SEC approves N351b rights issue for Access Holdings Plc

The Securities and Exchange Commission (SEC) has approved Access Holdings Plc’s N351 billion rights issue capital raising program.

This significant milestone was announced in a statement released by Access Holdings on Sunday in Lagos.

The capital raising initiative aims to generate up to $1.5 billion, strategically enhancing Access Holdings’ financial position and supporting its ongoing working capital needs. Additionally, the funds will support organic growth across both banking and non-banking subsidiaries.

The approved rights issue offers 17,772,612,811 ordinary shares at a price of N19.75 per share. Shareholders will receive one new ordinary share for every two existing shares held as of June 7, 2024.

Chapel Hill Denham Advisory Ltd. will serve as the lead issuing house for the rights issue, while Atlas Registrars Ltd. will act as the registrars.

The offer period is from July 8 to August 14, 2024. Shareholders will receive the rights circular from Atlas Registrars Ltd., and application forms will be available on various websites.

Access Holdings encourages its shareholders to contact their stockbrokers for more details about the offer. The company reiterated its commitment to expanding its footprint and delivering exceptional value to its stakeholders.

The successful execution of the rights issue is expected to further solidify Access Holdings’ position as a leading financial services provider in Africa and beyond.

(NAN)