Access Bank Moves to NASD OTC Exchange, Trades Stocks at N9.95
By Adedapo Adesanya
Access Bank Plc has become the latest company to sell its securities on the NASD Over-the-Counter (OTC) Securities Exchange.
This happened after it completed its transition into a holding company and delisted its entire shares from the daily official list of the Nigerian Exchange (NGX) Limited, relisting under a new parent company to be known as Access Holdings Plc.
In a notice sent to the NASD OTC Exchange on Monday, it was confirmed that the lender, following its delisting, will have its entire share capital admitted through an Admission of Company.
This means its entire 35.5 billion shares will now trade at the OTC trading platform under the symbol code SDACCESS.
“Access Bank Plc delisted from the Nigerian Exchange (NGX) on Thursday 24 March 2022 following the Scheme of Arrangement in December 2021. While the Holding company remains listed on NGX, the entire share capital of Access Bank Plc was admitted to NASD as an Admission of Company on Monday 28, March 2022,” the notice read.
Its stock price has been quoted at N9.95 per unit and has a market capitalisation of N353.7 billion.
Access Holdings, through this transition, joins the likes of FBN Holdings, Stanbic IBTC Holdings, the FCMB Group as well as Guaranty Trust Holding Company, which all have earlier adopted the structure.
Business Post had reported that Mr Roosevelt Ogbonna, the deputy managing director of Access Bank Plc, has been appointed managing director/CEO. He is to replace Mr Herbert Wigwe, who is to take a higher role as group managing director of Access Holdings, from May 2, 2022.