Access Holdings has launched a rights issue of 17.7 billion ordinary shares at N19.75 per share, totaling N351 billion, aimed at enhancing its working capital.
Chairman Aigboje Aig-Imoukhuede emphasized the company’s commitment to including all shareholders in this capital-raising exercise, ensuring long-term value opportunities.
The proceeds from the rights issue will support Access Bank’s expansion within and beyond Nigeria and fund its non-banking ventures, such as pension and fintech businesses.
Managing Director Roosevelt Ogbonna highlighted the rights issue as a reward for shareholders’ faith since the company’s first rights issue in 2002.
At its 2nd Annual General Meeting in April, shareholders approved the capital raising program. The rights issue offers one new share for every two existing shares held as of June 7, 2024. The application period is set to open on July 8, 2024, and close on August 8, 2024, pending SEC approval.
Acting CEO Bolaji Agbede stated that this move aligns with the company’s 2023-2027 strategic plan to maximize emerging opportunities.
Source: Vanguard