Proprietary investment company, VFD Group plc, has sold 50,000,000 of its shares in Abbey Mortgage Bank in a deal worth 340 million.
According to a notice issued on the NGX, VFD group would sell 50,000,000 ordinary shares of Abbey Mortgage Bank at N6.80 per share pending regulatory approval.
VFD Group initially acquired a 35% stake in Abbey Mortgage Bank in 2020. By 2024, the stake had risen to 37.77%, amounting to 3,835,181,810 ordinary shares.
This latest development comes after VFD’s board approved a strategic sale of 30% of its holdings in Abbey Mortgage Bank (i.e. 30% of VFD’s shareholding), which would reduce VFD’s stake from 37.77% down to about 26%