October 03, (THEWILL) – VFD Group, an investment firm, will list its shares on the Nigerian Exchange (NGX) in the days ahead after receiving the go-ahead to do so.
The investment firm disclosed this in a statement on Tuesday.
About four months in the making, the move could help the firm gain more visibility and prestige by being listed on Africa’s second-largest stock exchange, where it can tap capital from the investing public through public offer or private placement.
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 CEO Nonso Okpala.
Last week, the firm exited the NASD OTC Securities Exchange, where its shares were traded over the counter, after nearly four years in move to list on the Nigerian Exchange.
VFD Group’s portfolio investments span nine sectors including technology, finance, real estate, telecoms and oil & 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.
“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 Babatunde Busari, chair of VFD’s directors’ board.
We are excited about the opportunities ahead and remain committed to delivering value to our shareholders,” he added.
The group’s funds under management surged to N55.7 billion in the quarter to June compared to N29.7 billion one quarter prior.
VFD’s listing is coming when the stock exchange sees a flurry of exits by quoted companies, the latest being last week’s announcement to quit by Capital Hotels.
Energy firm Ardova delisted its shares last July to explore private ownership, while the exit of Union Bank, Oando and PZ Cussons is in the works.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
