…Access Holdings Rights Issue is strategically structured to bolster Access Holdings’ financial position and support ongoing working capital needs.
…It will also provide funding for organic growth across its banking and non-banking subsidiaries.
MON JULY 08 2024-theGBJournal| Access Holdings Plc N351 billion Rights Issue is now open for subscription, the leading financial services group, announced today.
The announcement follows approval from the Securities and Exchange Commission (SEC) over the weekend, and this marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to US$1.5 billion (One billion, five hundred million United States Dollars).
“The commencement of the Rights Issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions,” Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc said while commenting on the offer.
She noted that the execution is more than a capital raise; ”it is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027. We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”
The Rights Issue is strategically structured to bolster Access Holdings’ financial position and support ongoing working capital needs. It will also provide funding for organic growth across its banking and non-banking subsidiaries.
The approved Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share. The offer will be issued on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.
The lead issuing house for Access Holdings’ Right Issue is Chapel Hill Denham Advisory Limited, while Atlas Registrars Limited will serve as the Registrars to the Offer.
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