• Wednesday, December 06, 2023
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VFD Group quits NASD OTC Exchange after delisting

VFD Group quits NASD OTC Exchange after delisting

VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited.

The bourse on Thursday confirmed the development in a notice seen by BusinessDay.

“Pursuant to 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,” the notice read.

Last Friday, after three years of trading on the NASD trading platform, the company securities were suspended from the bourse.

This culminates in a move that started at its Annual General Meeting (AGM) on May 25, 2023, where shareholders resolved to delist from the NASD OTC Securities Exchange.

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This clears the pathway for the company to trade at NGX Limited where it wants to gain access to public equity markets, increase its visibility, and strengthen its financial position.

In June, the Group Managing Director of VFD Group, Mr Nonso Okpala, said listing its shares on the NGX would allow it to evolve with more investors to pull from while boosting its financial position.

“We are excited to take this next step in the evolution of our company.

“Listing on a major stock exchange will give us access to a larger pool of investors, enhance our profile, and provide superior returns to our investors,” he added.

The listing of the company on the NGX is subject to regulatory approvals and market conditions.

VFD Group Plc is a proprietary investment company with a proven track record of generating attractive returns for its investors through various investment strategies. The company has a diverse portfolio of investments in various sectors, including banking, technology, media, energy, and real estate.