Access Holdings N351bn Rights Issue to open on July 8, 2024

Access Holdings Plc has concluded  arrangements to raise a total of N351.009 billion by way of a Rights Issue to existing shareholders. 

The Offer according to the group  is part of the Group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), unanimously backed its plan to execute a Capital Raising Programme of about $1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders. 

The group held a formal signing ceremony on this week as part of the arrangements to raise a rights issue for existing shareholders

Under the Rights Issue, the group will offer 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as of Friday, June 7, 2024.

Speaking at the signing ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, said 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.”

Chapel Hill Denham is the Lead Issuing House to the Offer, while Atlas Registrars Limited will serve as Registrars through the exercise.