Zenith Bank extends rights issue, public offer by 2 weeks

Zenith Bank Plc has extended the deadline for its ongoing Rights Issue and Public Offering by two weeks.

With the extension the bank has joined the ranks of Access Holdings Plc and Fidelity Bank Plc whose offer had  been extended earlier.

The bank initially planned to close its rights and public offer on September 9, 2024 but the acceptance period will now end on September 23, 2024.

The extension is in response to disruptions caused by nationwide protests that began on the same day the offer launched, impacting business operations and individual movement across the country.

The Rights Issue and Public Offer were introduced on August 1, 2024, just as nationwide protests commenced, resulting in severe interruptions to business activities and transportation.

These disruptions hindered many potential investors from participating in the offer as originally planned.

 In light of this, Zenith Bank sought and received approval from the Securities and Exchange Commission (SEC) to extend the application period.

The bank’s decision to extend the deadline is aimed at providing ample time for shareholders and the public to participate fully in the offer, despite the unforeseen challenges posed by the protests.

Zenith Bank’s Rights Issue and Public Offer are part of its plan to raise an additional N290 billion in capital, which will be used to strengthen its operations, enhance market presence, and improve its balance sheet.