VFD Group Gets SEC Approval for Proposed N4.13bn Rights Issue
Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for its proposed rights issue of 7,452,054 Ordinary Shares of 50 Kobo each at N556 per share.
The offer is based on one share for every 16 shares held.
The proposed rights issue was approved by the Board of Directors of the company at its Extraordinary General Meeting (EGM) which held last November.
The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.
A statement yesterday quoted its Group Managing Director/CEO, Nonso Okpala, to have expressed gratitude to the regulatory body over the approval, while hinting on the next phase of the business.
“Our expansion drive has been a long time coming and with this clearance, one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent,” he disclosed.
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.
SOURCE: THIS DAY