By Barnabas Esiet.
Access Holdings Plc, a leading African financial services group, has launched a rights issue to raise N351 billion in capital.
The company is offering 17.77 billion ordinary shares at N19.75 per share, with the aim of strengthening its financial position and supporting growth initiatives.
Duuring a presentation at the Nigerian Exchange Group (NGX) on Tuesday in Lagos, Aigboje Aig-Imoukhuede, Group Chairman of Access Holdings, highlighted the bank’s transformation from a small entity in 2002 to a premier institution today.
Group Managing Director, Roosevelt Ogbonna, emphasized the bank’s expansion strategy, including planned entry into offshore new markets.
He mentioned that the bank has made successful inroads into lucrative markets in Africa Europe as well as Asia and it is currently aiming to make a grand entry into the United States.
“We are pushing the boundaries we’re looking for new ways to do things we’re selling Africa to the rest of the world and that’s what guides what we do, “he stated.
Acting Group CEO Bolaji Agbede stated that the rights issue will drive sustainable growth, solidify the company’s market leadership, and propel it towards becoming one of Africa’s top 5 financial institutions by 2027.
Umaru Kwairanga, Group chairman of NGX, assured the Access Holdings that the offer will be oversubscribed.
With operations in 22 countries, including 15 in Africa, Access Holdings has reported robust financial results, including a 335% increase in pre-tax profit and an 87% surge in gross earnings.
The company operates through over 700 branches and service outlets, serving over 60 million customers.
Comment here