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Mortgage

VFD Group may take key stake in Abbey Mortgage Bank

Abbey Mortgage Bank Plc may have a new key investor soon, going by some of the resolutions passed at its Annual General Meeting (AGM), which held on Monday. During the event, shareholders approved the following resolutions:

  • That the authorized capital of the company be increased from N3.5 billion to N6 billion by the creation of 5 billion ordinary shares which will rank pari passu with existing shares.
  • That the company be authorized to raise N2.3 billion in capital by way of private placement.
  • Subject to regulatory approval, the private placement shall be by way of sale of 2,261,538,462 ordinary shares at the rate of N1.05 to VFD Group.

If the deal clicks

Abbey Mortgage Bank currently has 4.2 billion shares outstanding. If the private placement is approved, VFD group will be one of the majority shareholders in the company.

Current key shareholders 

Figures from Abbey Mortgage Bank’s 2018 full year financial statements showed that the largest shareholders were Rose Ada Okwechime and Chief Ifeanyichukwu Boniface Ochonogor. Okwechime is the founder and Managing Director.

Okwechime has a 30% stake through her personal holdings and Madonna Ashib Comm. Enterprise Ltd. Ochonogor holds a 30.75% stake through his personal holdings and Forte Properties & Investment Ltd.

Earlier moves

In an exclusive interview with Nairametrics last year, CEO of the group, Nonso Okpala, had hinted at plans of getting into the banking space.The firm had also raised N2.7 billion through a rights issue and private placement.

About VFD Group

VFD Group was incorporated with the Corporate Affairs Commission (CAC) on 7 July, 2009 and commenced business operations effectively on 1 January, 2011.

READ MORE:  Mortgage market in UK saw stronger annual growth in May

The company’s subsidiaries include VFD Microfinance Bank, Everdon Bureau De Change, and Anchoria Asset Management

About Abbey Mortgage Bank

The bank was incorporated in Nigeria as a private limited liability company on 26 August 1991 and obtained its license to operate as a mortgage bank on 20 January, 1992. It commenced business on 11 March, 1992 and later converted to a public limited liability company in September 2007.

 

On 21 October 2008, the bank became officially listed on the Nigerian Stock Exchange. On 16 January, 2014, it changed its name from Abbey Building Society Plc to Abbey Mortgage Bank Plc.

The bank last traded on the 11th of July, 2019 at N0.90 per share. Year to date, the stock is down 8.16%.

Source: Nairametrics

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