• Monday, March 04, 2024
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Osnon Capital raises equity stake in VFD Group with N405.8m

Osnon Capital raises equity stake in VFD Group with N405.8m

Osnon Capital Limited, a substantial shareholder of VFD Group Plc has raised its equity stake in the company in transaction worth N405.8million.

Osnon Capital on November 21 bought 2million ordinary shares of VFD Group at N202.90 per share, according to VFD Group in a notification of insider dealings. VFD Group Plc on October 6 listed its shares on the Main Board of Nigerian Exchange Limited (NGX) at N269.30 per share.

Read also: VFD Group dividend income surge amid weak macro conditions

VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.

VFD Group’s unaudited consolidated and separate financial statements for the nine-month period ended September 30, 2023 shows it grew gross earnings to N29.025billion from N23.587billion it recorded in nine months to September 2022.

The Group’s net investment income dropped to N3.462billion in the review nine months (9M) 2023 as against N5.936billion in 9M’2022. Its profit before income tax (PBT) printed lower at N933.564million, far lower than N5.058billion PBT in 9M’2022. VFD Group’s profit for the 9M’2023 period dropped to N681.971million from a high of N5.358billion in 9M’2022.

The listing of VFD Group on NGX in October was a strategic move to increase its visibility, enhance its access to capital, and improve its liquidity, thereby benefiting its investors and stakeholders.

Read also: VFD Group targets N12.5bn from Rights Issue

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