VFD Opens N6bn Commercial Papers for Subscription at 24.562%
VFD group has opened commercial papers of up to about N6 billion from subscription from investors in the local debt capital market to boost working capital position and other funding demand.
The amount is expected to be raised via 270 days Series 3 Commercial Paper issuance under its ₦20 billion Commercial Paper Issuance Programme at discount rate of 24.562%, Comercio Partners said in an email sent to clients.
The group has diversified portfolio of investments that cut across banking, non-banking financial institutions, market infrastructure, technology, real estate, hospitality, media, entertainment, and energy, with no bias towards a particular sector.
According to Comercio Partners, VFD Group seeks out viable opportunities that cater to the investment needs of Retail and Institutional Investors across all tiers for direct market gain.
Analysts noted that the Group leverages sound investment expertise and deep knowledge of market fundamentals to secure investments that yield optimum returns to its shareholders. Based on the 2023 Financial statement, the issuer reported gross earnings that expanded 24% to ₦41.8 billion from ₦33.8 billion the previous year, Comercio said in its email to clients.
“VFD Group has a stable outlook, with a short-term rating of A1 by DataPro. Additionally, the Issuer has a very stable and experienced executive management team”.
The Group registered a ₦20 billion programme on 13 October 2022 and raised over ₦10.11 billion across two series, Comercio said, adding that the issuer has demonstrated a consistent history of repayment. NEPC Wants Collaboration among Stakeholders to Develop Mineral Sector
