Access Holdings Plc has received the approval of the Securities and Exchange Commission (SEC) for the commencement of the N351 billion rights issue capital raising programme.
A statement by Access Holdings Plc made available on Sunday in Lagos confirmed this to the media.
Access Bank ranked Nigeria’s most valuable brand
The group said that the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.5 billion.
It also said that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.
According to the holdings, the programme 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 new ordinary share for every two existing ordinary shares held as of June 7, 2024,” it said.
The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer.
The offer will open on July 8 and close on Aug. 14.
It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.
The holding company advised its shareholders to contact their stockbrokers for more details about the offer.
Access Holdings said that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.
It noted that the successful execution of the rights Issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.
Access Holdings Leads Tier-1 Banks In PBSI Ranking
Meanwhile, Access Holdings has been named the leading Tier-1 Bank in the 2024 Proshare Bank Strength Index (PBSI) report. This is in recognition of its outstanding performance,
The PBSI, which evaluates banks based on a comprehensive set of financial metrics derived from audited financial statements for the Financial Year 2023, underscores Access Holdings’ significant strides in the banking sector.
Proshare’s latest report places Access Holdings at the forefront, alongside other prominent institutions such as Zenith Bank, FBNH, Ecobank, UBA, and GTCO.
As the Nigerian banking sector evolves, Access Holdings stands out for its proactive approach to addressing macro and microeconomic risks. The report draws parallels to the challenges faced by United States banks, such as Silicon Valley, First Republic, and Signature Banks, in 2023 due to poor asset and liability management (ALM).
