VFD Group Plc, a sector-agnostic proprietary investment company, has listed its shares to the Main Board of Nigerian Exchange Limited (NGX).
The official listing was celebrated with a Closing Gong ceremony and a Fact Behind the Listing Presentation, marking a key milestone in the company’s history.
The listing of 190 million units of shares of the Group at N244.88 per share added N46.527 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.
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.
What VFD said: Olatunde Busari SAN, Chairman of VFD Group, stated proudly:
“We are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better.” Nonso Okpala, Group Managing Director/CEO of VFD Group Plc, expressed his excitement about the listing, saying,
- “This 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.”
- “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.” he continued.
What the NGX said: Alhaji (Dr) Umaru Kwairanga, Chairman, Nigerian Exchange Group Plc stated:
- “We must recognize the unwavering commitment of the Board and Management of VFD Group in making this listing a reality, as well as the pivotal roles played by all the professional parties involved in the transaction.
- Securing a listing on the NGX Main Board entails a steadfast commitment to elevated standards of disclosure and corporate governance. This significant listing heralds a fresh chapter for VFD Group plc to leverage NGX’s value-added services and capital market products to fulfill its strategic objectives.”
Temi Popoola, CEO, of NGX, stated:
- “We extend a warm welcome to VFD Group as it joins our prestigious market.
- The decision to list on NGX not only promises to augment VFD Group’s liquidity but also strategically positions it to attract investments from the global arena.
- Additionally, this move is poised to elevate the organization’s market value whilst further advancing transparency and corporate accountability.
- “Our marketplace is a highly reputable platform for raising capital and facilitating sustainable growth for national development.
- As the preferred listing platform in the region, we are dedicated to collaborating with companies at different growth stages to explore diverse capital market opportunities that align with their business goals.”
What you should know: Last month, the Group voluntarily delisted its 190 million shares previously traded on the NASD Securities Exchange in order to be quoted on NGX.
This was disclosed via an official statement which was sent to the NASD Exchange and seen by Nairametrics.
The official statement noted that:
- “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.
- At the Annual General Meeting of VFD Group PLC, which held on Thursday, May 25, 2023, 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”.
