CEM REPORT, MARKET | VFD Group, a proprietary investment-focused company has been admitted on the Main Board of the Nigerian Exchange Limited (NGX).
The investment company listed 190,027,365 units of shares at ₦245 per unit which added ₦46.527 billion to the market capitalization of NGX.
This listing on NGX is a strategic move to increase VFD Group’s visibility, enhance its access to capital, and improve its liquidity, ultimately benefiting its valued investors and stakeholders.
According to VFD Group Managing Director/CEO Nonso Okpala, the listing will enable the company to raise almost immediately N12.5 billion via right will form part of the N32.5 billion the company is on track to raise by way of equity and debt to buck up capital.
He added that the listing “is a momentous occasion for VFD Group. Our journey from a boutique investment firm to a publicly traded company on the Nigerian Exchange reflects the dedication and hard work of our entire team. We are excited about this new chapter and the opportunities it brings to further strengthen our market position.”
Chairman of VFD Group, Olatunde Busari on his part said, “We will continue to work toward our strategic goal of creating Africa’s first diverse business ecosystem. When compared to where we started, what we set out to achieve, and economic realities, the Group’s performance has been outstanding on all fronts. Our focus on business expansion has yielded results, particularly in sectors other than financial services, and we have significantly increased our balance sheet.”
Last week, the firm exited the NASD OTC Securities Exchange, where 190 million shares were traded over the counter, after nearly four years in order to list on the Nigerian Exchange.
“Under the Company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the Close of Business (COB) today, Thursday, September 28, 2023.”
VFD Group’s portfolio investments span nine sectors including technology, finance, real estate, telecoms and oil & gas. The company acquired a 5.2 per cent stake in the NGX last January, which fell to 5 per cent at the end of the year, making it the exchange’s third-biggest shareholder.
The group’s funds under management surged to N55.7 billion in the quarter to June compared to N29.7 billion one quarter prior. According to its financial report, net profit for the period stood at N3.5 billion, 16 times higher than that of the preceding quarter.