VFD shareholders approve board plan to raise additional N30bn

Shareholders of VFD Group Plc have approved the board’s plan to raise additional N30 billion to boost its capital base and meet expansionary target.

They also endorsed the Board recommendation for a bonus share of 4 (four) new shares for every 1 (one) share held by investors.

Addressing shareholders at the Annual General Meeting (AGM), Addressing the shareholders at the AGM, The Group Managing Director and Chief Executive Officer of VFD Group Plc, Nonso Okpala, stated the importance of the Group’s transition from a founder-led organisation to a publicly quoted, multiple shareholder-led entity, and a strategic vision of the Group’s inclusive mindset of equally protecting minority interests.

To facilitate this transition, he said, VFD Group Plc has developed a comprehensive framework that encompasses a new shareholder structure, a refined investment philosophy, and a redefined corporate culture centred around its evolving identity.

Integral to these success of this framework is the Company’s commitment to maintaining a robust capital base to effectively navigate evolving market conditions.

In line with this, he said the Group remains focused on future plans for raising an additional funds of N30 billion while the specific form of this capital raise, whether it will be through debt or equity, will be disclosed in due course.

He said that the plan to raise more fund will undoubtedly strengthen the financial position and support future initiatives, acquisitions, and growth capital required for the Group’s investee companies’ expansion.

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