Shareholders Authorise Board to Delist Access Bank Shares from NGX

By Dipo Olowookere

The board of Access Bank Plc has been authorised to take the necessary steps to delist the company’s stocks from the Nigerian Exchange (NGX) Limited, Business Post has learned.

This was part of the resolutions passed by investors of the organisation at the court-ordered meeting held in Lagos on Thursday, December 16, 2021.

The delisting of Access Bank shares from the trading platform of the exchange is to allow their transfer to the new company, Access Bank Holdings Plc, which will now be the new listed entity on the NGX.

This action is similar to the one taken by GTBank a few months ago, where the banking arm became a private banking company and the stocks were delisted from the exchange and transferred to GTCO and then listed on the local bourse.

Access Bank, like the other few banks, is exploring the possibility of expanding its operations by having different subsidiaries offering other services in the financial sector.

At the meeting held yesterday at its head office on Plot 15/15, Prince Alaba Oniru Street, Oniru Estate, Lagos, it was agreed that “the 35,545,225,622 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by the shareholders be and are hereby transferred to Access Bank Holdings Plc in exchange for the allotment of 35,545,225,622 ordinary shares of 50 kobo each in the share capital of holdco to the shareholders in proportion to their shareholding in the bank credited as fully paid without any further act or deed.”

Also at the gathering, the board of directors of the bank was “authorised to do all such things and take all such actions as are required to give effect to the scheme, including consenting to any modifications of the scheme of arrangement or any conditions that the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Federal High Court or any other regulatory authority may think fit to approve or impose.”

At the market on Friday, Access Bank stocks appreciated by 0.56 per cent or 5 kobo to N9.05 per unit.