VFD Group— a sector-agnostic proprietary investment firm, announced yesterday that it has received approval to list its shares on the Nigerian Exchange Limited (NGX). This move comes after the firm’s exit from the NASD OTC Securities Exchange, where its shares were previously traded over the counter.
According to CEO Nonso Okpala, the company’s shares will begin trading on Friday. The listing on NGX is expected to enhance the company’s visibility and enable it to tap into capital from the investing public through public offers or private placements.
As part of its strategy to raise approximately ₦32.5 billion through a combination of equity and debt, VFD Group intends to raise ₦12.5 billion through the sale of shares to existing shareholders.
Nonso expressed optimism about the listing,emphasizing that it would provide greater access to capital markets and support the firm’s strategic growth and expansion goals.
VFD Group’s diverse portfolio investments encompass nine sectors, including technology, finance, real estate, telecoms, and oil & gas.
This development occurs amidst a series of exits by quoted companies from the stock exchange, highlighting VFD Group’s commitment to enhancing its presence in the market. The group had previously acquired a 5.2% stake in NGX in January, making it the exchange’s third-largest shareholder.
VFD Group’s funds under management have surged to ₦55.7 billion in the quarter ending in June, reflecting substantial growth compared to the previous quarter. The company’s financial report also indicates a net profit of ₦3.5 billion for the same period, a significant increase from the preceding quarter.
The listing on NGX is expected to boost the company’s visibility, attract new investors, and strengthen relationships with existing shareholders. The company’s shares will begin trading on Friday.