Access Holdings Plc, a top financial services group in Africa, has begun a N351 billion Rights Issue to enhance its financial stability and support the growth of its banking and non-banking subsidiaries.
This initiative is part of the company’s larger Capital Raising Programme, which aims to generate up to $1.5 billion.
The acting Group CEO, Bolaji Agbede, emphasized that the Rights Issue is crucial for the company’s growth strategy and capital raising plans.
He highlighted that this move would strengthen their financial position and accelerate their strategic goals, aiming to make Access Holdings one of the top five financial institutions in Africa by 2027.
The Rights Issue offers over 17 billion ordinary shares at N19.75 per share, with shareholders able to purchase one new share for every two shares they already own as of June 7, 2024.
Chapel Hill Denham Advisory Limited will lead the issuance, with Atlas Registrars Limited serving as the registrars.