VFD Group Secures SEC Approval for N50.6bn Rights Issue

VFD Group PLC has successfully received approval from the Securities and Exchange Commission (SEC) for a rights allotment valued at N50.6 billion, which involves the issuance of 5,067,396,400 ordinary shares at N10.00 per share. This rights issue is aimed at existing shareholders, who have achieved an 88% subscription rate following regulatory approval.

The shares will be credited to the shareholders' accounts with the Central Securities Clearing System PLC and will subsequently be available for trading on the secondary market of the main board of the Nigerian Exchange. Mr. Nonso Okpala, the Group Chief Executive Officer, expressed his excitement over the successful rights issue, emphasizing the confidence and esteem shareholders have in the company's ability to execute its growth strategy.

The Executive Director of Finance, Mr. Folajimi, noted that the success of this offer is a testament to investor confidence in the leadership of VFD Group and its commitment to disciplined investment and effective risk management.