Access Holdings Plc has announced the commencement of its N351 billion Rights Issue, part of a larger Capital Raising Programme aimed at generating up to US$1.5 billion.

This initiative is intended to bolster the Group’s financial stability and support the growth of its banking and non-banking subsidiaries.

Bolaji Agbede, Acting Group CEO, emphasized the importance of this capital raise in achieving the Group’s goal of becoming a top 5 financial institution in Africa by 2027.

The Rights Issue offers 17.77 billion ordinary shares at N19.75 per share, on a basis of one new share for every two existing shares held as of June 7, 2024.

With operations in 22 countries, Access Holdings reported a 335% increase in pre-tax profit to N729 billion and an 87% rise in gross earnings to N2.59 trillion for the year ending December 31, 2023.

The company paid a final dividend of N1.80 per N0.50 ordinary share, marking a 28% increase from the previous year.

(VANGUARD)