Access Holdings begins N351bn rights issue subscription

Access Holdings Plc, one of Africa’s financial services groups, has announced the commencement of its N351 billion Rights Issue (the Offer).

Access Holdings made this known in a statement on Monday, July 8, 2024.

It stated that the Rights Issue, a subset of the company’s capital raising programme aiming to generate up to $1.5 billion, 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.

The Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, stated: “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 5 financial institutions in Africa by 2027.

Access Holdings secures SEC approval for N351bn rights issue

“We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”

According to the company, Access Holdings’ Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share.

It added: “The Offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, 7 June 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.

Access Holdings noted that the rights circular will be distributed to shareholders by the registrars to the offer, adding that the application forms will also be available on websites – www.theaccesscorporation.com, www.chapelhilldenham.com, www.coronationmb.com, and www.atlasregistrars.com.

The Star