Access Holdings secures SEC approval for N351bn Rights Issue

Date:

July 8, 2024.

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Azonuchechi Chukwu.

Access Holdings Plc said it has received approval from the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue.

This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to $1.5 billion.

The Rights Issue according to the Group, 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:www.theaccesscorporation.comwww.chapelhilldenham.com www.coronationmb.comwww.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.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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