SEC Authorises N351bn Rights Issue For Access Holdings Plc

The Securities and Exchange Commission (SEC) has given the green light to Access Holdings Plc’s N351 billion rights issue, a substantial capital raising initiative aimed at bolstering the company’s financial position.

In a recent statement released in Lagos, Access Holdings announced this significant milestone, highlighting that the capital raised, up to $1.5 billion, will support the company’s ongoing working capital needs and drive organic growth across its banking and non-banking subsidiaries.

The rights issue will offer 17,772,612,811 ordinary shares at N19.75 per share. Shareholders are entitled to one new ordinary share for every two existing shares held as of June 7, 2024.

Chapel Hill Denham Advisory Ltd. will lead the issuance, with Atlas Registrars Ltd. acting as the registrar. The offer period spans from July 8 to August 14, 2024. Shareholders will receive the rights circular from Atlas Registrars Ltd., and application forms will be accessible on various websites.

Access Holdings encourages shareholders to reach out to their stockbrokers for further information on the offer. The company reiterated its commitment to expanding its footprint and delivering exceptional value to stakeholders.

The successful execution of this rights issue is expected to further solidify Access Holdings’ position as a leading financial services provider in Africa and beyond.