VFD Group targets N12.5bn from Rights Issue

…on the basis of 1 for 3

Trading license holders of the Nigerian Exchange Limited (NGX) have been notified that VFD Group Plc (VFD Group) through its Stockbrokers, TRW Stockbrokers Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of 63,342,455 ordinary shares of 50 kobo each at N197.33 per share.

The Rights Issue comes on the basis of 1 new ordinary share for every 3 existing ordinary shares held as at the close of business on Thursday October 12, 2023.

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The qualification date for the Rights Issue is October 12, 2023.

Barely a week ago, VFD Group Plc listed its shares on the Main Board of Nigerian Exchange Limited (NGX).

The listing of VFD Group’s shares added over N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.