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VFD snaps 53.7% stake in Abbey Mortgage Bank

A financial services-focused proprietary investment company, VFD Group, has finalized a N2.37 billion investment in Abbey Mortgage Bank, according to an investment prospectus seen by BusinessDay.

That’s about 54 per cent of Abbey’s total market cap of N4.41 billion.

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The investment was first announced by both parties sometime in July last year but was completed January 24 this year by way of a private placement of the mortgage firm’s ordinary shares.

The private placement involved the sale of 2,261,538,462 ordinary shares of Abbey mortgage firm at the rate of N1.05kobo per share to the VFD Group Plc.

Kariros Capital Limited was Joint Issuing house to the deal and has been cleared by the Securities and Exchange Commission (SEC).

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