VFD Group to Raise N30bn, Divests interest in Abbey Mortgage

VFD Group to Raise N30bn, Divests interest in Abbey Mortgage

VFD Group has revealed a plan to raise N30 billion from the capital market, subject to its shareholders approval at the annual general meeting. In a regulatory filing, the company notified the Nigerian Exchange that at the meeting of the Board of Directors, members approved the creation of a Capital Market Holding Group, Anchoria Capital Group Limited. .

According to the company, the proposal is subject to relevant regulatory approvals. Management said the new capital market holding group will hold its shares currently held in Anchoria Asset Management Limited, Anchoria Investment & Securities Limited, and Kairos Capital Limited.

“This will aid the strategic positioning of the capital market entities within the group,” the company said in its regulatory filing on the Nigerian Exchange. The board also approved strategic portfolio realignment with the decision to sell a 30 percent equity stake in Abbey Mortgage Bank Plc, representing the equivalent of the group’s holdings.

VFD boards approved a proposal to raise N30 billion in new capital, which is subject to its shareholders’ approval at the annual meeting. The company also plans to issue scrip or bonus shares of four new shares for every one share held was approved based on the 2023 Audited Financial Statements.

The company had inadvertently omitted to announce the issue of bonus shares while filing its 2023 annual report.  VFD now wishes to expressly state that, following the board’s approval, the bonus issuance will be presented to shareholders for approval at its upcoming annual meeting with shareholders on June 27, 2024. #VFD Group to Raise N30bn, Divests interest in Abbey Mortgage

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