VFD Group Plc. has achieved a significant milestone with the completion of its rights issue, further solidifying its position on the Nigerian Exchange Limited (NGX). The listing of 63,342,455 new ordinary shares, valued at N197.33 per share and totaling N12.499 billion, marks a strategic move for the company.
This rights issue comes on the heels of VFD Group's recent initial public offering (IPO) where 190 million units of shares were listed at N244.88 per share, adding a substantial N46.527 billion to the NGX's market capitalization. The rights issue, approved by the Security and Exchange Commission (SEC), allocated one new share for every three existing ordinary shares held as of October 12th, 2023.
This initiative highlights both the financial strength of VFD Group and its dedication to fostering liquidity within the Nigerian capital market. Shareholders were informed through rights circulars and application forms facilitated by leading issuing house United Capital Plc, Kairos Capital Limited, and participating stockbroking firms.
Nonso Okpala, Group Managing Director and Chief Executive Officer of VFD Group Plc., expressed his elation at the successful closure of the rights issue. He acknowledged the unwavering trust and confidence shareholders have placed in VFD Group's strategic direction and operational resilience. Okpala further extended gratitude to the SEC for their approval and the NGX for its continuous support.
Discussing the significance of the rights issue, Okpala emphasized VFD Group's objective to solidify its market position and bolster its capacity to drive growth and innovation, particularly within the realm of exchange businesses. The expanded capital base will empower VFD Group to better serve its stakeholders and contribute meaningfully to the development of Nigeria's financial markets.
This strategic listing by VFD Group enhances not only its visibility but also its access to capital and overall liquidity, ultimately benefiting its esteemed investors and stakeholders. As VFD Group broadens its portfolio across various sectors, it remains committed to building positive and socially conscious ecosystems that contribute to Nigeria's socioeconomic development.
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