Access Holdings Plc, one of Africa’s leading financial services groups, 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 US$1.5 billion (One billion, five hundred million United States Dollars).
A statement made available on Sunday said, the Rights Issue was strategically structured to bolster Access Holdings’ financial position and support ongoing working capital needs.
It said, it would also provide funding for organic growth across its banking and non-banking subsidiaries.
According to Access Holdings, the approved Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share, adding that 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 would serve as the Registrars to the Offer.
It said, the Offer would open on Monday, July 8, 2024, and close on Wednesday, August 14, 2024.
The Rights Circular would be distributed to shareholders by the Registrars to the Offer, Atlas Registrars Limited, while the application forms would also be available on the following websites: www.theaccesscorporation.com,
www.chapelhilldenham.com,
www.coronationmb.com, www.atlasregistrars.com.
It said, the shareholders could 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”, the statement said.
