VFD Group Plc is gearing up for expansion with plans to raise an additional ₦30 billion, pending approval from shareholders at the upcoming Annual General Meeting (AGM).
The decision was made during a recent board meeting on Thursday, May 30, 2024, with a focus on enhancing the market and maximizing shareholder value.
Managing Director and CEO, Nonso Okpala, emphasized the importance of maintaining a strong capital base to navigate changing market conditions effectively.
This infusion is expected to bolster VFD Group’s financial position, supporting future initiatives, acquisitions, and the growth capital needed for investee companies’ expansion.
The capital raise, whether through debt or equity, will be disclosed to the general public in due course.
Additionally, the Board approved the strategic sale of up to 75% of the stake in Abbey Mortgage Bank Plc, aligning with the Group’s strategy to optimize its portfolio and unlock value for stakeholders.
Okpala highlighted the establishment of a Capital Market Holding Group, including Anchoria Capital Group Limited, Anchoria Asset Management Limited, Anchoria Investment & Securities Limited, and Kairos Capital Limited.
This consolidation aims to enhance operational efficiency, improve service delivery, and drive growth in the capital market space.
To reward existing shareholders, the Board approved a scrip (bonus) issuance of four (4) new shares for every one (1) share held as of June 14, 2024.
This move reflects VFD Group’s confidence in its prospects and commitment to creating value for shareholders.
Chairman Olatunde Busari reiterated the organization’s dedication to transparency, accountability, and excellence in all endeavors, emphasizing a long-term vision for creating enduring value for stakeholders.
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