The Securities and Exchange Commission (SEC) has approved the commencement of Access Holdings Plc’s N351 billion rights issue as part of the company’s broader capital-raising programme.
The approval was confirmed by the holding company in a statement made available to journalists on Sunday in Lagos.
Access Holdings said the rights issue represents a significant milestone in its previously announced capital-raising programme, which seeks to raise up to $1.5 billion.
According to the company, the offer is designed to strengthen its financial position, support working capital requirements and provide funding for organic growth across its banking and non-banking subsidiaries.
The approved offer comprises 17,772,612,811 ordinary shares of 50 kobo each, priced at N19.75 per share.
The shares will be offered to existing shareholders on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024.
Chapel Hill Denham Advisory Ltd. is the lead issuing house for the offer, while Atlas Registrars Ltd. will serve as the registrar.
The rights issue is scheduled to open on July 8 and close on August 14.
Access Holdings said the rights circular would be distributed to eligible shareholders by Atlas Registrars, while application forms would also be made available through designated channels, including the companies’ respective websites.
The holding company advised shareholders seeking further information about the offer to contact their stockbrokers.
Access Holdings said the capital-raising exercise was consistent with its strategic objective of expanding its operations and creating long-term value for stakeholders.
It added that successful execution of the rights issue would further strengthen its position as a major financial services group in Africa and support the expansion of its banking and non-banking businesses. (NAN)
