Vitafoam directors seen mopping up its shares

In a renewed move to increase their stake in Vitafoam Nigeria Plc, the directors of the company are seen buying the shares of the company since June 2020.

Details of the company’s shares dealings by insiders show that Bamidele Osuolale Makanjuola, chairman Vitafoam Nigeria Plc purchased the shares in seven different transactions since June. On June 25, he bought 49,289 units of Vitafoam at N5.16 per share.

Also, on June 29 Makanjuola bought 18,528 units at N5.30 per share. On July 3, the chairman raised his stake in the company with additional 12,542 units bought at N5.20 per share; while on August 12, 13, and 17 he bought an aggregate of 47,493 units at an average price of N5.38 per share.

Related News

On August 18, Alegbesogie Joseph Igbinigesu, a non-executive director purchased aggregate 188,700 units at an average price of N5.21 per share; while Adeniyi Taiwo Ayodele, executive director on August 21 bought an aggregate of 192,000 units of Vitafoam Nigeria shares at an average price of N5.22kobo per share.

Vitafoam traded at N5.71 per share on Monday, August 31. The stock’s year-to-date (YtD) return of +29.8percent shows it outperforms the NSEASI (-5.64percent). It had reached a 52-week high of N6.10 and a corresponding low of N3.50 per share.

Vitafoam Nigeria Plc is one of Nigeria’s largest foam manufacturers, producing both flexible and rigid polyurethane products. The company has outstanding shares of 1,250,844,064 units. Vitafoam directors seen mopping up its shares

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.