Vunderkind
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Vitafoam Nigeria PLC has recorded their biggest gain in twelve weeks since they made it public knowledge that they were planning to raise the necessary capital for their expansion.
The Vitafoam stocks have since then climbed up by an impressive 9.7% - to N4.41 – by the time they closed their trading in Lagos. Bloomberg data shows that more than 1.2million shares were traded which is 1.24 times the three month daily average.
Vitafoam doesn’t look like they are stopping there though – they plan to get more money, to the tune of N4bn and the intend to do so by selling even more shares to investors, rights offers or special placements, as was revealed by the chairman, Samuel Bolarinde.
According to David Adonri, the CEO of Lambeth Trust and Investment Co., “Investors expect the expansion will increase income.”
The nine-month data for Vitafoam’s profit shows a rise from N398 million last year to N480milliom, according to Nigerian Stock Exchange data. The revenue itself has risen from N11.2bn to N13bn.
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