By Aduragbemi Omiyale
Access Holdings Plc has secured the approval of the Securities and Exchange Commission (SEC) to commence its N351 billion rights issue on Monday, July 8, 2024.
Recall that a few days ago, Business Post reported that the organisation was awaiting the authorisation of the apex regulatory agency in the Nigerian capital market to begin the fresh capital-raising exercise.
In a statement on Sunday, the financial services firm confirmed that it had obtained the regulatory approval for the rights issue, marking a significant milestone in its previously announced capital-raising programme, which aims to generate up to $1.5 billion.
The N351 billion rights issue involves the issuance of 17,772,612,811 ordinary shares of 50 Kobo each at a unit price of N19.75 on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.
Proceeds from this exercise are expected to be used to strategically bolster Access Holdings’ financial position and support its ongoing working capital needs, and also provide funding for organic growth across its banking and non-banking subsidiaries.
The company emphasised that the successful execution of this rights issue would further solidify its position as a leading financial services provider in Africa and beyond.
The offer opens tomorrow, Monday, July 8, 2024, and will close on Wednesday, August 14, 2024, with the rights circular to be distributed to shareholders by the registrars to the offer, Atlas Registrars Limited.
Access Holdings, which reaffirmed its commitment to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders, has advised shareholders to contact their stockbrokers for more details about the offer.
Dipo Olowookere