Nigeria: SEC Approves N351 Billion Rights Issue for Access Holdings

SEC Approves N351 Billion Rights Issue for Access Holdings
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The Securities and Exchange Commission (SEC) has given the green light for Access Holdings Plc to commence its N351 billion rights issue capital raising program. This approval is a significant milestone in Access Holdings’ previously announced plan to generate up to $1.5 billion.

In a statement released on Sunday in Lagos, the group confirmed the SEC’s approval, highlighting the strategic importance of the rights issue in bolstering its financial position and supporting ongoing working capital needs. The capital raised will also fund organic growth across both its banking and non-banking subsidiaries.

The rights issue will offer 17,772,612,811 ordinary shares at N0.50 each, priced at N19.75 per share. Shareholders will be able to acquire one new ordinary share for every two existing ordinary shares held as of June 7, 2024.

Chapel Hill Denham Advisory Ltd. will act as the lead issuing house, while Atlas Registrars Ltd. will serve as the registrar for the offer. The subscription period will open on July 8 and close on August 14.

The rights circular will be distributed to shareholders by Atlas Registrars Ltd., with application forms available on various websites. Shareholders are advised to contact their stockbrokers for more details about the offer.

Access Holdings reiterated its commitment to expanding its footprint and delivering exceptional value to all stakeholders. The successful execution of the rights issue is expected to further solidify the group’s position as a leading financial services provider in Africa and beyond.

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