ADVERTISEMENT
ADVERTISEMENT
By Gloria Ikibah
Access Holdings Plc, one of Africa’s leading financial services groups, has said it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue (‘the Offer’).
In a statement by the Bank, it said, “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).”
According to the bank, 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 statement reads further: “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.
“The Offer will open on Monday, July 8, 2024, and close on Wednesday, August 14, 2024.”
