SEC extends Access Holdings’ N351bn capital raise to August 23

The Securities and Exchange Commission (SEC) has extended Access Holdings’ N351 billion capital raise to August 23.

In a statement released on Wednesday and signed by Sunday Ekwochi, the company’s secretary, Access Holdings announced that the original deadline of August 14 has been extended to August 23 following approval from the commission.

“Access Holdings Plc (“the Company”) wishes to inform all esteemed shareholders and Nigerian Exchange Limited (‘the Exchange’) that the period of the Acceptance List for its Rights Issue which opened on July 8, 2024, to close on August 14, 2024, has been extended to August 23, 2024, following the approval of the Securities & Exchange Commission,” the company said.

Access Holdings said the decision to extend the offer is in response to recent nationwide protests that disrupted the operations of businesses and individuals across Nigeria.

The company said the extension would provide shareholders with ample opportunity to subscribe to their rights.

“During the extended period of the issue, dealing by the company’s insides on the Company’s insiders on the company’s shares will continue to be strictly limited to participation in the rights issue as earlier approved by the Exchange in respect of the non-dealing period on the company’s audited interim financial statements for the period ended June 30, 2024, until 24 hours after the publication of the interim financial statements,” Access Holdings said.

On July 7, the SEC approved the commencement of Access Holdings’ N351 billion rights issue capital raising programme.

According to Access Holdings, the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.5 billion.

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.