Access Holdings Plc Gets SEC Approval To Begin N351B Rights Issue

Access Holdings Plc, one of Africa’s leading financial services groups, today announced that it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue (‘the Offer’). 

This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to US$1.5 billion (One billion, five hundred million United States Dollars).

The   Rights   Issue   is   strategically   structured   to   bolster   Access   Holdings’   financial position and support ongoing working capital needs.

 It will 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. 

The offer will be issued on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.

The   lead   issuing   house   for   Access   Holdings’   Right   Issue   is   Chapel   Hill   Denham Advisory  Limited, while Atlas Registrars Limited will serve as the  Registrars  to the Offer. 

The Offer will open on Monday, July 8, 2024, and close on Wednesday, August 14, 2024.

The Rights Circular will be distributed to shareholders by the Registrars to the Offer, Atlas   Registrars   Limited,   while   the   application   forms   will   also   be   available   on   the following websites:

1. www.theaccesscorporation.com

2. www.chapelhilldenham.com

3. www.coronationmb.com

4. www.atlasregistrars.com

 Shareholders are advised to contact their stockbrokers for more details about the Offer.Access Holdings remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

 The successful execution of this Rights Issue will further solidify the Group’s position as a leading financial services provider in Africa and beyond.