Access Holdings kicks off N351bn capital raising

Access Holdings Plc (Access Holdings) has finalised move to raise a total of N351,009,103,017.25 by way of a Rights Issue to existing shareholders.

A formal signing ceremony as part of the arrangements was held yesterday at the Access Tower in Lagos.

The offer is part of the group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.

It would be recalled that Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which held on Friday, April 19, 2024, unanimously backed its plan to execute a capital raising programme of about US$1.5 billion, as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.

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Under the Rights Issue, 17,772,612,811 (Seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as at Friday, June 7, 2024.

At the signing ceremony, the acting managing director/chief executive officer of Access Holdings Plc, Bolaji Agbede, explained that the Rights Issue was a significant step to deliver the bank’s 2023-2027 strategic plan.

Subject to the approval of the Securities and Exchange Commission (SEC), the Acceptance and Application Lists for the Rights Issue are expected to open on Monday, July 8, 2024 and close on Thursday, August 8, 2024.

The Rights Circular for the Issue, which contains a provisional allotment letter and the participation form, will be mailed directly to shareholders of the group. Printed copies of the participation form can also be obtained at any Access Bank branch and the offices of the issuing houses during the Offer Application Period.