VFD Group to launch initiatives for market enhancement

 

VFG group has concluded arrangement to launch strategic initiative for market enhancement and maximization of the shareholder value 

The Board and Management of VFD Group Plc told the investing public that  the strategic decisions made during the company recent board meeting held on May this year

These decisions according to the board reflect the company’s ongoing commitment to sustainable growth, prudent financial management, and maximizing shareholder value.

The Group Managing Director and Chief Executive Officer, VFG group,  Nonso Okpala, emphasized the Company’s dedication to maintaining a robust capital base to effectively navigate evolving market conditions. 

To support this commitment, The Group plans to raise an additional N30 billion, pending approval from our shareholders at the upcoming Annual General Meeting (AGM). While the specific form of this capital raise, whether through debt or equity, will be disclosed in due course, this significant infusion will undoubtedly strengthen our financial position and support our future initiatives, acquisitions, and the growth capital required for our investee companies’ expansion. 

The Board has also approved the strategic sale of up to 75 per cent of our stake in Abbey Mortgage Bank Plc, representing up to 30 per cent of the bank’s outstanding shares. 

This decision aligns with our ongoing strategy to optimize our portfolio in response to market conditions. By taking this step, we aim to unlock significant value for our shareholders and strengthen our investment strategy. After careful analysis of market dynamics, we believe this move will enhance our ability to capitalize on future opportunities.