Access Holdings Plc has opened a subscription offer for its N351 billion Rights Issue, available to all its shareholders.
The subscription period begins on Monday, July 8, and will close on Wednesday, August 14, 2024.
This move follows the company’s recent announcement of its N351 billion capital raising through a rights issue, also known as an offer for subscription.
The Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, stated that the capital raised from the Rights Issue aims to strengthen the Group’s financial footing and support ongoing working capital needs.
These needs include funding for organic growth in its banking and non-banking subsidiaries, such as its pension and fintech operations.
The Rights Issue is part of the group’s broader strategy to raise $1.5 billion in capital. Acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, commented on the launch of the rights issue, stating, “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 is structured 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, while Atlas Registrars Limited will serve as the registrars to the Offer.
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