Access Holdings May Begin N351bn Rights Issue July 8

By Dipo Olowookere

The N351 billion rights issue of Access Holdings Plc may commence on Monday, July 8, 2024, if the Securities and Exchange Commission (SEC) gives the go-ahead.

On Tuesday, July 2, 2024, the firm held a formal signing ceremony of the rights issue at its head office known as Access Tower in Lagos in the presence of senior officials of the organisation and others.

Access Holdings intends to issue about 17,772,612,811 ordinary shares of 50 Kobo each at N19.75 per unit to shareholders on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.

In a statement yesterday, the company said acceptance and application lists for the rights issue are expected to close on Thursday, August 8, 2024.

The financial services giant is undergoing this exercise to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

The acting chief executive of Access Holdings, Mr Bolaji Agbede, said, “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan.”

He emphasised that, “The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

Shareholders and prospective investors have been encouraged to read the rights circular and prospectus and should seek professional guidance.

Recall that on April 19, 2024, shareholders, at the 2nd Annual General Meeting (AGM) of Access Holdings, authorised the board to execute a capital raising programme of about $1.5 billion and a rights issue.