• Thursday, July 18, 2024
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VFD Group to sell 30% stake in Abbey Mortgage Bank, raise N30bn additional capital

VFD Group gets shareholders approval for additional N30bn capital raise

… to create capital market holding group

The board of directors of VFD Group Plc has approved the strategic portfolio sale of shares in Abbey Mortgage Bank Plc representing the equivalent of 30percent of VFD Group’s holdings in Abbey Mortgage Bank Plc.

This is also as the directors of VFD Group Plc, subject to shareholders’ approval at the upcoming Annual General Meeting (AGM), approved an additional capital raise of N30billion.

The Board resolved to hold the 8th Annual General Meeting of VFD Group plc on June 27. The directors also approved a scrip (bonus) issuance of four (4) new shares for every one (1) share held based on the 2023 Audited Financial Statements (2023 AFS) filed with The Exchange on May 25, 2024.

The Company had inadvertently omitted to announce the issue of bonus shares while filing its 2023 AFS but now wishes to expressly state that following the Boards approval, the bonus issuance will be presented to shareholders for approval at its upcoming Annual General Meeting.

VFD Group Plc noted this while disclosing to the Nigerian Exchange Limited and the investing public the outcome of the Board of Directors meeting which held virtually on Thursday, May 30.

The Board also approved the creation of a Capital Market Holding Group- Anchoria Capital Group Limited subject to relevant regulatory approvals to hold its shares currently held in Anchoria Asset Management Limited, Anchoria Investment & Securities Limited, and Kairos Capital Limited. This, VFD Group said will aid the strategic positioning of the Capital Market entities within the Group.