Abbey Mortgage Bank Lists Fresh Shares on NSE After VFD Group's N2.4bn

By Dipo Olowookere

Additional 2,261,538,462 ordinary shares of Abbey Mortgage Bank Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE).

These fresh stocks of the financial institution were admitted on the daily official list of the exchange on Thursday, February 6, 2020.

They were the shares allotted to VFD Group, which acquired a key stake in the organisation in a deal worth about N2.4 billion (precisely about N2.375 billion).

Business Post gathered that the additional 2,261,538,462 ordinary shares of 50 kobo of Abbey Mortgage Bank were sold to VFD Group by way of placement at N1.05 each.

“Dealing members are hereby notified that additional 2,261,538,462 ordinary shares of Abbey Mortgage Bank Plc were today, Thursday, February 6, 2020, listed on the daily official list of the Nigerian Stock Exchange.

“The additional shares listed on the exchange arose from Abbey Mortgage Bank’s placement of 2,261,538,462 ordinary shares of 50 kobo each at N1.05 kobo per share to VFD Group Plc.

“With this listing of the additional 2,261,538,462 ordinary shares, the total issued and fully paid up shares of Abbey Mortgage Bank Plc has now increased from 4,200,000,000 to 6,461,538,462 ordinary shares of 50 kobo each,” a circular signed by Mr Godstime Iwenekhai, the Head of Listings Regulation Departmentat the NSE, said.

VFD Group Plc is a company trading its stocks on the NASD OTC Securities Exchange. The firm, on its website, said it is a financial services-focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

It said the organisation was established by skilled professionals with diverse experience, qualifications and backgrounds.

“As a team, we identified the gap between both individuals and small businesses and their banking experiences and set out to bridge the divide,” it stated.

It further said, “Considering that, we developed a business model that allows us to operate in every area of the financial industry through our portfolio, providing Financial Advisory, Asset Management, Currency, Real Estate, Debt Services and Private Funds Management Services, taking deposits and providing loans at very competitive rates.”