SEC Approves Access Holdings’ N351 Billion Rights Issue

Date:

Lagos, July 7, 2024 – The Securities and Exchange Commission (SEC) has granted approval for Access Holdings Plc to commence its N351 billion rights issue capital raising programme, according to a statement released by the company to newsmen in Lagos on Sunday.

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The approval signifies a pivotal milestone in Access Holdings’ previously announced capital raising initiative, aimed at generating up to $1.5 billion. The rights issue is strategically designed to bolster Access Holdings’ financial position and support ongoing working capital requirements.

Access Holdings disclosed that the rights issue will also facilitate funding for organic growth initiatives 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. Shareholders will receive one new ordinary share for every two existing ordinary shares held as of June 7, 2024,” the statement noted.

Chapel Hill Denham Advisory Ltd. will serve as the lead issuing house for Access Holdings’ rights issue, with Atlas Registrars Ltd. appointed as the Registrars to the offer.

The rights issue is scheduled to open on July 8 and close on Aug. 14. Access Holdings advised shareholders to obtain further details about the offer from their stockbrokers. Application forms and the rights circular will be accessible via various platforms managed by Atlas Registrars Ltd.

Access Holdings reiterated its commitment to expanding its market presence and delivering substantial value to stakeholders. The successful execution of the rights issue is anticipated to reinforce Access Holdings’ standing as a prominent financial services provider in Africa and globally.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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