Access Holdings Commences N351 Billion Rights Issue Subscription
Access Holdings Plc has opened subscription for its N351 billion rights issue today.This followed the approval it secured from the Securities and Exchange Commission (SEC) for the commencement of the rights issue.Access, which is one of Africa’s leading financial services groups, noted that the approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share to investors.
The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024, the bank said.The offer for subscription will be for a period of five weeks and close on Wednesday, August 14, 2024.Access Holdings stated that this marks a significant milestone in the group’s previously announced capital raising programme, which aims to generate up to $1.5 billion
Access Holdings Plc has opened subscription for its N351 billion rights issue today.This followed the approval it secured from the Securities and Exchange Commission (SEC) for the commencement of the rights issue.Access, which is one of Africa’s leading financial services groups, noted that the approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share to investors.
The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024, the bank said.The offer for subscription will be for a period of five weeks and close on Wednesday, August 14, 2024.Access Holdings stated that this marks a significant milestone in the group’s previously announced capital raising programme, which aims to generate up to $1.5 billion
Shareholders are advised to contact their stockbrokers for more details about the offer,” the bank added in the statement.Access Holdings added that it remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.“The successful execution of this rights issue will further solidify the group’s position as a leading financial services provider in Africa and beyond,” the bank added in the statement
Now operational in 22 countries across the globe, with 15 in Africa, Access Holdings has established itself as one of the continent’s most trusted performers over the last 20 years. The Group reported robust financial results for the year ending December 31, 2023, with a 335 per cent increase in pre-tax profit to N729 billion and an 87 per cent surge in gross earnings to N2.59 trillion. A final dividend of N1.80 kobo per every N0.50 kobo ordinary share for the 2023 financial year, was paid to shareholders, representing a 28 per cent increase from the previous year
