NASD OTC Exchange Suspends VFD Group Amid NGX Listing Plans
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020.
In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today).
This is per the company’s request to delist from the exchange following an earlier approval given by its shareholders at the Annual General Meeting (AGM) held on Thursday, May 25, 2023.
During this suspension period, shareholders and investors will not be able to buy or sell VFD Group PLC shares on the trading platform.
“It was resolved and approved that subject to obtaining the relevant regulatory approvals and compliance with all applicable regulatory requirements; the shareholders approved the voluntary delisting of the issued and fully paid-up ordinary shares of VFD Group PLC from NASD OTC Securities Exchange,” the statement seen by Business Post said.
In June, the Group Managing Director of VFD Group, Mr Nonso Okpala, said listing its shares on the NGX would allow it to evolve with more investors to pull from while boosting its financial position.
“We are excited to take this next step in the evolution of our company.
“Listing on a major stock exchange will give us access to a larger pool of investors, enhance our profile, and provide superior returns to our investors,” he added.
The listing of the company on the NGX is subject to regulatory approvals and market conditions.
VFD Group Plc is a proprietary investment company with a proven track record of generating attractive returns for its investors through various investment strategies. The company has a diverse portfolio of investments in various sectors, including banking, technology, media, energy, and real estate.