategies aimed at positioning VFD Group as a leading investment holding company in Africa,” Okpala said.
He added that the Rights Issue proceeds will enable the company to upscale flagship businesses, recapitalise capital market-related entities in line with regulatory requirements, and accelerate its business incubation programme.
Executive Director, Finance, Mr. Folajimi, highlighted that the full subscription reflected strong investor confidence.
“The success of the Offer is a testament to investor confidence in the Group’s leadership, and we do not take it for granted. More than ever, we are committed to our vision and values of disciplined investment and effective risk management,” he said.
Also read: Nigerian Exchange loses N183bn as bearish sentiment hits blue-chip stocks
The fully subscribed Rights Issue marks a significant step in VFD Group’s strategic expansion and reinforces shareholder trust in its leadership and long-term vision.
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