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Access Holdings Opens Bid to Raise N351bn Via Rights Issue

By Jerome Ushakang.

Access Holdings Plc, one of Nigeria s leading financial services groups, during the week, opened its bid to raise N351 billion from existing shareholders of the company otherwise known as Rights Issue to shore up its capital base in line with the Central Bank of Nigeria’s (CBN) new directives .

The offer, which opened for subscription on Monday, July 8, will close on Wednesday, August 14, 2024.

Addressing the capital market community, at the Nigerian Exchange Limited (NGX) Access Holdings disclosed that it has already obtained approval from the Securities and Exchange Commission (‘SEC) to execute a Rights Issue of 17,772,612,811 Ordinary Shares of N0.50 each at N19.75 per share, on the basis of 1 Ordinary Share for every 2 Ordinary Shares held as at June 7, 2024.

Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, said the offer for subscription will further expand the group’s growth strategies and financial strength.

“The commencement of the Rights Issue subscription is an important step in our growth strategy and capital-raising plans, reinforcing our financial strength and accelerating our strategic ambitions.

“However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027.” She added..

Substantial number of Shareholders have expressed confidence in the company’s growth strategy at the recent “Facts Behind the Rights Issue” presentation held at the NGX in Lagos.and pledged their loyalty and support for the ongoing N351 billion Rights Issue.

The investors commended Access Holdings for its impressive track record and consistent dividend payments, which have reinforced their trust in the company’s leadership.

One of the shareholders, Bisi Bakare said, “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9 2024,”.

“Be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now.

” We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings.”

Meanwhile, . existing and potential investors are encouraged to participate actively by taking up their Rights. The offer for subscription will further expand the group’s growth strategies and financial strength.

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