Adedapo Adesanya
By Adedapo Adesanya
VFD Group Plc will list its shares on the Nigerian Exchange (NGX) in the days ahead after receiving the approval on Tuesday.
The listing of the securities of the proprietary investment company on the bourse will help it gain more visibility and prestige. This is because it would be on Africa’s second-largest stock exchange, giving it an avenue to tap capital from the investing public through public offer or private placement.
The move, which started at its annual general meeting on May 25, is set to actualise four months later.
The firm is on course to raise N32.5 billion from a blend of equity and debt, with N12.5 billion planned to be sourced through the sale of shares to existing shareholders.
“This listing will give us greater access to capital markets and will help us achieve our strategic goals for growth and expansion,” said, Mr Nonso Okpala, the Chief Executive Officer (CEO) of the company.
Business Post reported last week that the firm exited the NASD Over-the-counter (OTC) Securities Exchange, where its shares were traded over the counter, after three years in a move to list on the Nigerian Exchange.
“Listing on the Nigerian Exchange Limited will increase our visibility and broaden our reach, allowing us to attract new investors and deepen relationships with our existing investors,” said Mr Babatunde Busari, the Chairman of VFD’s Board of Directors.
VFD Group’s portfolio investments span nine sectors including technology, finance, real estate, telecommunication, and oil and 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.
