SEC approves Access Holdings’ N351bn capital raising programme

Access Holdings Plc says the Securities and Exchange Commission (SEC) has approved the commencement of its N351 billion rights issue capital raising programme. 

Aigboje Aig-Imoukhuede, the chairman of Access Holdings Plc, on July 3, said the company will utilise the N351 billion raised through rights issue to fund banking and fintech businesses.

In a statement on Sunday, Access Holdings said the approval by the SEC marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.5 billion.

According to the statement, the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.

The financial institution said the programme would also provide funding for organic growth across its banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share,” Access Holdings said.

“The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024.”

According to the statement, the lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd. while Atlas Registrars Ltd. will serve as the registrars to the offer.

The financial institution said the offer will open on July 8 and close on August 14.

The institution noted that the rights circular would be distributed to shareholders by Atlas Registrars and application forms would be available on dedicated websites.

The holding company asked its shareholders to contact their stockbrokers for more details about the offer.

Access Holdings said it remains dedicated to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

The bank noted that the successful execution of the rights issue would further solidify the group’s position “as a leading financial services provider in Africa and across the continent”.