Politics
VFD Group Unveils Plan For N30 Billion Capital Infusion
VFD Group Unveils Plan For N30 Billion Capital Infusion....KINDLY READ THE FULL STORY HERE▶
VFD Group Plc has announced its plan to raise an additional N30 billion in capital through various financial instruments such as share issuance, global depository receipts, commercial papers, loans, convertible and non-convertible instruments, medium-term notes, and bonds. The disclosure came from Gbeminiyi Shoda, the Company Secretary, during the firm’s annual general meeting in Lagos State.
Shoda emphasized that the capital raise aims to fortify the company’s financial footing and support its ambitious growth strategies. The funds will be raised in phases, with terms including coupon rates, interest rates, maturity periods, and other specifics to be decided by the company’s directors, pending regulatory approvals.
In addition to authorizing the board to facilitate the fundraising process through agreements with professional parties and compliance with regulatory requirements, shareholders approved capitalizing over N500 million from the company’s balance to issue bonus shares. This move will increase the company’s share capital, rewarding existing shareholders with four new shares for every share held.
Chairman Olatunde Busari highlighted VFD Group’s achievements in fiscal year 2023, crediting shareholder support and staff dedication for setting a robust foundation for accelerated performance in 2024. Despite global economic challenges like inflation and supply chain disruptions, the company navigated successfully through strategic restructuring to ensure stability and readiness for future growth.
CEO Nonso Okpala assured shareholders of sustained growth and operational integrity, pledging proactive measures to prevent recurring fines. Moreover, VFD Group approved the establishment of Anchoria Capital Group Limited, pending regulatory approvals, to consolidate its shares in Anchoria, as reported by PUNCH Online.
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