Access Holdings Plc Gets SEC Approval For N351 Billion Rights Issue

Bolaji Agbede, MD

Access Holdings Plc, one of Africa’s leading financial services groups, announced today that the Securities and Exchange Commission (SEC) has approved the start of its N351 billion Rights Issue (the “Offer”).

This marks a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to raise up to US$1.5 billion (one billion, five hundred million US dollars).

The Rights Issue is designed strategically to strengthen Access Holdings’ financial position and meet ongoing working capital requirements.

It will also provide funds for organic growth in its banking and non-banking subsidiaries.

The approved Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each for N19.75 per share.

The offer will be made in the ratio of one (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, June 7, 2024.

Chapel Hill Denham Advisory Limited is the lead issuing house for Access Holdings’ Right Issue, and Atlas Registrars Limited will act as Registrars to the Offer.

The Offer will be available beginning Monday, July 8, 2024, and ending Wednesday, August 14, 2024.

The Registrars to the Offer, Atlas Registrars Limited, will distribute the Rights Circular to shareholders, and the application forms will also be available on the following websites:

www.theaccesscorporation.com

www.chapelhilldenham.com

www.coronationmb.com

www.atlasregistrars.com

Shareholders are advised to contact their stockbrokers for more information on the Offer.

Access Holdings remains committed to its strategic vision of expanding its footprint while providing exceptional value to all of its stakeholders.

The successful execution of this Rights Issue will strengthen the Group’s position as a leading financial services provider in Africa and beyond.