Lagos, July 8, 2024 – Access Holding’s Rights Offer to shareholders will open today, Monday, July 8, 2024.
The group said it had received approval from the Securities and Exchange Commission (SEC) for the commencement of the N351 billion Rights Issue.
The issue is to strengthen the group’s financial position and support ongoing working capital needs.
It will also provide funding for organic growth across its banking and non-banking subsidiaries.
The Rights Issue will offer 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.
The offer will be allotted on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.
Aigboje Aig-Imoukhuede, the Chairman of the group, said the N351 billion raised through the issue would be used to fund banking and fintech businesses.
Aig-Imoukhuede said the Issue was intended to show existing shareholders that the company would not ready to leave anybody behind.
He said the group intended to infuse capital into Access Bank to meet the new capital requirement of the Central Bank of Nigeria (CBN)
Bolaji Agbede, the Acting Managing Director/Chief Executive Officer of Access Holdings, in a statement, said: “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 offer will close on Wednesday, Aug. 14, 2024. (GBN)
