Access Holdings to continue focus on shareholders’ value

Access Holdings Company Plc has urged its shareholders to participate actively in its ongoing N351.02 billion right issue, saying that the company will continue to focus on shareholders’ value.

The company disclosed  this at its Facts Behind the Rights Issue Presentation held in Lagos at the Nigerian Exchange.

The Company said that its wholly owned subsidiary, Access Bank UK is well positioned to become one of the top 20 banks, generating profit of about $1 billion annually.

The bank is embarking on a capital raising of N351 billion by way of a rights issue to existing shareholders. Under the rights issue, 17.772 billion ordinary shares will be offered at N19.75 per share.

The proceed from.the right issue according to the holding company will be used to enhanced Access Bank ‘s capital adequacy, in compliance with the regulatory capital requirements, thereby deepening the Bank’s ability to withstand systemic shock, and strengthen the Bank’s fortress balance sheet, allowing it to meet it’s and other banking subsidiaries ‘ growth needs, in line with the group’s medium terms strategic objectives.

The chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede while addressing stockbrokers and other investors urged shareholders to participate actively in the ongoing rights Issue.

 Imokhuede said the additional capital will enable it to maximise emerging opportunities and deliver long-term value to our shareholders, adding that the bank is committed to strengthening ties with shareholders and enhance value creation.

Managing Director of Access Bank, Roosevelt Ogbonna said the bank’s presence in this sophisticated market has continued to positions it strategically in the areas of facilitating and enhancing cross-border trade across the globe.

According to him, its resolve to providing innovative financial solution has played a vital role in supporting businesses and investors involved in international trade over the years.

The Chairman, NGX, Ahonsi Unuigbe said the recent directive on recapitalization issued by the CBN aims to strengthen the financial stability and resilience of banks, staying that “in response to this directive, NGX is committed to supporting banks, including Access, in their capital-raising efforts.