BREAKING: Access Holdings secures SEC approval for N351 bn rights issue

Access Holdings Plc on Sunday announced that it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue.

This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to $1.5 billion.

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.

At the Signing Ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings, Bolaji Agbede in a statement, disclosed that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

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.

Shareholders are advised to contact their stockbrokers for more details about the Offer.

Access Holdings remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders. The successful execution of this Rights Issue will further solidify the Group’s position as a leading financial services provider in Africa and beyond.

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