Access Holdings Plc has opened an offer for subscription for its N351bn Right Issues, (the Offer) to all its shareholders. The subscription will be open on Monday, July 8 and will close on Wednesday, August 14, 2024.
Recall that the company recently announced the commencement of its N351 billion capital raising through a rights issue otherwise called an offer for subscription.
According to the Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, the N351 billion capital Rights Issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries which include pension and fintech.
The Rights Issue is a subset of the group’s programme to raise capital to meet the $1.5bn target.
Commenting on the commencement of the rights issue, the acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, said, “The commencement of the Rights Issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top five financial institutions in Africa by 2027. We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”
Access Holdings’ Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share. The Offer will be issued based on one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.
The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as registrars to the Offer.